“The company with the most amount of money always won; now, the company with the most creativity wins.” Shopify president Harley Finkelstein believes financial shortcomings should not stop an entrepreneur from their big breakthrough.
During an exclusive interview with The Big Question’s Hannah Brown, Finkelstein said social media is an ideal platform for scaling up a startup. Gym Shark became a billion-dollar company by “specifically targeting consumers, fans, and personal trainers, initially using social media.”
“But more recently…social media is actually a great channel for commerce,” says Finkelstein.
According to Deloitte Insights, social commerce represents a potential $1.6 trillion market in 2024. However, Oberlo estimates it will surpass the $2 trillion mark by 2025.
This market is expanding rapidly, and companies need to familiarize themselves with this trend to avoid falling behind.
What are consumers looking for?
Online shoppers are searching for meaningful products and are buying more “intentionally” rather than buying dozens of products “indiscriminately.”
“Consumers are voting with their wallets to buy from brands they love,” Finkelstein notices, mainly in Europe.
Another trend that is popular at the moment is that more consumers are buying directly from brands.
Why Finkelstein likes AI
Finkelstein started his entrepreneurship journey as a young student selling printed T-shirts. He has a passion for supporting startups and small businesses.
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He believes artificial intelligence has the potential to “level the playing field” between small and big companies.
The heart of success
Knowing what your customer wants from your product or service is at the heart of being a successful entrepreneur. Take it from Finkelstein: “They know who their customers are, how they buy, and what their preferences are.”
You can have “great marketing and great content,” but ultimately, having a “great product” can make or break the entrepreneur.
“Your consumers actually turn into promoters or influencers of your brand. When you have a brand or a business where every one of your customers also is telling other people to buy your brand,” says Finkelstein.
This is the ‘silver bullet’ that most “robust and resilient companies” have used to build their brands to the top.
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About the author
Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.
