Technology, AI, chat and more: What everyone is talking about after retail’s biggest conference.
Last week, the biggest names in retail came together to discuss the latest trends at the National Retail Federation (NRF) annual meeting. Technology was the star of the show as attendees did their best to keep talk of Amazon to a whisper. We loved being part of the event and experiencing the collective energy and enthusiasm among attendees. In case you missed it, here’s a roundup of the top news coverage and what had everyone buzzing with excitement.
The New York Timesran an in-depth article explaining how technology took center stage. Positioned as “a conference about shopping that looked more like an expo for tech,” the article profiled how artificial intelligence, big data and automation are driving things like purchasing decisions and shopping experiences. This is a great article for retailers to use as a checkpoint for whether their current strategies are in line with these trends.
also reported on the role of technology in the transformation of the retail industry. The article covered a number of broad trends, including how companies like Alibaba and Cosabella are using artificial intelligence (AI) to provide a more personalized experience. It also previewed how grab-and-go offerings and chat are driving the next generation of retail (e.g., 1-800-Flowers.com now lets customers to use Google Assistant on a mobile phone to place an order via voice or text). Overall, the article did a thorough job of explaining how technology is making the shopping experience easier and more convenient for customers.
recapped the key takeaways from the meeting, stressing the need for retailers to “adopt disruptive technology if they want to remain relevant among digitally savvy shoppers.” Of note, the article addressed how augmented reality (AR) and virtual reality (VR) are being used to “test-drive” merchandise prior to customers making a purchase. In addition to these major tech-based trends, the article described the feeling of optimism among retailers and suppliers. It further pointed out, “The feeling was reinforced during the show’s Retail Economic Roundtable panel discussion, during which industry experts and economists agreed that the current economic climate supports a positive outlook for retail in 2018.” Good news, indeed!
CBS Newsran an interesting interview with Ellen Davis, senior vice president of research and strategic Initiatives at the NRF on the heels of the meeting. The piece, titled, “Why the death of retail jobs may be greatly exaggerated,” discussed a range of interesting topics from the convergence of online and traditional retail to the benefits to being part of an industry that is constantly being disrupted. She also discussed how online shopping has led to creation of new jobs, particularly in data science and analytics and in distribution centers. This article provides some valuable insights for retailers and flags “experiential retail” as a must-have mentality moving forward.
Biz Tech Magazine“> took a closer look at how retailers can grab more value in the digital shift. The article re-capped one of the panel discussions featuring Cisco and theirretail digital transformation roadmap framework. Interestingly, it included case studies from Panera Bread and Dollar General about the tech tools and digital engagement strategies they’re using on their quest to grab the “$2.8 trillion in value” that will be at stake by 2026. Bottom line, this is a helpful read for any retailer looking to use technology to engage more with their customers.
In one panel discussion Beth Ferreira, Managing Director at FirstMark Capital, predicted that, eventually, “all companies will become technology companies.” Whether this is true remains to be seen. But it’s hard to deny how much technology is changing the retail industry.
Personally,we were very excited by what we saw and, in the meantime, we look forward to being part of this transformation.