Black Friday and Cyber Monday deals are looming on the horizon.
Have you been planning to invest in your business but just couldn’t come to terms with paying the full price (especially in this economy)? I know where you’re coming from. And if you can wait, it’s definitely worth holding out for Black Friday/Cyber Monday.
For small business owners, the Thanksgiving shopping season is a perfect opportunity to refresh inventory and acquire new business equipment on a budget. Although deals are still some time away, it’s always a good idea to prepare early on and be ready when they arrive.
Here’s everything you need to know to shop in 2020.
What’s the Story Behind Black Friday and Cyber Monday?
There’s been some disagreement as to when and where the term Black Friday originated. The most accurate account seems to link its origins with the ruckus that occurred in Philadelphia in the 1950s.
In preparation for the annual Army-Navy football game, city police would have their hands full controlling crowds, preventing theft, and handling increased traffic in the city. Given the unfavorable circumstances, law enforcement officers designated the Friday after Thanksgiving “Black Friday.”
Cyber Monday, on the other hand, came into existence as an extension of the shopping season. The term was coined in 2005 to describe the online sales spike observed on the first Monday after Thanksgiving. You can think of it as Black Friday’s little brother that focuses on online shopping.
Here are some interesting insights on the two:
The National Retail Federation (NRF) reported that over 165 million Americans participated in the 2018 shopping season. The average spending per person between Thanksgiving and Cyber Monday averaged $313.29 per person According to Adobe Analytics, Cyber Monday 2018 hit a $7.9 billion mark, thus becoming ”the single largest shopping day in U.S. history.” The average spending across the U.S. peaked at $138 per person A survey by BlackFriday.com found that the most popular categories of items during the last Black Friday were apparel (23% of consumers), technology (22%), toys (18%), smart home appliances (16%) and gift cards (12%) Should You Participate in Black Friday/Cyber Monday?
The question you’re probably asking yourself is: “Should I jump into it?”
If you’ve been planning a business purchase for quite some time but wanted to wait for better deals, then the answer is a resounding yes. Whether it’s a new desk or an updated piece of software, pushing the decision to later in the year can help you save some serious money.
Another reason you should postpone business purchases is that you can get great deals on bundles. For instance, many retailers offer laptops and desktop computers bundled with pieces of software you’d have to pay more for if bought separately.
So, when is it not a good idea to hunt for deals?
As a freelancer, I sometimes have a hard time discerning if a certain purchase is really a business investment or a personal whim. Trying to qualify such purchases as a business expense is nothing but burning cash. The same goes for replacing stuff that’s still OK and going into debt when you don’t really need to.
If none of the above applies to you, then you’re clear to go!
Where to Look for Black Friday and Cyber Monday Deals?Continue reading