Black Friday is fast approaching, and industry experts are predicting significant discounts and deals this year. Even in the face of economic challenges, the CEO of Clever Bridge, Wendy Sturgis, remains optimistic, "it's going to be a great year for consumers" said Sturgis.
Sturgis joined TheStreet to share insights on how shoppers can maximize their savings during the upcoming Black Friday shopping extravaganza.
Full Video Transcript Below:
SARA SILVERSTEIN: We are coming into Black Friday holiday shopping season. What is it looking like this year?
WENDY STURGIS: I think it's going to be a great year for consumers. I think that with all the macro headwinds, all of our clients we're talking to, they're getting ready, they're thinking about their strategies and how they can attract new customers with great offers, bundling, multiyear, and also keeping customers with maybe some healthy discounts.
SARA SILVERSTEIN: You do a lot of your business through subscription models for companies.
WENDY STRUGIS: 78% Yes.
SARA SILVERSTEIN: When you're looking from a consumer standpoint, what advice do you have for consumers who are looking to save money in transactions online or through subscriptions?
WENDY STURGIS: Well, look, I think there's a lot of opportunities for consumers. And I think you've got to be smart about your commitment to a company. And if the subscription is the right one, we all see the Amazon actions that they take. They really want you to do it. And I think it can be really healthy if you know that this is a product that you use on a regular basis. But otherwise, I think you've got to be smart about it because there is that move towards it. So I think it's just being intelligent and really being thoughtful about what you're buying.
SARA SILVERSTEIN: And are there any what are the discounts worth paying attention to? Like if I sign, they always want me to sign up for longer, but they offer a good discount. Is that something that I should think about?
WENDY STURGIS: I think there's a couple of tactics that consumers should think about. I think if you know that you want the product, the longer you commit, you know, companies are going to give you a healthier discount. These companies have worked hard to attract you as a customer. They want to keep you. You have leverage. I'm a digital first person, but sometimes getting on the phone with the company and saying, hey, I'm thinking about leaving. What offers do you have if you're not able to do that online? I think also getting more for your subscription, companies want a bundle. They want to encourage you to buy more. So if you're thinking about that, what else could you get?
SARA SILVERSTEIN: And could you get a better deal by buying more from that company and doing it? And when does it make sense to buy in person versus online?
WENDY STURGIS: I mean, it's such an interesting question. Look, I'm on the board of the container store, so I'll talk about that. They want to create unique buying experiences online. And so understanding a company, their strategy specials online only, right? Understanding the products that you want to buy. There is unique. There are that happen in the web, but, you know, there are things that only happen in the store. And I think it's the merging of that. And all companies that omnichannel you need to decide as a consumer, is it do you know what you want? Can you get the best price? And the last step I'll say is use your credit cards. Credit cards offer some extraordinary opportunities to get offers for transactions that you were already going to make.
