Day 2 @ NRF 2023 | 4 Talks That Left Us Inspired
How Fabletics is leveraging its digital presence to drive physical store growth produced by Storeforce
Speakers: Fabletics, Storeforce
One of the most interesting questions from this panel discussion was why Fabletics decided to open a physical store if its online presence is so successful. Here’s what we learned:
Fabletics was a strictly online retailer that found great success with their membership opportunities. Through this, Fabletics was able to collect data on where their customers are located, how often they shopped, and what products they were looking for.
By recording all of this data, Fabletics could hand-pick in-person locations they knew would perform well based on how many of their customers were located in a similar area, and demand for certain products. Rather than opening physical stores simply because their financials were performing well, they took the time to invest in their data and pick out certain locations that would provide further success.
Another reason Fabletics mentioned was to allow their customers to shop both online and in-person. By providing both, customers have the flexibility to shop during store hours AND after store hours.
Why we liked this session:
Fabletics is the perfect real-life example of how a retailer should develop their omnichannel strategy:
1. Utilize your data to understand your customer’s behaviors
2. Develop flexible touch points through different channels
3. Make a seamless experience with online and in-store
Session #2:
Exclusive preview: Insights from the sixth Dunnhumby Retailer Preference Index for U.S. Grocery produced by Dunnhumby
Speakers: Dunnhumby
Dunnhumby presented insights from their 6th Retailer Preference Index for U.S Grocery.
This annual study aims to rank 60 retailers from over 11,000 US grocery shoppers by combining customer perception with retailers’ financial results.
The retailers that came out on top:
– Wegmans: recognized for their benefits
– Aldi: recognized for their costs
– Trader Joe’s and Costco: recognized for both benefits and cost
Dunnhumby’s study also included an examination of the market state post-pandemic and what went up in priority:
– Prices/ Promotions
– Quality
– Digital and Technology Reliance
Why we liked this session:
At the end of the day, one of the most important things a retailer can do is understand their customers. Based on the research Dunnhumby presented, it is clear that price and promotions have risen in priority for shoppers.
Session #3:
Beyond buzzwords…From “customer-centric” to connected customer experiences produced by Treasure Data
Speakers: Hellofresh, Nestlé, Artefact, Treasure Data
Throughout this session, many hot topics were discussed. Here are a few key highlights:
– The Concept of “right product to the right customer, at the right time, to the right place” still pertains with the exception of “place” being switched to “channel”.
– Upgrading your customers to brand advocates for your products is proving to be one of the best marketing strategies.
– Customer data platforms are necessary for retailers to: Unify user data Improve cross-channel analysis Upgrade customer engagement.
– Effective personalization involves being transparent. The most popular brand for its successful personalization is Netflix which is thriving to satisfy customers by creating content based on demand.
Why we liked this session:
Your customer has more influence than you think. Tapping into effective personalization strategies and investing in customer data platforms can result in better promotions and overall increase customer loyalty.
Session #4:
Churning Innovation: How to know when a big move is the right move
Speakers: Utla, Belk, Commercetools
One of the most critical ways of staying ahead of the market is investing in the right technology. A common theme we heard throughout NRF was moving from legacy systems to the cloud.
