With a staggering 40,000 attendees, 6,200 brands, 1,000 exhibitors, and 190 presenter sessions, the 2024 National Retail Federation (NRF) Big Show brought together industry leaders, experts, and enthusiasts from over 100 countries. Our team explored approximately 25 booths, attended around 15 speaking events, and took around 57,000 steps in navigating the bustling venue.
Crucial retailer trends and priorities for 2024+ that we heard throughout the conference echoed what we're hearing from our clients. It was interesting to engage with vendors who are addressing critical industry challenges such as customer experience, personalization, shrink, returns and re-commerce, and operating costs. Insightful was the theme of continuous disruption, moving from a singular event to a continuous reality. And, it was refreshing to learn about growth and expansion plans in product categories and geographies as retailers emerge from the ripple effects of COVID-19 and focus on the future.
Curious? Here are some key themes and innovations that we took from the Big Show.
Disruption is the new norm
The resounding theme of NRF 2024 was the acknowledgment that
disruption has become the new norm. This sentiment echoed across
various sessions, with discussions revolving around economic
disruptions, changing customer behaviors, evolving competition
dynamics, and the pervasive influence of artificial intelligence
(AI), all of which closely mirror results from the 2024 AlixPartners
Disruption Index.
Back to basics
Amidst the discussions on technological advancements, many speakers
emphasized the importance of placing the consumer at the center of
everything. Notable brands like DICK'S Sporting Goods (CEO Ed
Stack) and Ulta Beauty (CEO Dave Kimbell) underscored the
significance of returning to basics and understanding
consumers' fundamental needs and expectations.
AI, AI, and more AI
AI took the spotlight, with a pervasive presence and discussions
surrounding its applications. While there wasn't a single
"killer" use case, the consensus was that AI is being
seamlessly woven into both internally and externally facing
business capabilities.
Internally within retailers, AI is being applied to day-to-day functions, such as forecasting, pricing and promotions and inventory optimization, focusing on evolving efficiencies and enabling associates to address higher-order opportunities. Externally, it is enabling an improved consumer experience, and engagement through personalization, live shopping, and augmenting associate knowledge to provide better customer service. These are real, usable use cases versus "revolutionary" ones, but cumulatively have the potential for a transformational effect.
Organized crime concerns
Saks (CEO Marc Metrick) underlined the "huge" issue of
organized crime affecting physical stores and e-commerce channels.
Numerous technologies and services are addressing fraud and crime
at multiple levels, from shopper/returner behavior to advanced loss
prevention capabilities.
Retailers are also grappling with cybersecurity challenges while emphasizing the importance of doing the right thing for their customers who fall victim to hacking incidents.
Social responsibility
Levi's (incoming CEO Michelle Gass) highlighted their
"profits through principles" culture, and Under Armour
(CEO Stephanie Linnartz) discussed "shifts to new sustainable
product fibers", with other retailers similarly echoing shared
commitment to sustainability and the evolution of diversity,
equity, and inclusion (DE&I) initiatives. Doing the right thing
for employees, customers, and the planet emerged as a central
theme, reflecting a broader shift toward socially responsible
retail practices.
General market optimism
Optimism and a focus on growth permeated the discussions within
industry speakers' sessions. The overarching sentiment was one
of positivity, with a shared commitment to navigating challenges
and capitalizing on growth opportunities, including new channel
enablement, geographic expansion, product expansion in traditional
mono-brands, and greater direct-to-consumer (DTC) capabilities.
Innovation addressing market trends
The Innovation Zone and Re:Tech areas highlighted emerging
solutions available to address key market challenges. Noteworthy
solutions included Buywith's Shoppable
Livestream platform, integrating influencer marketplaces at Walmart
and other retailers. OfferFit showcased the
potential of self-learning AI-driven A/B testing, while
RetailInsight and Netail's
ProfitMind focused on AI product and price prescriptive analytics
to help retailers sell more and waste less.
Advertima presented in-store RetailMedia screens
that can personalize content by capturing customer non-PII data via
a camera. Typeface demonstrated AI product image
content generation that adheres to brand guidelines and saves
effort and costs in creative production. Zero10
offers a clothing augmentation shop front display,
Treet provides a re-commerce solution that covers
customer trade-ins, C2C, and an off-price storefront for brands,
and Yofi's shrink solution identifies
e-commerce "bad consumers" driving unique and automated
customer returns policies. Similarly, the Appriss
solution tackles returns fraud also in stores, and
Quorso's "Co-Pilot"
turns generic reports into personalized, top-priority actions and
intelligent workflows.
In summary
From the prevalence of disruptive forces to the emphasis on
customer-centricity and the integration of AI, NRF captured the
essence of an industry in constant evolution. As retailers strive
to do the right thing, embrace socially responsible principles and
drive positive change, NRF served as a nexus for collaboration,
learning, and envisioning the future of retail.
Let us know: if you attended NRF this year, what were your big takeaways, and did they inform your plans? If so, how so?
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