This year, retailers, vendors, and industry experts all across the globe met up in NYC to discover breakthrough solutions and technology. (Did we mention, Cognira & Retsci are exhibitors at Booth #561)
While we’re at NRF 2023, get a day-by-day recap of the interesting trends, themes, and talks we saw while at the show.
Themes & Buzzwords @ NRF 2023
After perusing around the booths, and sitting in on keynote sessions on day 1, we’ve picked up on a few buzzwords.
Here are the top three:
1. Customer Experience: Shopper expectations have changed drastically and retailers need to pivot towards an omnichannel and personalized experience.
2. Real-Time: Real-time data is necessary for decisions that are needed to be made on the fly. Ex: personalization and targeted strategies.
3. Seamless: Retailers today are looking for sophisticated software solutions that have a simple and easy-to-use UI. There also needs to be a consistent and efficient connection between online & in-person shopping.
Interesting Big Idea Sessions
Though there have already been many awesome Big Idea sessions, here are our top 3 from day 1!
Connected Commerce: Building a customer experience to survive and thrive, by Square
Speakers: Afterpay, Square, JD North America
Within the retail space, there has been more demand for the following:
1. In-person shopping experience
2. Seamless shopping experience between online and in store
3. Voice-eCommerce (Ex: Using Alexa for ordering purposes)
4. Rewards programs & loyalty (Especially for Gen Z)
The following trends are becoming essential for retailers to focus their marketing efforts on:
1. Appealing to the right audience in their channel of choice. For example, Gen Z wants to consume content within the following content channels: Youtube, Instagram, Tiktok.
2. Understanding what additional features or complementary services consumers specifically want or expect while shopping. For instance, many consumers want to be involved in experiential retail. Take the example of shoppers wanting to have a wine tasting experience while shopping for furniture.
Takeaway: Our targeted insights are even more important to satisfy omnichannel demands.
How to power retail success in an inflationary world produced by Salesforce
Speakers: Casey’s, Walmart, Salesforce
There have been many shifts in the retail industry caused by:
- Shopper expectations: real-time personalization, convenience
- Data optimization
- Inventory strains
- Margin pressures
Ways to combat the shifts:
- Make it personal
- Captivate the customer
- Don’t be a dinosaur- Be innovative!
- Stay future proof
Takeaway: The key to winning in an inflationary digital era is to acknowledge the strategic problems that you are facing, put the customer first, and stay on top of trends.
Panel discussion: Excess inventory is so last season produced by Anaplan
Speakers: Sephora, Anaplan
Sephora’s innovation equation for connected planning:
- Seamless data management
- Real-time plan consolidation
- Single entry point
- Synchronization allocation models
How Sephora was able to achieve this:
- Cultural change that identifies what to do, how to do it, and how to be efficient
- Shift from Excel to a planning engine in the cloud
- Increase time spent on analysis and scenarios to see the financial impact
Takeaway: The shift from legacy systems to cloud solutions is becoming a reality for retailers of all sizes. Today, collecting and understanding data in an efficient way is more important than ever. To do this, however, retailers need to shift in how they operate which will require leadership to get on board.
