A world-leading retail expert has urged small retailers to avoid the trap of thinking they are obliged to get involved in Black Friday.
Bob Phibbs knows the time of day where retail is concerned having established himself as one of the most influential personalities in the retail sector.
Under the Retail Doctor moniker, Phibbs has spent almost 30 years battling to give retailers a fighting chance in an ever-evolving landscape.
He is an internationally renowned business strategist, customer service expert, sales coach, marketing mentor, motivational business speaker and the author of several books.
Organisations such as Brother, Caesars Palace, Omega, Yamaha and Lego are amongst the brands who trust Phibbs’ retail advice.
Phibbs was named one of the top influencers of 2018, while his website and blog are widely recognised as being excellent best places to find retail information.
With Black Friday just around the corner, Phibbs sat down with Betway to discuss the impact Black Friday has had on the retail sector.
Global expenditure during the event last year was a staggering $58 billion, much of which was generated by some of the biggest online brands.
Black Friday is marketed aggressively by large organisations such as Walmart and Amazon, while other sales drives such as Prime Day and Cyber Monday also generate massive revenues.
However, with major brands dominating much of the narrative around these events, Phibbs believes retailers further down the scale would be well advised to avoid getting involved.
“Most smaller retailers really would do well to not even try to compete on the day after Thanksgiving,” he said.
“That’s why Shop Small, which was originally started by American Express and Small Business Saturday, began.”
Launched in 2010, Small Business Saturday is the highest-earning day of the year for one-third of small businesses, according to American Express’s recent Shop Small Study.
The campaign is part of American Express’ goal to drive $100bn in consumer spending at small businesses from 2021 through 2025.
Their latest study found that 80 percent of consumers say they are likely to shop small this holiday season and believe that the most unique gifts come from small businesses.
Sixty-seven percent of consumers surveyed would also rather seek out small retailers than their larger counterparts for holiday purchases.
The most common purchases include jewellery, books and dining out at restaurants, while home gift items are also extremely popular with consumers.
Small Business Saturday takes place on the Saturday after Thanksgiving and is sandwiched in between Black Friday and Cyber Monday.
Some retail experts say the event is more about celebrating the business and its place in the local community, rather than pushing sales.
While the additional revenues generated by Small Business Saturday are welcome, Phibbs agrees that community should be the focal point of the event.
“Something like 85 to 90 percent of businesses still have transactions in a physical brick-and-mortar space,” Phibbs added.
“It’s about putting a focus squarely on the high street and putting out a big welcome sign for customers. It’s all about community.”
