Black Friday Retail: Insights from Entrepreneurs Harnessing AI and Social Platforms

The busiest time of the year for retailers means entrepreneurs are incorporating innovative strategies into how they prepare. Here are some top ideas that can help your company too.

The holiday season not only marks a time of festive cheer but also heralds the busiest period for retailers, both online and offline. As entrepreneurs gear up for the annual shopping frenzy, the strategies they employ become critical in navigating the complex landscape of consumer demands and trends.?

Recent data from a Shopify survey conducted by Sapio Research revealed intriguing trends in consumer behavior, particularly about the pivotal role of artificial intelligence (AI) and the mainstream allure of social shopping. Nearly a third (30%) of U.S. shoppers say they regularly or always make use of technologies like AI powered shopping assistants to get personalized product and brand recommendations based on their individual shopping preference.

Shoppers are also increasingly eager to shop directly through social networks, with 44% of U.S. shoppers saying they would be willing to purchase products directly on Facebook and YouTube, 40% on Instagram and 38% on TikTok. 35-44 year olds and those in the highest earnings bracket were most likely to purchase through all of the social platforms.

Recently, I talked with two entrepreneurs, Andre Smith, the founder behind clothing brand Loungefit, and Drew Davis, the creator of Crippling Hot Sauce, about their distinct approaches to preparing for the holiday shopping rush. Here they shed light on the dynamic intersection of tradition and technology in the pursuit of holiday success. They have some valuable thoughts for any business owner looking to make a significant impact during this bustling time of year.

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Andre Smith's Approach: Stock Up and Launch?

In the anticipation of surging demand, Andre Smith of Loungefit adopts a multifaceted approach to help his brand meet, and hopefully exceed, customer expectations. He primarily focuses on stocking up on the clothing that people have liked the most. Smith also unveils new products.?

He leverages cutting-edge tools to fortify Loungefit's position in the market, with Shopify Capital standing out as a key asset. This financial tool not only helps fund the launch of new products but also offers supplementary funds for strategic advertising efforts.?

Social Media Planning and Website Optimization.

Recognizing the value of proactive engagement, Andre suggests a time-saving shortcut — preparing all social media posts and marketing initiatives in advance. This approach lets you free up valuable time that can be redirected towards other critical aspects of the business.?

Another main goal, he says, is to “increase hype and traffic to my site.” He recommends optimizing your site navigation to handle more traffic so visitors have a stress-free shopping journey.?

The TikTok Advantage

Drawing from firsthand experience, Andre shares a valuable piece of advice for fellow entrepreneurs — go live on TikTok. The platform's interactive nature offers a unique opportunity to connect with potential customers, showcasing products in an engaging manner.?

“Last year I was able to gain an extra few thousand dollars in sales by interacting with potential customers,” he says. “Being active on social media during that time frame is crucial, but I would recommend not to be too ‘salesy.’ Rather, show the benefits of your products or show customers why they should purchase.”

Engage Customers with Email and Text Messages

To stay ahead of the holiday rush, Smith advocates meticulous planning and execution of email and text marketing campaigns. Tap into your existing customer base with compelling, targeted messages that maximize the impact of each communication. This helps retain longtime customers and capitalizes on the loyalty established in previous interactions, promoting repeat business, even during the same month. If you plan these out well in advance, it helps you devote more time to other mission critical objectives.

Drew Davis's Approach with Crippling Hot Sauce

In the realm of spicy innovations, Drew Davis, the creative force behind Crippling Hot Sauce, adopts a strategic approach to prepare for Black Friday and the rest. Central to his strategy is a meticulous focus on inventory management.

Inventory Management and Streamlined Shipping

Recognizing the potential surge in demand, Davis and his team have proactively manufactured over 65,000 bottles of their signature hot sauce in the past two months. He says the potential challenges of excess stock are outweighed by the risks of unpreparedness. This commitment to building up inventory stands as a testament to Davis’ dedication to meeting customer expectations, ensuring shelves are well-stocked to handle the holiday rush.

Furthermore, Davis advocates a streamlined shipping process, encouraging businesses to have orders ready to be dispatched promptly. This proactive approach not only saves time but ensures that customer orders are swiftly fulfilled, contributing to a positive buying experience and customer satisfaction.

AI and Social Media Management for Efficiency

Davis is a staunch advocate for the efficiency gains brought by technology and places his trust in AI tools to streamline operations. From Shopify Magic to Midjourney, these tools enhance workflow and efficiency, providing Davis, a disabled business owner, with the means to navigate business intricacies more effectively.?

“You get a lot of emails and there’s no better way to be more efficient and get your point across than when you use AI. Shopify Magic has an email generation tool built-in, so you can do everything from your Shopify dashboard. The second thing you might want to look into is updating your product descriptions to best convey your product to customers during the holidays, which you can also do with Shopify Magic.”?

Additionally, Davis underscores the importance of a robust social media management tool, citing HootSuite as his go-to solution. This platform allows for a one-time post upload, with content seamlessly distributed across various social media platforms, reducing the workload associated with managing multiple channels.

How to Make Black Friday Retail Work for You

In the ever-evolving landscape of retail, the approaches of Smith and Davis offer a nuanced blend of tradition and cutting-edge technology, offering valuable insights for fellow business owners navigating the holiday rush.?

An overarching theme here is to anticipate your needs and stay proactive. By stocking up on popular products, launching new items, and leveraging tools like Shopify Capital, Andre Smith sets the stage for a more seamless and engaging customer experience. Drew Davis reinforces the significance of inventory management and efficiency in operations by using AI to streamline workflows and social media management tools to maintain a strong online presence.

As consumers increasingly seek personalized recommendations and show a willingness to shop directly through social platforms, the holidays become not only a test of inventory and marketing strategies but also a reflection of a brand's adaptability to evolving consumer behaviors. The tactics of these two entrepreneurs serve as a helpful guide for entrepreneurs navigating the intricacies of the holiday rush. Their stories resonate with a commitment to innovation, efficiency, and a customer-centric approach.?

John Boitnott?is a journalist and digital consultant who has worked at media companies for 25 years. He writes about startups, marketing and leadership at?Entrepreneur, the?Motley Fool,?Readwrite.com,?Jotform.com, and?his blog.