Best Black Friday Sourcing Deals and Tips for 2023

Source export-ready Thanksgiving and Black Friday must-haves at the Black Friday Showroom from July 25 to August 3, 2023.

Black Friday is one of the most popular and highly anticipated shopping events in the United States each year, and is growing as a calendar fixture elsewhere around the world for many consumers and retailers. As Thanksgiving 2023 nears, retailers, stores and other shop owners prepare to stock up their shelves while customers eagerly wait for exclusive offerings, discounted sales and shopping deals that are bang for the buck. Black Friday presents a golden opportunity for businesses to boost their sales and grow their revenues – but also to clear old inventory, drive increased traffic and gain new customers. For consumers, Black Friday is the perfect time to snag a wide range of products at significantly discounted prices, hence, saving on their holiday shopping. Retailers benefit from the surge in product demand during this time, allowing them to increase their revenue and profits, strengthen their relationships with existing customers and minimize their sourcing and procurement expenses.

The billion-dollar shopping event continues to be one of the busiest days for shopping and most profitable sales events globally. Per Future Market Insights, the global Black Friday sale market is expected to reach nearly $1,124 billion by 2032, at a 15.2 percent CAGR from 2022 with the US and European regions dominating the market. According to statistics from NRF, in the US alone, there were 88 million online shoppers compared to 66.5 million in-store shoppers during Black Friday 2022.

10 Black Friday Business Ideas

Here are ten Black Friday ideas for small businesses and other entrepreneurs to help them prepare for one of the biggest shopping events of the year:

1. Create hourly/flash deals

Offering limited-time discounts and flash deals on popular products is a great way to get customers to check out and purchase products immediately. These Black Friday sale ideas for small businesses and even big ones can take the form of a percentage off the regular price, or free shipping for a limited time. By offering a limited-time promotion that provides value to customers, businesses can generate buzz and quick orders.

2. Create gift and shopping guides

Gift guides and shopping guides are also effective Black Friday deal ideas for small businesses and other entrepreneurs as these guides provide insights, recommendations and useful information like product specifications, pricing and ways to purchase the products, making shopping more convenient. In addition to showcasing products, gift and shopping guides can offer customers helpful tips and advice, and enhance the whole customers’ shopping experience.

3. Offer VIP early access deals

Offering VIP early bird deals gives a sense of exclusivity and prestige that customers will associate with your business or brand and is a suitable Black Friday sales idea for small businesses or big ones. Businesses can offer exclusive discounts or early access to products to a select group of customers, typically those who are members of a loyalty program or have signed up for a special mailing list.

4. Offer free gifts

Whether it is a free voucher, product or service, offering a free gift to customers who buy from you can increase your sales and build brand awareness. Through this big and small business Black Friday idea, businesses can engage social media users to interact with their websites and offer free samples or other giveaways to customers who place orders.

5. Launch new products

Launching a new product enables businesses to differentiate themselves from competitors and stand out in the marketplace. It can also tap into the psychology of perceived value where customers associate a new product with innovation or higher quality, which can lead them to be willing to pay more for the new product.

6. Offer buy-one, get-one deals

Buy-one, get-one deals are a tried and tested strategy that can increase sales, clear inventory, and attract new customers by encouraging customers to buy more than they might have originally planned. This deal creates a sense of bigger value and savings among customers, and can be offered on a variety of products.

7. Offer last chance deals

Offering last chance or second chance deals creates a sense of urgency and scarcity among consumers, which can then motivate them to act quickly. Second chance deals are made for customers who were interested in a product during a previous promotion but put off purchasing the item. Last chance deals are best offered when a product is about to be discontinued or out of stock, or a promotion is about to end.

8. Create word of mouth or viral effect on social media

Businesses can offer discount coupons, souvenirs or free products by encouraging social media users to engage with the posts, whether through liking or sharing content, tagging a friend or commenting. Social media endorsement and engagement create a positive and memorable experience that can lead to increased customer loyalty and sales.

9. Offer bundle product packages with discounts

A great way to target shoppers who are always looking to get more value for their money is by offering bundled products at discounted prices. For instance, when customers buy smartphones, try bundling the product with a smartphone accessory that is priced at a lower rate than when individually buying such an accessory. Businesses can also offer mystery bundles which allow you to clear out your inventory while at the same time enticing customers, giving them a sense of surprise and excitement and leading to repeat purchases.

10. Preview products

Generate buzz and build anticipation among consumers by creating a sneak peek of the product or deal. By giving consumers a glimpse of what’s going to happen, businesses can gauge the interest of the public. This can be done through teaser videos or photos that highlight the product, sale, discount, gift or other deals.

5 Black Friday Marketing Ideas for Your Business

1. Create Fear of Missing Out (FOMO) strategies

The idea that people are afraid of missing out on something that others are experiencing or enjoying creates a sense of urgency and scarcity around a product or promotion. Limited-time offers, exclusive access, customer reviews or testimonials, countdown timers and flash sales are some ways that businesses can do to create FOMO strategies.

2. Participate in online sourcing shows

Online sourcing shows such as the Global Sources Black Friday Showroom offer a convenient way to source products, allowing buyers to save on travel and accommodation expenses that would otherwise be incurred when attending in-person shows, and easily source and chat with manufacturers anytime and anywhere they are. Products are often curated based on themes, categories, popularity, expert recommendations, or per exhibitor.

3. Create e-mail/SMS blasts

Whether you are promoting a product or service, announcing a sale or promotion, or providing other valuable information, sending e-mail and SMS blasts to a specific group of audience is a cost-effective way to reach your target market. These messages are delivered instantly, making them an effective way to communicate time-sensitive information and promotions.

4. Create countdown posts

Countdown posts build excitement and anticipation around an event or product, generate buzz, and create a sense of urgency that encourages customers to act quickly.  Countdown posts should have a clear and concise message, along with a simple design that highlights the countdown timer and must have a consistent theme throughout the promotion period to create a memorable campaign.

5. Share special discount codes

Discount codes can come in various forms, including a percentage off the total purchase, a dollar amount off the total purchase, free shipping, or a free gift with purchase. The discount offered should be meaningful and perceived as valuable by the customer. A small discount may not be enough to incentivize a purchase, so consider offering a percentage off or a dollar amount discount that's significant enough to make a difference.

Visit the Global Sources Black Friday Showroom

Happening from July 25 to August 3, 2023 via Global Sources Online, this virtual trade fair is your gateway to sourcing thousands of popular and trendy Black Friday products that are all ready for export and competitively priced. Discover great sourcing deals from verified suppliers and find a wide array of items that are most in-demand during Black Friday from wide-ranging categories such as consumer electronics, furniture & home décor, fashion accessories & footwear, food, household & pets, health & personal care, home appliances, mobile electronics, smart living electronics, sports & outdoors, gift, toys & premiums, and fashion apparel & fabrics.

Visit the Black Friday Showroom now!