World Economy’s Post

Transcript

On September 24th, 1869, the United States faced one of the biggest economic crises in its history, with all buying and selling activities in the markets coming to a complete halt. The root cause was the infamous gold scandal, or more precisely, the collapse of the gold market. At that time, 2 notorious financiers from Wall Street, Jay Gould and Jim Fescue, decided to monopolize gold by buying up as much. Of the US gold supply as they could, hoping to significantly inflate prices and make enormous profits. However, country to their expectations, their scheme was exposed, leading to a stock market crash and the bankruptcy of major Wall Street figures. As a result, all three activities came to a standstill. The only solution to mitigate the economic crisis that had the United States at that time was to offer significant discounts and major seals on products to reduce losses as much as possible. And this strategy actually worked, and the American market gradually recovered. This is where the concept of Black Friday was born, becoming an annual tradition in the US, which later spread to many countries around the world. Yes, it is their day you eagerly await every year. The day when time speeds up and you rush out to stores or hop online, browse them through different shops, hoping to snag deals at unbeatable prices. But what if I told you it's one of the biggest lies in history? Unfortunately, we fall victim to a massive trick pulled by companies year after year. Behind the flashy deals and drastic price drops lies a very clever scam. I'll reveal all the secrets in this video. My name is Bassam Posey and this is world economy. The story I told you earlier about the origin of Black Friday is just one of many stories that explain how Black Friday was born. In fact, Like Friday is surrounded by a variety of interpretations and explanations. One group believes the name originates from companies transitioning from the red, which indicates losses, to the black, which signifies profit. Something that happens during Black Friday. However, this narrative is not entirely accurate. Another explanation suggests that the term Black Friday dates back to the early 1960s, when police officers in Philadelphia began using the phrase to describe the chaos caused by large numbers of tourists flooding into the city from the suburbs to shop during the Thanksgiving holiday. At the same time, Philadelphia also hosted massive crowds who came from all over to attend the annual football game between the Army and Navy. On Saturday, this goes significant disruption for the police who were forced to work longer hours than usual dealing with traffic jams, Rd. accidents, shoplifting and other issues. This phrase didn't spread through the rest of the United States until the 1980s when it was used as a marketing tactic to promote the major consumer event and boost sales. It then became one of the most important shopping days of the year. On this day, major companies like Amazon, GN, Zara. H&M, Alibaba, Asus, Samsung, Apple, Nintendo and others raised to impress customers with low prices on the 4th Friday of November each year, the day following Thanksgiving. In 2024, Black Friday sales will begin on November 29th and will last for four days and then on December 2nd. During this time, millions of consumers were rushed to purchase all kinds of products and goods with massive discounts that may seem at first glance like once in a year. These range from televisions, laptops, and gaming equipment to mattresses, cosmetics, fashion, home appliances, and much more. Unfortunately, many people are unaware that it's all a big conspiracy. Nothing will make you reach to your wallet faster than massive discounts you see on various products, which may seem too good to pass up at first glance. However, what most people do not realize is that many of these products have been sold all year long with only a very small price. Prop. If any at all. In fact, and this is the most shocking part, some prices may actually increase rather than decrease during this time. Let me give you an example. If you decide to buy a product price at $100 and see that it's being offered at a 30% discount, that would be QP $70.00, which seemed like a great deal. However, the reality is that the original price of this product before the Black Friday sales was $80.00. This means you have only received a $10 discount, not the 30% it appeared to be. Companies may use another tactic with their products. For example, the original price for a product might be $80.00, but the company marks it up to $100 before the discount, then lists it at $80.00 after the discount. This means you end up being the real price without actually receiving any discount at all. The most deceitful tactic some companies use is exploiting the situation in an unethical way. They take a product originally priced at $80.00 listed for $120.00 before the Black Friday discount and then offer it at $100 after the discount. This means you end up buying the product for more than its original price. The surprising part is that sometimes before Black Friday arrives, swords raised the prices of products about their usual rates. Then when Black Friday comes, the offer the typical big discounts. As a result, when they advertise these discounts, it appears to the public that they are offering huge reductions compared to previously inflated prices. In reality, however, the discounts are quite minimal. You should know that companies use other tactics to attract customers. So what marketing strategies? To these companies rely on. During Black Friday, companies use several marketing tactics to meet you. Me and 10s of millions of people rushed to make a purchase without thinking. So here are seven ways companies use to track you with Black Friday deal Number one time is money. The great and overall sense of urgency and pressure for the buyer. How many times have you seen ads telling you that a product with a big discount is almost sold out? Whether in physical stores or online? As a buyer, you wouldn't want to miss out on the deal so he quickly proceed with the purchase #2. Get it before it's gone. Online storage rely on countdown timers, making you feel bad Black Friday Deals are about to expire on that time, making you feel that Black Friday Deals are about to expire or that time is running out. These are psychological tricks used by companies to make customers feel the urgency to buy quickly. This tactic is known among marketeers as FOMO, fear of