BLACK FRIDAY SHOPPING TIPS

Traditionally, Black Friday is the day after Thanksgiving and the official start of the commercial Christmas season, with the earned reputation of being the busiest shopping day of the year. The name was adopted from an accounting term:  red ink denotes a negative profit margin, where as “in the black” denotes a positive profit margin. Many retailers make or break their sales goals between Thanksgiving and Christmas, with the season kicking off on the Friday after Thanksgiving, hence the name “Black Friday.”

This year, some retailers in some cities are actually planning to begin Black Friday sales on Thanksgiving evening.  So be sure to check your local newspapers and circulars so you don’t show up a day late.

An abundance of advertising, both locally and online, can be confusing to the Black Friday bargain hunter.  So to maximize the benefits of hitting the stores on a day when there are big crowds and a better deal around every corner, having an advance plan and doing preliminary research will help insure a day of shopping success.

Here are the OK WASSUP!  tips to make your Black Friday shopping count:

1.  CHECK OUT THE ADS
Your local Thanksgiving Day newspaper will be stuffed like a Thanksgiving turkey with ads, coupons, and circulars. This will be your number one source to locate Black Friday savings.  It will also help you organize your day to maximize savings, since many stores offer special discounts that are time specific.  Look for this example: Receive an extra 10% off if you shop before 11 a.m.

2.)  DO YOUR RESEARCH
If you’re hoping to scoop up a big-ticket item deal on Friday, get your research done and out of the way ASAP. A bad product is a bad deal no matter how cheap it costs. Being knowledgeable about the products you want to buy will help you avoid being sucker-punched with loud advertising for poor products. About.com is a good source of buying advice on a wide variety of products from professionals who have the knowledge to help you make good decisions.

3.)  COMPARE PRICES
Utilizing price-comparison Internet shopping sites such as PriceGrabber.com to assist you in comparing product prices is your best bet. But be sure to compare the “options” included with the product. Some retailers will low-ball the advertised price on a stripped down product, then charge extra for other necessary parts that will make the product perform as expected. A good example of this is often seen with super low-priced computer printers that come without the cable (cord) or printer ink.

4.) EARLY BIRD DISCOUNTS
The Early Bird Shopper will be the real winner on Black Friday. Stores offering early-day shopper specials usually run the deals from 5 a.m. until 11 a.m. and with no “rain checks,” which means once they run out of the products, you’re out of luck.  Scanning the ads in advance and routing your trip based on your buying priorities will be important with any time-sensitive deals being offered.

5.) BEAT THE CROWD – BE A NIGHT OWL
Internet shoppers can beat the early birds by shopping online in the pre-dawn hours of Black Friday. Many retailers will be posting their Black Friday specials, which can be ordered online and picked-up at your local store. Special “Web only” deals will also be available starting as early as Thanksgiving eve. Many of the the aggressive outlet malls and factory stores will be opening Thursday at midnight, with early bird promotions in hopes of capturing your dollars before the competition has opened.

6.)  BRING THE ADS
Many stores offer a “lowest-price” guarantee; however you may be required to produce a copy of the exact product being advertised for less. Most local retailers will not meet Internet prices even when the product is advertised on the same company’s website, but it cannot hurt to try. Print the Web page that details the product and shows the advertised price. It may give you additional bargaining power and push the sales person into waiving other charges such as assembly fees.

7.)  KNOW STORE POLICIES
Knowing the store policies on returns can help you determine where to buy. A previous trend of extending “return days” during the holidays is expected to be less this year. Many retailers are including restocking fees and shorter return deadlines. Almost all of the major retail chains require receipts for returns and exchanges, and many keep a database of individuals who tend to abuse return policies.  If you land on the “abuse” list,  just be prepared to be turned down.

8.)  GET GIFT RECEIPTS
Gift receipts generally include a description of the item purchased but do not disclose the price paid.  Including gift receipts inside the gift box will make returns or exchanges easier for the gift recipient. Without proof-of-purchase, the recipient may be denied returning or exchanging the item.

Since many retailers begin permanently slashing prices as soon as Black Friday is over, the difference between what you pay for a gift during December and what it sells for in January can be significant. Including a gift-receipt should help insure a hassle-free return experience for gift recipients.

9.)  GIVE GIFT CARDS
These days, the gift of cash is often more appreciated and/or needed than those socks or wool scarfs you’re planning to give.  But although it may be considered tacky to hand someone a wad of dollar bills, it’s perfectly acceptable to hand them a Visa, Mastercard, or American Express Gift Card.  That way, they can buy the gift they want, take someone out to dinner, or even pay a bill they desperately need paid much more than a fancy box of handkerchiefs.

The economy is still at a very delicate stage.  So know your budget and don’t go over it just to stick with the “tradition” of spending and buying gifts during the holidays.  If you can afford lavish gifts for all your family and friends, great.  But if not, remember it’s the thought that counts and not the price tag that’s attached.  A small token of a gift, such as a book, CD, DVD, pen set, or bottle of wine could make for a suitable yet inexpensive gift.  Or, a homemade gift designed solely for the recipient will not only show you put personalized thought into your present, but your wallet will thank you too!

Have fun, be safe, and be smart while you shop.  And if you miss out on Black Friday, there’s also now CYBER MONDAY with the best Internet deals.  Stay tuned…