Only retailers that have prepared contingency plans and leveraged demand-forecasting technology will reap the rewards that Black Friday has to offer and those that haven’t are at the mercy of a year that has been punctuated by disruptions.
In a year of countless disruptions and a radical shift to online shopping, Black Friday represents a rare opportunity for retailers to cash in. However, there will be additional challenges this year.
With the UK and other countries still in lockdown, bargains are moving online. Those that succeed come the 27th November will likely be the retailers that have prepared contingency plans for this eventuality. Those that haven’t will be at the mercy of a year which is punctuated with disruption after disruption.
In addition to contingency planning, demand-forecasting technology will be key this Black Friday. Powered by technology such as AI and machine learning, this will allow retailers to better anticipate hikes in demand, allowing them to prepare accordingly. LLamasoft research recently found that 73% of overachieving retailers are already using the technology. These will be the businesses that triumph on Black Friday.