missing out, and it's one of the most important strategies stores rely on #3 the hidden. Quality of life. What do you mean not know is that some products are specifically made for Black Friday, but they are of lower quality. Thousands of products and goods, especially electronics like televisions and computers, are shipped to stores days before Black Friday. These products are often manufactured with lower quality than usual, with companies deliberately reducing the quality to match the lower prices #4 the trap of Audi products. Ouch. Another tactic companies rely on during this event is offering older products. Most of the items you see on Black Friday are often old models that have been set in on store shelves for years. Black Friday is the perfect time for companies to lower the prices of these items to attract customers. Instead of suffering losses by keeping them in storage for extended periods, these products are used as bait to lure buyers #5 the free shipping track. Stores often offer free shipping, but only if you spend a certain amount. This pushes customers to spend more than they originally planned just to meet the minimum requirement for free shopping, ultimately increasing their overall bell. Number six. Targeting customers Most online stores use what are called cookies to track customers activities across the Internet. In simpler terms, they are monitoring you, spying on you. These cookies store all the information about your browsing and shopping habits, so when you return to a website, the seller can offer you targeted deals based on your past behavior, making it much more likely that you'll end up making a purchase #7. Advertisement Overload. Companies literally bombard you with ads everywhere, even if you have no interest or need to buy anything. Add or everywhere on TV and newspapers, on social media, and even in the streets. All of this is designed to tempt you to spend money, and eventually it leads you doing just that. It doesn't stop there. Even if you walk into a store intending to buy just one item, you'll likely walk out with more than that. Every product is strategically placed on the shelves. And the moment you see it, you'll feel compelled to spend your money. With so many people drawn to low prices, it becomes easier for stores and companies to manipulate customers. These are all marked in tactics designed to trap you, making you feel that if you don't buy quickly, you'll miss out. The one thing that's certain is that you are the biggest loser here. Just think about it. Would any store willingly take huge losses by offering such large discounts on all of its products? During Black Friday, if you're someone who believes these are truly massive discounts, listen to this. If stores were actually offering significant discounts that encourage consumers to shop during the sales period, it would lead to a decline in sales for the rest of the season. Sales spike during this particular period worldwide, but what about the rest of the year? Stores and companies are much smarter than that. As we mentioned earlier, there aren't real discounts. Instead, what these companies do is strategize to squeeze as much money from you as possible, whether by slightly lowering prices, keeping them steady, raising them, or selling old, low quality, or even defective goods. The reason is simple. If they didn't do this, they would incur huge losses. How could they sell an iPhone, for instance, that costs $1000 for just 500? Others, some retailers even recover their entire geared losses during this period. The strongest evidence of this is the significant increase in TLS over the past 10 years. Black Friday Seals have continued to rise year after year. In 2014, sales reached 2.4 billions and by 2019 they broke the $7 billion mark. In 2020, seals climbed to $9 billion. Projections for 2024 suggest that seals will surpass the $10 billion mark. Strangely, despite these massive seals, the idea that Black Friday is slowly dying has been raised. So what is the future of Black Friday? At one point, they believe that Black Friday would eventually disappear. Began to spread. People thought that they would come when it would be gone. Strange thing is that all the statistics say the opposite. The concept has been around for more than 100 years. And each year it evolves and generates more sales than the previous one. Simply put, stores look forward to this day to clear out all their stock to make room for new products. This is why they fight every year to showcase their best deals. How could it change? Or how could the Black Friday event that we all look forward to every year come to an end? The truth is that shopping habits may witness a major transformation over the next 10 years. This is because people are leaning toward the idea of experiential shopping, which allows customers to try out some products instead of making immediate purchase decisions. Some stores now allow customers to try products first, not only inside the store, but also by borrowing the products for a set period before returning it. This concept has been well received by customers, and a growing percentage of people are adopting at each year. If this trend becomes widely adopted, it could have a significant impact. On Black Friday events, cheap. In the future of the shopping landscape, Black Friday is one of the biggest days in global commerce. But let's be real, do we really need to stress rush and throw elbows just as not a toaster? I mean, unless you're training for some weird Olympic sport called shopping Sprint, it's not that serious. And believe it or not, the idea that Black Friday is the only day to get the best deal? That's as real as a Unicorn running the checkout line. There are deals. All gear people. My advice, check the actual price and quality first because sometimes they had 50% off is just a fancy way of saying this product should have been cheaper month ago. Smart shopping is all about knowing the tracks, not falling for them. Decide what's really worth your money and avoid there. I bought it just because it was on sale kind of trap. And hey, if you're looking for a deal that's actually a steal subscribing to this channel, it's actually free and you don't have to wait in lines. Turn on the notification bell to receive updates about our latest. Wanted. Gianna is one of these companies which offer great prices not just during Black Friday, but all year long. So what's their secret? The answer for this question lies in this video we made about Chiang, which is right here. Enjoy it.