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How did Black Friday come to be?

BingMag.com How did Black Friday come to be?

Black Friday or Black Friday is approaching and many people around the world, including Iran and especially in online stores such as BingMag, have the opportunity to shop beforehand. They use Christmas, but the story of the formation of this discount tradition is also interesting.

The first day after Thanksgiving is always known as Black Friday, and in 2021, November 26 ( Azar 5) will be the start of this global retail auction. Large retailers offer significant discounts on merchandise, making it the largest shopping day of the year.

On this day, most physical stores open from 5 a.m. to 6 p.m. They line up to make their purchases, and the process continues until midnight. Online stores often start their auctions starting at 00:00 on Friday.

Naming and History Black Friday

The first use of the word "Black Friday" is not for post-purchase It was used for Thanksgiving, but also for a financial crisis that specifically refers to the collapse of the American gold market on September 24, 1869.

Two notorious Wall Street capitalists, Jay Gould Gould) and Jim Fisk worked together to buy large amounts of the country's gold, hoping to raise its price and then sell it for huge profits. But on that Friday in September, a conspiracy was finally uncovered, plunging the stock market into a free fall and bankrupting everyone from Wall Street rains to farmers.

"Factory Management and Maintenance" is seen in an article in the November 1951 issue referring to the absence of workers on this day, not the rush to buy.

But the current and accepted belief for naming this Black Friday It is on this day that retailers begin to turn financially profitable and go from "red status" to "black status". In fact, in the past, retailers operated according to a common pattern of the commodity/inventory cycle, which was similar but slightly different for each class.

BingMag.com How did Black Friday come to be?

1924 American Holding's Thanksgiving event, which has been somehow tied to Black Friday for years.
Credit: Bettmann Archive/Getty Images

They often decided in the spring what products to store in their store and ordered them on credit. Then in the summer the products were produced and due to the long process of production and delivery, they were delivered to the stores in the fall, which was exactly the autumn and Christmas shopping season. Thus, the stores were in debt all year round for the products they ordered in the spring, but after Thanksgiving and the beginning of people's shopping for Christmas, they suddenly experienced high sales and returned to the black state.

The phrase red status And black comes from the fact that in the past (and even to this day) retailers recorded losses in red and profits in black when conducting their audits, thus identifying each financial position in its own color. Been. This definition is originally accepted as the origin of Black Friday, but some believe that there is an annual discount behind this tradition.

In recent years, another myth has emerged that disgusts this tradition. And he claims that in the 1800s, South American farm owners could buy slave workers at a discount the day after Thanksgiving. Although this definition of the roots of Black Friday has significantly prompted some to call for a retail holiday ban, it has no real basis.

Another explanation and closer to reality is a story dating back to the 1950s; When the Philadelphia Police Department used the phrase to describe the chaos caused by the congestion of pedestrians and vehicles that day. And the navy, which was held every Saturday after Thanksgiving, flocked to the city. Not only could Philadelphia police not be able to take leave this Saturday, but they also had to work long shifts to deal with congestion and extra traffic. Store thieves also took advantage of this chaos and added to the difficulty of enforcing the law.

BingMag.com How did Black Friday come to be?

Black Friday has become part of the sales culture in many countries around the world.
Credit: Matthew Chattle/Barcroft Images/Barcroft Media/Getty Images

Existence, the term became so popular in Philadelphia until 1961 for mass retail sales that the city's businessmen and capitalists, initially dissatisfied with the term, did not even try to change it to a phrase like "Good Friday" and eliminate negative connotations. . At the same time, the term "Black Friday" did not spread to other parts of the United States until later, and was not common in the United States until 1985.

In the late 1980s, however, retailers found a way to reshape and transform Black Friday. They found something new to change the negative burden on stores and customers. The result of this effort was the creation of the concept of a change from red to black during the holiday, mentioned above, and thus the day after Thanksgiving became known as a situation where stores across the United States, with high discounts and increased sales, eventually became more profitable. .

Today's Situation Black Friday

The story of Black Friday remained, and the term's darker roots were soon largely forgotten in Philadelphia. Since then, one-day sales profit has turned into a four-day event, creating other "Retail Holidays" such as small business Saturdays and Sundays and cyber Mondays.

Even stores to increase profits They devoted more time to this discount tradition and started working sooner and earlier each time, so that some shoppers can now go to stores with Black Friday auctions immediately after their Thanksgiving meal.

Friday Black has little history in countries other than the United States. Since the early 21st century, major American retailers have made efforts to introduce Black Friday to other countries around the world, and retailers outside the United States have sought to hold the auction day to compete with American online retailers. Thus, the world's retailers, especially in recent years, have used the process of holding Black Friday to market their products and increase sales.

BingMag.com How did Black Friday come to be?

Credit: HBR Staff/Creative Crop/Getty Images

  • Current status of Black Friday How is it?

Black Friday in the online space

With the expansion of the use of the Internet to sell products, online stores have not neglected the Black Friday auction and their products They offered so much discount that online auctions on this day are referred to as "Cyber Black Friday" and even the special day of "Cyber Monday" makes this concept more prominent.

In the last two years, with the increase in sales and online services following the Corona epidemic, holding Black Friday online has become even more important, and many users visit online stores on this day to take advantage of their maximum discounts.

Although companies Online retailers need to provide the necessary infrastructure to hold Black Friday so that they do not have problems with directing buyers to their website and experiencing heavy traffic, but most large retailers have such infrastructure and can sometimes even provide better conditions than physical stores.

In online stores, there is no news of getting caught up in the crowds and falling under the feet of different people, and the choice can be made more freely. Some analysts also point out that such behaviors are waning as we move toward the digital experience. On the other hand, some retailers believe that Black Friday in the online space can reduce the prosperity of their business. Has become a strong commercial and cultural phenomenon, and even today small businesses can digitalize, increase shopping pleasure and consumer satisfaction in large auctions such as Black Friday.

Cover Photo: A Retail Discount Black Friday
Credit: History

Sources: History, Retail Gazette, Visual Thesaurus, HBR


Source: And roidAuthority

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