Black Friday, a shoppers’ paradise, is known for its excitement, incredible sales, and maybe too-good-to-be-true bargains. Each year, retailers across the globe entice eager customers with seemingly unbeatable offers. However, are you partaking in true deals or just falling prey to clever marketing? Welcome to our comprehensive guide on identifying whether Black Friday promotions are worth your time and money.
The early bird might get the worm, but the second mouse gets the cheese. – Will Rogers.
This quote quite fittingly applies to the Black Friday shopping scene. Even though a deal is presented first, it may be better. Patient, informed shopping can yield better rewards.
Are Black Friday Promotions Worth It?
The answer basically depends on two factors: your income and financial organisation.
“If the promotion is honest, it’s worth it because it presupposes an advantage for the consumer, and also as long as it is not a purchase for the sake of purchase”, says Roberto Falcão, coordinator of the MBA in Business Management at Fecap (Fundação Escola de Comércio Álvares Penteado).
This purchase is for the pleasure of buying, when the consumer jumps on the Black Friday bandwagon without any preparation or care, just because of the anxiety of buying something. “Just the word discount can induce you to act without planning,” he says.
At this time, be careful not to spend money you weren’t planning on and end up losing control.
Many times, we end up taking advantage of a promotion on impulse and without the money to pay in cash. Then stop and forget that our lives don’t stop for a deal. Day-to-day bills will continue to arrive. – Roberto Falcão, from Fecap.
Taking on debt without planning is even more complicated at the end of the year when more situations generate expenses, such as Christmas and holidays, which precede the season of heavy bills at the beginning of the year.
In other words, a Black Friday promotion is worth it when there is planning which considers your current and medium-term financial reality.
Which Product is Most Worth Buying on Black Friday?
Taking advantage of Black Friday promotions without wasting your time requires planning. Therefore, it is worth directing this organisation towards larger and more expensive purchases, which greatly impact the budget.
For example, a 10% discount on a product that costs Ksh 3000 represents Ksh300. But that same 10% on a product that costs Ksh1000 represents Ksh 100. In addition to the value, you also need to think about the time spent doing this planning and monitoring prices.
In other words, it is more worthwhile to invest time in organising a purchase that will have a major positive impact on your accounts than planning an expense that will generate a smaller advantage. Therefore, products such as household appliances, electronics, furniture and construction materials are candidates for buying on Black Friday.
How to Plan to Take Advantage of Black Friday Promotions?
Nailing down the best deals during Black Friday necessitates a bit of foresight and planning. You can snag that long-desired item without breaking the bank by preparing and employing a solid strategy. Initiating such a plan falls in line with any traditional financial planning regimen.
Evaluate Your Financial Standing
First and foremost, assess your financial health. Take into account your monthly income and expenditure. If you have any debts weighing you down, it is wise to settle them before diving into any festive promotions. Rarely will you come across a discount that can offset the cumulative interest of a debt.
Yet, there can be exceptions to this rule. If you find yourself in a situation where a Black Friday deal is necessary—like replacing a malfunctioning computer you rely on for work or a defunct fridge—you might need to consider taking advantage of the offer. In such scenarios, restructure your budget to accommodate the new debt and the pre-existing ones comfortably.
Set goals
In financial planning, setting goals is the second step after organising your accounts because it is the phase in which you start saving money. And knowing the destination of this value helps maintain the habit of saving.
This logic also works in promotions. Knowing exactly what you will buy on Black Friday helps create more assertive planning. After all, you can already know how much you will spend, whether upfront or in instalments.
Is It a Necessity Purchase?
Considering whether this purchase is a necessity or a desire also comes into play, especially if your budget is tighter, bordering on debt. In this case, if you don’t need it, don’t be seduced by promotions. Avoid seeing offers, and distance yourself from physical and virtual environments discussing Black Friday.
Understand priorities
If you have set a goal to buy ten items, evaluate whether they will all fit into your budget. It’s not always possible to buy everything, even if it’s on sale. Prioritise which product or service is most important to you, considering the scale of needs and desires and also the price, depending on your financial health.
Start Monitoring Prices as Soon as Possible
Getting an early start on monitoring prices can make the countdown to Black Friday less stressful and more insightful. The more information you gather, the clearer your understanding of true value offers will be. Here’s how you can steadily keep a watch on prices:
- Choose your products: You should start by clearly identifying the products you want to buy. Whether it’s the newest smartphone, a designer bag, or a coffee machine, know what you want.
- Create a price tracker: Once you have your products figured out, it’s time to create a price tracker. Websites like Keepa, CamelCamelCamel, and Pricechecko can help you track prices on various online outlets.
- Analyse price trends: Keep an eye on the price fluctuations of your chosen products. That will give you a feel for what counts as a genuine discount when Black Friday arrives.
If you get used to this habit, it becomes second nature and an effective way of identifying real bargains. However, please remember it’s important not to get carried away by the notion of a deal. Always cross-check the price using other shopping tools and websites to ensure you have the best price available.
