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Black Friday & Cyber Monday Are Approaching – Are You Prepared?

Upcoming seasonal sales may bring about unprecedented sales on online platforms for many retailers.

Major holiday shopping events, such as Black Friday and Cyber Monday offer businesses the chance to draw in customers with promotional offers, sales and significant discounts.

These sales however require creative adaptability, careful planning and significant preparation so that businesses are not caught out during trading.

Plan Early, Prepare Early

Though it might seem like there is plenty of time before the seasonal sales are upon businesses, getting ahead by planning and preparing early will ease some of the strain upon them in the lead-up to the sale.

Use the time to funnel potential new customers into your email list and social channels, then educate them on your products, your brand values and why they should shop with you. If preparing well in advance, you can test offers to determine what will work best for Black Friday, and build up hype for the one that you choose to use.

Understand The Needs Of Your Customers (Old & New)

As always, online shopping presents the unique challenge and opportunity to learn continuously about your customer. It’s important to understand the person that is shopping on your website during the peak season as it may not be your typical demographic. People are buying for others, so you will want to be sure that it’s a simple process that does not alienate them and provides them with the confidence that they are making the correct choice.

Make Sure There Is Stock Available

If your business has conducted similar sales in the past, so looking back at past statistics may help you to plan for the coming future. Calculate the potential growth and apply it to the year coming (with the additional impact and boost of COVID-19 on online sales, as well as supply chain issues for many industries as effects).

Engage With Your Customers 

The holiday season brings with it unique opportunities to form additional connections with your current and potential customers. If it is for the intent of marketability and humanisation of your business, social media posting and marketing can be more effective when it shows the action behind the scenes during the holiday season.

For simpler connectivity opportunities, engagements with customers do not have to be completely out of the ordinary. Gift-wrapping with handwritten notes, accessibility for answering questions and so much more can be simple measures to put in place during sales.

If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services.

Buy now pay later essentially means that, rather than paying in a full lump sum payment for a product or services rendered, there may be an option to pay through instalments of a certain amount over a set period to make the sum of the full amount in total. This method should allow you to pay in full for the product or service without overly straining your finances – you pay back what you can, as agreed upon when you begin the buy now pay later service.

Some popular buy now pay later services include Afterpay, Zip Pay, Brightepay, and some credit card networks such as  Mastercard and Visa, can offer buy now pay later arrangements.

Though it can be a convenient, immediate solution, it may be challenging to juggle the necessary repayments with other financial commitments. It’s not always the most appropriate method for people, and you should bear in mind your situation and ability in paying back the amounts. 

Before you sign up, keep in mind: 

  • It becomes easier to overspend with buy now pay later services, so know your limits on what you can and can’t afford.
  • You will be charged fees and costs to use the service, which can add up to a princely sum in and of itself.
  • Keeping track of your payments can be tricky if you’ve signed up for multiple services.
  • It could affect your loan applications for a car or mortgage as lenders consider buy now pay later spending just as much as your credit score.
  • Late repayments can appear on your credit report, which affects your ability to borrow money in the future.
  • Layby can be a cheaper alternative to buy now pay later, with no account-keeping or late fees to consider

If you are someone who could make use of BNPL services, you may wish to:

  • Ensure that when using the BNPL service, you stick to a set limit on what you spend so that you can comfortably pay it back later. 
  • Aim only to have one BNPL account at a time to manage payments through, rather than confuse yourself with multiple payments across different providers.
  • Always budget for bills, loan payments and BNPL payments, and 
  • Rather than use your credit card for payments to your BNPL account, consider linking to your debit account instead.

If you would like assistance in planning your financial future, help in managing your budget or some friendly advice, see us for a chat about what we can do for you.


What our Client Say

John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier

David and Alison Parker

I have been consulting J L Noller and Co. (more specifically Jane) for six years and during this time I have found her to be professional, efficient and easy to discuss all accounting and taxation matters with. Her office team are all polite and friendly also.

David and Alison Parker

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I have used Jane & the team for the last 6 years for all of my business & personal accounting needs. They have always been professional, easy to talk to & available when we have needed assistance.

Carl Gillmore

Carl Gillmore Landscape

John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier