Navigating Black Friday – Key Challenges for New and Growing Businesses

• New and growing businesses during Black Friday must overcome challenges such as building consumer trust and ensuring strong cybersecurity.
• Efficient operations, including secure payment systems and effective staff management, are essential to meet rising demand.
• Adopting an omnichannel strategy and leveraging digital solutions can help these businesses streamline processes and improve the customer experience.

Each year, Black Friday approaches faster, and with the excitement comes increasing concern, particularly for those new to the retail world. This pivotal date marks the start of the busiest season for retailers, offering significant opportunities for sales growth but also placing immense pressure on them to manage rising demand, operational challenges, and escalating consumer expectations. For growing businesses, the stakes have never been higher—finding the right balance between seizing these opportunities and ensuring their systems can handle the surge is crucial.

Building Trust in a Crowded Market

Sarah Koch, Director of Marketing and Communications at Aevi, an in-person payment provider, recently discussed the key challenges emerging businesses face during peak retail periods like Black Friday. According to a recent Aevi survey of 2,000 U.S. participants, trust is a significant issue for new firms.

The report revealed that customers are particularly sceptical about biometric data security in smaller businesses, independent stores, and unattended retail. In fact, 45% of respondents distrusted unattended shopping, while 41% felt the same about small businesses. In contrast, larger organisations and payment processing companies had lower levels of distrust, at 33% and 31%, respectively.

This data highlights a key challenge for emerging businesses: establishing trust during high-demand periods like Black Friday. With growing concerns over cybersecurity and data breaches, consumers are increasingly cautious about where they spend their money. For small and medium-sized businesses, building trust is crucial, especially since large corporations already have established reputations. Overcoming trust issues is not easy, but it’s essential for long-term success.

Ensuring Security to Build Customer Trust

To address trust concerns, growing businesses should prioritise security and streamline their payment processes. For new enterprises, ensuring secure transactions and safeguarding customer data is paramount. This includes implementing end-to-end encrypted solutions, robust fulfilment and logistics options, and fully managed security services to protect clients from potential breaches. By tackling security issues head-on, businesses can build trust and confidence, leading to a seamless and positive shopping experience for their customers.

Managing Increased Demand

Another major challenge for businesses during Black Friday is handling the surge in foot traffic and demand. The event can draw large crowds to both physical stores and websites, which for smaller businesses can quickly become a logistical nightmare. To meet the increased demand without sacrificing service, businesses must be well-prepared.

This preparation goes beyond simply hiring extra staff or ensuring adequate stock levels. Businesses must also equip their teams with the right tools to manage the increased volume effectively. Point-of-sale systems capable of accepting multiple payment methods across various platforms are essential to avoid long lines and missed sales. Operational efficiency is key to handling this traffic surge, and businesses should focus on implementing solutions that optimise inventory management, employee scheduling, and transaction processing.

Streamlining Operations with Digital Tools

To stay competitive and manage the chaos of Black Friday, emerging businesses must embrace digital solutions to boost operational efficiency. Leveraging digital tools for inventory management, employee scheduling, and transaction processing can significantly reduce the time spent on back-office tasks. This allows businesses to focus more on customer engagement and enhancing the overall shopping experience.

With many consumers still favouring the convenience of online shopping, it’s essential for both e-commerce and physical retailers to adopt an omnichannel strategy. In-person payment orchestration plays a crucial role in providing a consistent customer experience across all touchpoints—whether online, mobile, or physical stores. By supporting self-service options and multiple payment methods, businesses can ensure a smooth and flexible shopping experience for customers.

An open API strategy is vital for implementing services like click-and-collect or buy-online- return-in-store. These services enable retailers to link multiple sales channels and access real-time transaction data. The flexibility of an open API allows businesses to partner with the right providers who align with their objectives while keeping the customer experience a top priority.

Addressing Consumer Concerns Head-On

Success on Black Friday and Cyber Monday requires more than seizing sales opportunities—it hinges on maintaining operational efficiency and earning consumer trust. For emerging businesses, offering robust support to both staff and customers is essential during this high-pressure season. As highlighted by the Aevi poll, addressing consumer concerns—especially those related to data security—has become increasingly critical in today’s competitive retail environment.

By prioritising trust, streamlining operations, and leveraging the right digital tools, businesses can navigate Black Friday’s challenges effectively, boosting sales and fostering stronger customer loyalty. While Black Friday offers tremendous potential, realising its promise demands readiness to tackle these obstacles directly.