The event took place from January 14 to 16. (Photo: courtesy)
GUEST EXPERT. What was my great pleasure in getting lost in the middle of this global retail event in New York and discovering international know-how at your fingertips!
In fact, there are more than 1,000 exhibitors, 6,200 brands, 170 expert speakers, including Magic Johnson, Martha Stewart, the president of Walmart, as well as 40,000 industry professionals, who all converge on this unique location. The NRF New York 2024 is undoubtedly the undisputed event of the year.
Beyond the scale of this event, it is an unprecedented opportunity to explore innovative solutions, engage in unexpected discussions and shape the global, national and local future of retail with the thinkers and inventors of our time.
This meeting focused on innovation with more than 100 new solutions presented to participants. They were, among other things, able to discover different spaces dedicated to new technologies.
I draw four important lessons from the numerous interventions I attended as part of this event.
1. Beyond the Hype, Artificial Intelligence Achieves Tangible Results
Artificial intelligence (AI) once again took center stage at NRF 2024. This time, the main theme has shifted from the promise of these innovations to their concrete applications in the market.
In short, the dynamic landscape of AI in retail is not just about hype, but also about real-world applications, sustainable actions, and strategic adoptions.
2. Products and marketing must evolve with consumer trends
Adapting to consumer trends is crucial to the success of products and marketing strategies in retail. Purchasing habits are constantly evolving in response to economic, social and technological changes.
Here are a few things to consider to stay relevant in retail with consumer trends in mind:
• Analysis of consumption data;
• Client experience;
• Sustainability and social responsibility;
• Online business;
• Personalization;
• Innovation continue;
• Communication transparente;
• Rapid adaptability.
3. Don’t take partnerships lightly
Partnerships also play a big role in retail, providing a range of benefits that can strengthen a company’s position in the market.
Here are some of the reasons why partnerships are important in retail:
• Expansion of product assortment;
• Access to new markets;
• Supply chain optimization;
• Innovation collaborative;
• Marketing conjoint;
• Improved customer experience;
• Risk reduction;
• Strengthening brand awareness;
• Adaptation to market trends;
• Competitive agility.
4. Price is not everything
More than 60% of consumers worldwide say their purchases are motivated by the quality of a product or service, compared to 43% who are motivated by a low price, according to third quarter 2023 data from the Institute Qualtrics XM.
Finally, my favorite goes to the Hong Kong company Trollee, which presented its connected trolley, already present in large stores in South-East Asia. The main objective of this is to improve the customers’ purchasing experience, make the process more convenient and provide useful information throughout the purchasing journey by integrating precise features like:
• An interactive screen that allows you to consult information on products, receive recommendations, follow your shopping list or take advantage of special offers.
• A barcode reader that allows customers to get detailed information or reviews about a product and even add items to their virtual shopping cart.
• A payment system allowing customers to pay directly from their trolley, thus avoiding queues at the checkout.
I can’t wait to relive this experience in 2025, this time with Quebec traders who will accompany me on a trade mission. We are waiting for you!
2024-02-14 22:27:00
#important #lessons #learn #NRF #York
