It's that time of year again, where online sellers grab great deals for the holiday season. Black Friday falls on Friday, November 24, 2017, the day after Thanksgiving, as always. Although it's traditionally the biggest shopping day of the year, retailers have stretched out Black Friday to really encompass at least a week or more.
Over 30 percent of annual retail sales are secured between Black Friday and Christmas. You are a part of that, both in terms of sourcing and selling!
Check out the following strategies to help you prepare for Black Friday in-store sourcing, maximize your great shopping finds, and secure some great products at rock-bottom prices.
1.) Make your list, check it twice. Sit down and think about everything you'd like to purchase on Black Friday. Compare the Black Friday store item to the equivalent item on Amazon and/or eBay (whichever marketplace you're selling on). Have your shopping list handy when those Black Friday teasers start filling up your e-mail box. That wa you're ready to take advantage of the best deals at the bestprices. Don't have the local circulars yet? Use this free app to view your local fliers on your computer or mobile device: snip.ly/bhk2v
2.) Then check your bank account. Before the big day, it's a good idea to put together a budget. It's easy to get swept away by all the great deals, until you get your credit card bill in January. Set your sourcing expenditures limits first, and then enjoy your shopping. I'm a big fan of 'invest with only what you receive.' Meaning most of the time, I don't use credit or loans to by inventory. I only use the revenues I receive from my previous Amazon sales.
3.) Keep sourcing a top priority. To find the best deals, you have to stay on top of the advertisements and marketing propaganda. Many times, deals last for several hours or one day. Now, stores are releasing some Black Friday deals several days in advacne! Be sure you check out those items on your list regularly and often between now and Christmas to snag them whenever there is an opportunity.
4.) Pay less when no one else is. For online sourcing, I use TopCashBack to earn cash back on my buying (it adds up!) Also, some credit cards will track your purchases for free, and automatically credit you the difference if/when the price drops (Check your credit card company's policies or this article for more.) These Apps can track your online purchases and automatically contact the retailer if there's a price drop, and ask them to credit you the price difference (I use Paribus).
5.) Watch those buyers reviews. Both Amazon and eBay offers display buyer ratings for many of their products, and it's worth the time to read up on those before you buy. The last thing you want is grabbing qty: 25 toasters and realizing that customers loathe the product. By reselling that item, you'll be bound to get poor seller ratings and returns. By relying on the posted experiences of others (e.g., Amazon's 'star reviews' for products), you can avoid that trap.
6.) Watch that sales history. If you're an Amazon seller, find the item(s) you're sourcing on CamelCamelCamel.com and/or Keepa.com to see what their selling history was recently (and/or last holiday). If you're an eBay seller, check the 'sold' listings to see what a specific item sold for recently. Also remember whether you sell on eBay or Amazon, note that generally speaking, many items' selling prices can increase from 50-to-200% during the Holiday season (versus the rest of the year).
7.) Watch those Amazon brand restrictions. Earlier this year, Amazon hit many sellers with restrictions from selling specific
brands, grandfathering in some sellers and restricting new sellers, or vice-versa. However, don't fear, there is still a LOT of Black Friday merchandise from unrestricted brands. What are you restricted from? For help on just that, click here: http://jordanmalik.com/blog/amazon-brand-restrictions/
Easy tip: For a quick way to see if you're restricted from selling a specific product (in stores or online), see "2.) What you should do from now on - Part II:" on that same page.
Also (separate issue): You can't sell in categories that you are not approved in. may be restricted from entire categories. For help on that, click here: http://jordanmalik.com/blog/amazon-restricted-categories/
8.) Join the club. Most retailers offer some sort of frequent shopper program that gives them critical marketing information and gives you additional savings. For instance, Kohls is offering $15 in Kohl's Cash for every $50 spent, on Black Friday! (No signup is required to earn Kohl's Cash, they'll give it to you at checkout in the stores, or via email for your online Khols.com purchases).
For other retailers (like Kmart, Sears, ToysRus, and Macy's), sign up if you like shopping there, and don't forget to redeem your points or discounts if you're already a member. Macy's has
9.) Dress comfy. Even if you love shopping, Black Friday in-store shopping can be stressful, and in some cases, brutal. Prepare for your own comfort by being prepared for warm stores or cold parking lots (dress in layers!). Wear comfortable shoes, charge up your mobile phone and test your price scanning apps, bring coupons or ad information, and don't forget your list and budget.
10.) Eat a big meal before you go in the stores. This one is critcial for me. If you go in on an empty stomach, you'll be cranky and hungry and (thus) distracted. If you can't eat, tuck a bottled water and some granola bars in your coat/handbag.
11.) Get help. Bring a friend or family member, or (better yet), assign them to store(s) to buy your stuff for you, and meet up later. (You'll get 2x-3x more done in less time, verus hopping from store to store yourself).
12.) Prepare a strategy. Figure out when sales begin online, when stores open on Black Friday, and what time special deals end. Then map out your day and prioritize your shopping based on the items you are looking for, where they are most likely to be found, and which retailers you are most likely to frequent. A little planning will make you much more
efficient and less stressed. Some retailers provide 'aisle maps' to the inside of your local store, so you can find stuff faster. For example: When you use the free Target app and find a product with it, it will tell you which Aisle a certain item is in.
13.) Finally, have fun. Getting great deals on things you want to resell is one thing, but remember to stock up on give gifts to bring loved ones (or a charity) a little extra joy this holiday season.
Good luck. I'll see you in the aisles!
P.S. Speed up your Black Friday sourcing.Grab the only trusted guide to in-store and online deals, published by me: