Financial News
Approach Black Friday like a pro: Octa sheds light on how traders get better deals when shopping
November 23, 2023 at 21:00 PM EST
However, with all the hype surrounding this shopping holiday, it's important to approach it with a smart and strategic mindset. In a survey conducted by Octa, such a mindset was one of the qualities the more experienced traders possessed, reflecting, apparently, their extensive financial markets background.
This year, the Octa experts analysed the most common Black Friday offers and formulated the rules you might want to incorporate to spend your money on the truly great deals this shopping season. First, let's explore some of the most common offers the big stores and companies will use this year.
Early access lists
One of the most effective tactics used by big companies is the creation of early access or 'early bird' lists. These lists give certain customers the opportunity to shop for Black Friday deals before they are made available to the public. This not only creates a sense of exclusivity for those on the list but also encourages customers to make purchases early to secure their desired items.
Time-limited deals
Time-limited deals are another popular strategy employed by big companies during the Black Friday season. By offering limited-time discounts on select products, companies create a sense of urgency and encourage customers to make quick purchases. This tactic not only drives sales but also creates excitement and anticipation among shoppers.
This year's Netflix's sale description says it all: 'This sale is of epic proportion, and it won't be around for long. Take advantage of these limited-time prices, today!'
Free shipping promos
Free shipping promos are also a common feature of Black Friday promotions. Many companies offer free shipping on all orders—or orders over a certain amount—in an effort to entice customers to make purchases without the added cost of shipping. This is a particularly attractive offer for online shoppers, as it can save them a significant amount of money on their purchases.
Targeted discounts
By offering personalised discounts based on a customer's browsing and purchasing history, companies can tailor their promotions to individual shoppers, increasing the likelihood of a sale. This not only provides added value to the customer but also helps companies maximise their sales potential.
Free gifts with a minimum purchase
Many big companies offer free gifts with a minimum purchase during the Black Friday season. This tactic incentivises customers to spend more to receive a complimentary gift, making it advantageous for both the customer and the company. This strategy not only increases the average order value but also helps companies clear out excess inventory by bundling products with popular items.
How to be a smart customer this shopping season
Not all Black Friday offers are equally good. Some companies only make them look advantageous when, in fact, they are created solely to benefit the seller. To find truly great deals and not overspend during Black Friday, one can use several strategies that have quite a lot in common with the analytical approach used by traders in the financial markets.
A survey conducted by Octa in 2022 showed, among other things, several ways that the trading experience affects the Black Friday shopping experience of traders. According to the survey, 77.9% of traders compare the prices before and during Black Friday with varying frequency, highlighting the prevalence of an analytical mindset common among professionals in the financial markets.
Here are the tips for approaching Black Friday smartly, shaped by the Octa experts based on the tactics traders use during the shopping season to find the best deals and stay within the budget.
1. Research the market
It's essential to do your research. Before the big day arrives, take some time to browse through the ads and promotions from your favourite stores. List the items you're interested in and compare prices across different eCommerce platforms. This will help you identify the best deals on the market.
2. Stick to your budget
Another important tip is to set a budget and stick to it. It's easy to get caught up in the excitement of Black Friday and overspend on items that you don't really need. By setting a budget and being disciplined about your spending, you can avoid falling into the trap of impulse buying and regretting your purchases later on.
3. Be mindful of flash sales
When it comes to limited-time offers and flash sales, it's important to act quickly but also be mindful of your purchases. Just because something is on sale doesn't mean you should buy it if you don't really need it. Focus on the items on your list and prioritise those over impulse purchases. An interesting finding from Octa's survey was that traders with less trading experience make spontaneous purchases more often.
4. Monitor social media
In the age of social media, many retailers use their platforms to create excitement around their Black Friday deals. Keep an eye on your favourite stores' social media accounts for sneak peeks of their promotions and exclusive discounts. This can give you a starting point for planning your shopping strategy and ensure you don't miss out on any great deals.
5. Know your rights
Another important tip is to be aware of return policies and shipping costs. Some retailers offer free shipping and returns, while others may have strict return policies or high shipping fees. Be sure to read the fine print before making a purchase, especially if you're buying from a new or unfamiliar retailer.
Black Friday deals that help you earn, not spend
Some Black Friday deals that can help you earn rather than spend include cashback offers, purchase reward points, and gift card promotions. These types of deals allow you to receive some form of monetary or point-based reward for your purchases, ultimately helping you save money or earn additional benefits while shopping. Additionally, some retailers may offer trade-in programs or discounts for trading in old electronics or items, allowing you to earn credit towards new purchases.
Besides, the international broker Octa is launching a major promo campaign that will take place from 20 to 24 November 2023. The promo is aiming to turn Black Friday into an earning—rather than spending—period.
Hashtag: #Octa
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About Octa
Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services already utilised by clients from 180 countries with more than 42 million trading accounts. Free educational webinars, articles, and analytical tools they provide help clients reach their investment goals. The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.
Octa has also won more than 60 awards since its foundation, including the 'Best Educational Broker 2023' award from Global Forex Awards and the 'Best Global Broker Asia 2022' award from International Business Magazine.
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