Black Friday is a defining moment for many shoppers. With amazing deals and bargains on a wide variety of items, everyone will be looking to save money by buying items when they are at their cheapest. During this period, customers go on a frenzy, fighting to cash in on these so-called bargains.
In the US alone, close to 174 million shoppers showed up for the Black Friday weekend spending more than $5 billion in 2017. The fear of missing out is one of the key driving forces behind the uncontrolled spending by many during this period. Consumers have the need to feel like a part of the event.
Retailers understand this need, and with the Black Friday hype catching on with everyone, some take advantage of this period to make a killing. They come up with a number of strategies like ‘leaking’ their Black Friday deals beforehand to encourage more purchases. In fact, retailers are now extending the Black Friday period for weeks to cash in on this hype.
For the unaware consumer, Black Friday is about the cheapest prices they will get in the market all year. Without the right purchasing knowledge, they find themselves buying items they do not need, or cheap and low-quality items that hardly live up to their expectations.
Which? Conducts regular pricing research on various products during peak sale times such as Black Friday and regular sales months. According to their findings, only about 13% of the products are sold at cheaper prices on Black Friday. For most of the other items, the prices have been used before during regular shopping times.
How do you avoid the Black Friday hype? How do you get the best and genuine deals on TVs? By being, an informed consumer who makes sound decisions based on facts and analysis. By being the smart shopper.
A smart shopper understands the workings of bargains, discounts, and special offers. They can pick out scams, shams, be patient, systematic, and informed. They know how to pick out the best deals at a real bargain. The smart shopper is keen enough to identify true Black Friday TV deals.
The smart shopper knows how to filter out the best and well-priced TV deals from the cheap and poor TV deals during Black Friday sales.
According to Which?, customers are likely to land a good bargain. This is because most manufacturers launch new models around April. Their prices tend to fall about 8 months later, which coincides with the Black Friday month.
This guide will show you how to become that smart shopper who will get the best and true Black Friday TV deals.
Compare Prices Of The Item Across Multiple Shops
Black Friday has evolved into a whole month of deals and saving opportunities. To make the smart Black Friday move when looking for a TV, keep track of these deals in the weeks leading up to Black Friday. This will give you a true picture of what the good deals are. You will also have enough time for the Black Friday FOMO to wear out before you make a purchase.
Retailers use words such as ‘special offer’ and ‘50% off’ to encourage shoppers to purchase. What most shoppers fail to understand is that the products may be going at a cheaper or similar price in other shops.
The price should therefore not be the determining factor about what the best TV deal is. By comparing the prices of similar deals across multiple shops, you might actually land on a true and worthy deal at a lower cost than the special offer.
You can also compare the prices of various products. This way, you will most likely select a TV with your ideal features at the best possible price. Price comparisons require time and patience. But the rewards are worthwhile.
Some Tips For Making Price Comparisons Include:
There are several tools for comparing prices across various retailers including Google Shopping, PriceGrabber and Bing Shopping. Use these tools to look for great Black Friday deals.
Look At The Price History Of The Item
For many retail shops, Black Friday is just another business day where they sell their commodities at the same and sometimes higher prices. As a smart shopper looking for true TV deals, look at the previous prices that the item has been sold for.
According to Which? most of the Black Friday deals are cheaper during other times of the year. Therefore, keeping track of these prices during the year will guide you to getting a true TV deal on Black Friday. You can keep track of the changing prices from their release date until Black Friday to spot where the true bargains lie.
Look At The Small Print
When on Black Friday shopping, the devil is in the details. Retailers use a lot of enticing words to capture the attention of buyers looking for a cheap bargain. They use tactics such as ‘was’ and ‘RRP’ prices.
Since there are no regulations on the use of ‘was’ prices, it is likely for retailers to use a very high was price that was probably used months before. The unwary shopper will fall for this trick and end up with a not-so-good bargain.
In some cases, retailers will increase the price of an item in the weeks leading up to Black Friday then offer a discount on Black Friday, to trick customers into thinking they are getting great bargains.
Other retailers create a sense of urgency by marking their products as “for a limited time only”. To avoid falling for such tricks, keep track of the prices these retailers are offering to help you notice the real bargains.
Are The TV Models The Latest?
Some retailers take advantage of the Black Friday hype to sell their old and dead stock. Most of these old and sometimes obsolete TVs are sold at a very cheap price that tricks you into thinking you are getting a good bargain.
The Black Friday period is characterized by low priced derivative models, which come with fewer features but are similar to the regular models available at other times of the year.
A single retailer often sells these models making it hard to compare prices. Some are a good deal and have similar performance to their parent models. However, it is still important to exercise vigilance by looking for customer reviews online.
Newer models are often expensive and attract very small discounts. In addition, they are available in limited numbers. In most cases, you will find that Black Friday TV deals are similar to those of previous years.
Most retail stores give discounts on older models to make way for new stock. With a little wisdom and the right information about the quality of the models, you can easily land yourself a real TV bargain, but you’ve got to know what to look out for.
When looking at newer models, decide whether you really need the extra features. Most new models have a few extra features in addition to the basic features. Before purchasing, you should decide how helpful these features would be to you. Are they worth the extra cost? If they are not, then buying the model with the basic features is the best deal for you.
What Is The RRP?
Most TV manufacturers have a recommended retail price for their products. Most retailers tend to price their TV stock above or below this mark.
Before purchasing a Black Friday TV deal, look at the manufacturer’s recommended retail price to get an idea of what the product is worth.
Some retailers use outdated, high RRP to give customers an illusion of a huge discount. In such a scenario, the price does not reflect the current market value of the TV. Other retailers sell their ‘discounted’ products at a higher price than the RRP.
To get a clear idea on the true value of the product, conduct price comparisons for the product across multiple shops. Visit the manufacturer’s website to get an idea of the right price range for the TV you intend to buy.
Look At The Quality Of The TV
Quality should be your guiding principle when purchasing a TV on Black Friday. According to Business Insider, some retailers sell lower quality TVs from big brands.
To avoid buying a low-quality TV on Black Friday, look for reviews on a number of models and decide that which best meets your needs. Most people tend to keep their TVs for more than 5 years, so buy a TV that can last for more than 5 years.
There Are Number Of Things To Look Out For When Looking For Quality:
Avoid Falling For The Compromise Price Effect
Retailers who use the compromise price effect place two similar items together with varying prices. For example, they will place a $1000 TV next to a $2000 one. In most cases, buyers will go for the cheaper model and believe they have struck a great bargain.
Most people will fall for buying the cheaper set with a view to the amount they will be saving. Falling for the cheap model hype will most probably lead to disappointment once you start using your TV and discover that you are not happy with most of its features. In most cases, high-end TVs have more and better features in terms of picture quality, color contrast, and larger screens.
Beware Of Scams
Black Friday will attract dodgy sellers as well. Identifying the real thing from a scam will save you a lot of dollars and frustration. Here are a few things to avoid falling into scams:
To make the most of Black Friday sales, you have to be an informed buyer. Do not impulse buy on every TV deal that claims to offer you the best discount of the year. Instead, do your research early, make comparisons on prices to get value for your money. The most important thing to remember is to never compromise on quality. You will be watching your TV set for the next few years, let it be something you are proud to have.
Before the Black Friday season begins, make a wish list of the TVs you would want to buy. A wish list gives you focus and keeps you grounded when the Black Friday hype sweeps.