Are you getting a deal, or paying a premium?
Businesses know that Black Friday sales are incredibly popular with people who are trying to get ahead of the Christmas rush, and make some savings. However, some deals might not be as good as they seem, with businesses doing whatever is necessary to make the most money.
One of the ways that businesses convince you that you’re saving money is by artificially inflating their prices in advance of Black Friday. By charging customers more for a short time ahead of the sales, they can then ‘slash’ the prices of products down to their original price. This makes shoppers feel like they’re getting a great deal, when they’re actually paying about the same that they would have done at any other time of year.
For example, a month before Black Friday, a business might increase the price of their televisions by £100. A television that would have cost you £400 in October, now costs £500 in November. By the time Black Friday rolls around, the business can claim that they’ve reduced the prices of their televisions, and they’re now only £400. The shopper feels like they’re getting a good deal, and the business hasn’t had to lose any profit.
Some businesses don’t even pretend to reduce their prices. By adding a ‘Reduced’ or ‘Black Friday Sale’ tag to their products online, shoppers are more likely to make a purchase, even though the product they are buying is as expensive as it was the week before.
Finding deals on Black Friday
Whilst some businesses will be fabricating their discounts, there are still deals to be had on Black Friday. Here are our tips on how to find them.
1. Plan your purchases
Businesses on Black Friday really benefit from spontaneous purchases. If you’re already buying something, they might try to upsell by suggesting a more expensive version, or encourage you to ‘add on’ another purchase.
To get the most out of Black Friday, plan your purchases. Identify what you want ahead of time, and set a clear budget that you want to stick to. Planning in advance means that you’re less likely to fall for whatever adverts and offers businesses push in your direction. Take a moment, and consider if you really need or want a waffle iron.
2. Research, research, research
To get the best discounts, make sure that you’re doing your research. Shop around for the best deal for the product that you’re looking for, check a few different businesses and see which is the best for you. To avoid sellers that have been artificially raising their prices before Black Friday, check out a product’s previous prices by using websites like CamelCamelCamel and the Wayback Machine.
CamelCamelCamel will show you the price of products on Amazon over time, so you’ll be able to see if you’re getting a good deal or not. The Wayback Machine allows you to look at how a website page appeared previously; select a month or two before to check the price of your product.
3. Visit retailers you trust
Black Friday scammers are also likely to be using social media, and pushing fraudulent websites designed to grab your bank details in exchange for fake products, or even non-existent ones. It’s best to stick to retailers that you know and are familiar with. If you are considering a purchase from a new website or business, check their reviews online with a site like TrustPilot. Find their social media, and look at the comments. Are customers happy, or have they been left disappointed or out of pocket?
When you’re making a Black Friday purchase, it’s also important to check the return policy. If you change your mind, how much time do you have to send the product back? Are returns free, or will you have to pay a fee? Make sure the returns process makes sense, so you know that you can get a refund if you need to.
