Black Friday: Retailers prepare for the big day
Despite predictions of Black Friday's demise, some 167 million people are expected to shop on the day in the United States Photograph: (Reuters)
Shopping paradise for people in the US has begun as Black Friday commences, leaving big retailers on-the-go 24X7 for the preparations.
Months of preparations and strategy have been invested to ensure stores to take as much of the retail pie as possible.
Even though sales of the Black Friday in the United States may not excite retailers as it used to, some 167 million people are expected to shop on the day in the United States, according to the National Retail Federation’s annual survey.
A big turnout could prompt a repeat of some of the frantic images of shoppers rushing into stores to get their hands on sale items. (Reuters)
It is an important day for retailers because they get an idea of what the customers are interested in, they've already made some big bets and there is no time to go back.
"This is our Superbowl. This is the day. This is our busiest sales day of the entire year. This is what we have been gearing up for," said Bryan Groh, store manager of Kohl's as he prepares for the rush.
Big retailers like 'Kohl's', 'Macy's', 'Target', 'Best Buy', 'Amazon' etc. have been preparing for months. Hiring seasonal workers is the primary agenda - in order to meet demands as they rely on November and December for fourth-quarter profits, reports suggest.
'Target' has decided to increase their hourly wage from $10 to $11 dollars per hours for its 100,000 seasonal workers, followed by a hike in incomes of 323,000 regular employees.
Nationwide, businesses, including restaurants, plan to recruit 650,000 seasonal workers, reports stated.
With expectations to lure more customers in brick-and-mortar stores, 'Walmart', 'Best Buy', 'Target' and other large retailers are thinking of innovative ideas. For example, some retailers are planning to charge similar prices, increasing competition with a possibility of creating price wars.
Meanwhile, other retailers are making sure that customers fail to find the desired products online, mostly on 'Amazon', leading to more store visits, reports say.
Some businesses are also trying to maximize on “showrooming,” where consumers go in store to physically touch and feel products and eventually purchase them online.
Several large retailers, such as Best Buy, Toys R Us and Lowe’s, are offering similar prices as Amazon to throw them off, intensifying competition. (Reuters)
'Target' has also created the idea of adding a barcode to its products which are distinctive to their in-store products so that consumers are unable to purchase them online.
Other stores, such as 'TJ Maxx', have decided to create more store brands that can’t be copied, tempting customers to check out the products in-store.
As the clash between online sales and brick-and-mortar intensifies, businesses will be better served by integrating their services.