jisp boss slams harmful Black Friday
Black Friday is nothing more than a cheap gimmick that is hurting the UK High Street, according to Julian Fisher, CEO of jisp and Love My Shop Day.
The event does nothing to grow the UK in-store market, he argues, adding that it merely brings anticipated Christmas sales forward, ensuring that margins are cut to the bone for longer. High Street merchants therefore have to endure a ‘double whammy’ of decreased sales during their most crucial trading period, as well as reduced profits for longer, which in turn affects long-term viability.
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It also isn’t great for shoppers. Unbeknownst to them, some retailers grossly inflate prices several weeks before the event is scheduled to begin. Shoppers believe they are purchasing at a discount, but in reality, they may be paying more for a product that could have been purchased inexpensively earlier in the year.
The products discounted are often held in low quantities and are of inferior quality; just because a TV has a sticker claiming to be a 4K screen does not guarantee the same level of quality as a full price rival product. Such underhand tactics extend to price matching, meaning that comparisons with competitors are not allowed.
“Shoppers are now becoming increasingly wise to these tactics and not only does it damage sales, but the credibility of retailers and thus the High Street,” Fisher concludes.