Pro Tip: Retailers sometimes inflate the “original” price to create the illusion of a deeper discount. Don’t be deceived by this practice; stick to your research and make informed decisions.
Understanding the Fine Print
We’re often so excited by seeing a price drop that we overlook the fine print. Advertisements and promo codes are enticing but beware of any hidden charges, such as delivery fees or conditions for availing of the discount. Ensure that you read all the terms and conditions before making your purchase.
Comparing Prices Across Different Retailers
While your favourite online store may have the deal of your dreams, comparing prices across different retailers doesn’t hurt. Research could lead to significant savings. You can use several price comparison tools and websites to make this process simpler and faster.
Note: Some products, especially electronics, may have different models or versions. When comparing prices, ensure you analyse the same product version across all retailers.
Remember, true savings don’t come from buying discounted products you don’t need. They come from purchasing what you need at the best possible price. So, this Black Friday, be focused, strategic, and smart to make the most of every promotion.
Consider interest
There are no interest-free purchases. In general, they are embedded in the value of the product. Therefore, be careful with the ciphers of Black Friday promotions: those for cash payments can differ greatly from those for instalment payments.
Gift is not a discount
At this time, commerce does everything it can to attract consumers’ attention, and it’s easy to be seduced by a gift from a store you like. But a gift doesn’t make a difference in your pocket – unless it’s a product already on your Black Friday shopping list.
Don’t believe everything you see
Even if you do a lot of research, you may end up falling for messages that generate a sense of urgency, such as “last opportunities”, “last items”, and “X minutes left until the offer ends”.
You should never buy something right away. Don’t fall for the idea that it’s an opportunity. Go for a walk and think about it”, says Professor Fernando Nogueira.
In other words, don’t let the climate of promotions everywhere make you throw away all the planning you’ve done so far.
Planning and not getting carried away by urgent messages also prevent you from falling for “Black Fraud” pranks.
How Do You Know if a Black Friday Promotion is Fake?
Black Friday is a prime time for bargains but also an excellent time for scams. As we approach the markdown madness, it’s important to know the signs of a fake promotion and how to keep your hard-earned cash safe. So buckle up. Let’s decode how to spot the fakes and fend off scams.
Too Good to Be True Deals
As tempting as it may be, remember the old saying: if it sounds too good to be true, it probably is. Deep discounts on high-ticket items, like high-end electronics, can be a red flag. Boastful claims of “90% off” or “lowest ever price” are often a scammer’s bait. Be on guard, or you could find yourself paying for something that never arrives.
Unclear or Vague Terms
Scammers often rely on uncertainty and ambiguity. Obscure terms and conditions or incomplete product descriptions can indicate something is off. Scammers leave out vital information on refund policies, warranties, or shipping times. Always read the fine print and ask questions if something isn’t clear.
Unsecured Websites
As the art of online deception grows, scammers have learned to craft convincing imitations of reputable businesses’ websites to snatch your private data. These malicious sites are often stumbled upon through an email purportedly sent by the store.
Your defence starts with looking at the email address. It might miss a letter or include a glaring error. If you spot anything suspicious, delete the email without clicking on any of its links. The email’s contents might also be a giveaway; look out for poorly formatted text and spelling mistakes, which are common fraud indicators.
Even when you receive the information through non-email channels like social media platforms, WhatsApp, or SMS, the exact same advice applies: steer clear of any clickable links and instead go directly to the retailer’s official site by typing the URL into your browser.
One critical aspect of safe online shopping is making sure you’re browsing secured websites. To verify this, check the URL for “https://” instead of “http://”. The ‘s’ signifies the site uses encryption to secure your details from cybercriminals. Another security feature to look for is the padlock icon in your browser’s address bar, indicating the website’s security status.
Suspicious Payment Methods
Scammers often prefer non-traditional payment methods such as wire transfers, prepaid cards, or cryptocurrency. These forms of payment make it difficult for you to regain your money if things go wrong. Stick to secure payment options such as credit card or PayPal.
Check and store reputation
Another recommended attitude is to check the store’s reputation and website security, delivery times and shipping costs to avoid unpleasant surprises and hassles.
Use your virtual credit card
Using a digital payment platform gives you access to a virtual credit card. When making an online purchase, avoid entering your physical card details. The virtual card protects you and your data when purchasing online.
That happens because it has a sequence of numbers, a verification code and a password that usually differs from your physical card. This makes it easier to delete it if you suspect your data has fallen into the wrong hands.
In conclusion, the value of Black Friday promotions ultimately depends on your circumstances, needs, and careful evaluation. They can indeed offer incredible savings, but they can also lead to impulse spending on items that aren’t necessary. It’s crucial to assess your financial position, set realistic goals, and prioritise your purchases based on necessity. Stay vigilant, compare prices across different retailers and scrutinise the fine print. With the rise of fraud, especially online, we know how to spot fake promotions. Look out for deals that seem too good to be true, unclear terms, unsecured websites, and dubious payment methods. Remember, a well-informed consumer makes the best decisions. Happy shopping!
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