• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

Business Sales 101: The history of Black Friday

26/11/2021
Reading Time: 4 mins read
What is black friday, ghanatalksbusiness.com
0
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

A visit to your favourite e-commerce sites like Jumia and Kikuu and you will see the electronic banner and ads of “Black Friday” on your screen. Also, a walk into your favourite retail shops such as Melcom and Shoprite will reveal banners and fliers with heavy price discounts on their products under the headline of Black Friday.


So what is Black Friday?


Black Friday is a term used to describe the one day which typically falls on the last Friday of November, where several offline and online stores offer their products at heavily discounted prices for customers. However, in recent times the single day designated on a Friday in November has now shifted to the entire month of November with each Friday offering higher discounts to customers.


History Black Friday


The term Black Friday was first coined in American society and used to describe a financial crisis. To be more specific, the US gold market crash on September 2, 1869. According to History, two (2) ruthless wall street financiers named Jay Gould and Jim Fisk, worked together to purchase as much as American gold with the intention to drive up the price and sell it for abnormal profits.
On Friday the 24th of September 1869, their conspiracy was revealed which led to stock prices plummeting and general bankruptcy.


A second version of the history of “Black Friday” is more distasteful. According to this particular version, Southern plantation owners in the United States dating to the 1800s could buy slaves at a discount on the day after Thanksgiving. Given the colour of the slaves, the term “Black Friday” was coined. This has led some few sections of individuals calling for the boycott of the holiday shopping period.
But many historians believe, this version has no basis.


History of Black Friday – The Philadelphia story

The true history of the shopping period was said to have occurred in the 1960s when police officers in the American city of Philadelphia used the term to describe chaotic scenes that characterise the day after Thanksgiving. On that day, hoards of shoppers and tourists will flood the city of Philadelphia ahead of the big Army-Navy football game held on that Saturday every year.


The Philadelphia police-community during that period worked extra-long shifts to ensure sanity and traffic flow.
By 1961, the term “Black Friday” had taken over the city of Philadelphia and later spread to other regions of the United States. Shops during this time will supposedly earn profits (“went into the black”) after an entire year of operating at a loss(“in the red”).


Today, “Black Friday” has been embraced by retailers across the world including Ghana.


What is Black Friday – How retailers make profits


Most retail shops rely on two strategies to ensure they make profits at the end of the Black Friday period. These strategies are:
Large sales volume: Retail shops offer attractive discounts on some selected items to get buyers’ interest. In this situation, retail stores are counting on high volume purchases not only on the discounted products but other products on offer to make up for the slash in prices.


Price discrimination: This is a selling strategy by businesses and retailers based on the belief that certain customers can be asked to pay more for a certain product or less based on such factors as demography and the perceived value of the product.


In price discrimination, sellers will offer the same product to customers at different prices based on the sellers’ notion of what they think they can get their customers to agree to. Price discrimination takes various forms. They include retail incentives such as bulk and quantity pricing and seasonal discounts, premium pricing, coupons, among others.


In the case of premium pricing, for instance, premium products are priced at a level beyond the marginal cost. For example, a breakfast shop may offer a regular cup of tea at GH¢10.00 while it offers premium tea at GH¢25.00.


Previous Post

Ghanaians should expect fuel prices to fall in December 2021, NPA assures

Next Post

Pensions and Investments Quarterly – Vol 2

Related Posts

carbon emissions

Ghana Begins Receiving Payments for Reducing Carbon Emissions in Forest Landscapes

30/01/2023
Employers and employees

The silent war between employers and employees will have no winner 

27/01/2023
Electric cars in Africa, ghanatalksbusiness.com

Africa’s push for electric vehicles

24/01/2023
Functioning dddress system, ghanatalksbusiness.com

The next “AMAZON” in Africa will need a Functioning Address System

23/01/2023
Catalyst fund, ghanatalksbusiness.com

Catalyst Fund announces $2 million investment into 10 startups accelerating Africa’s adaptation and resilience to climate change

20/01/2023
shifts in globalisation

Globalisation Redefined as Manufacturing Moves Closer to Home

20/01/2023
Next Post
Pensions and Investments magazine for 2021 3rd quarter,ghanatalksbusines.com

Pensions and Investments Quarterly - Vol 2

Rejection of 2022 budget, ghanatalksbusiness.com

Rejection of 2022 budget - Minority outlines 5 conditions for its approval

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2021 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2021 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In