Key takeaways from NRF 2024 and revolutionizing the future of retail together!

What a great NRF (Retail's Big Show, organized by the National Retail Federation ) we had this year. The breadth and diversity of participants highlight the event's significance as a platform for knowledge sharing, collaboration, and inspiration in the ever-evolving world of retail.

Key Takeaways

1. AI is front and center for every Retail and CPG firm.

From personalizing the shopping experience to automating tasks and preventing fraud,?AI is transforming the retail industry.?Retailers need to develop a clear AI strategy and invest in the right tools to stay ahead of the curve.

2. Unified commerce is a pre-requisite.

Consumers no longer differentiate between online and offline shopping.?They expect a seamless experience across all channels,?from browsing in-store to purchasing online and returning in-store.?

3. Data is Gold.

Retailers who can collect,?analyze,?and leverage data effectively will have a major advantage.?This includes understanding customer behavior,?optimizing inventory management,?and targeting marketing campaigns.

4. The physical store is still alive and kicking.

Despite the rise of e-commerce,?the physical store remains an important touchpoint for many consumers.?Retailers need to create engaging and experiential stores that give customers a reason to visit.

6. The rise of fast fashion.

Companies like Shein and Temu are changing the way consumers shop for fashion.?Retailers need to be aware of this trend and find ways to compete,?such as offering faster shipping or more personalized recommendations.

7. The need for agility.

The retail landscape is constantly changing.?Retailers need to be agile and adaptable to stay ahead of the competition.

8. Automation of supply chain.

• Warehouse Automation:?Robotic systems handle repetitive tasks like picking, packing, and sorting, boosting efficiency and accuracy while reducing reliance on manual labor.
• Autonomous Delivery Vehicles:?Drones and self-driving trucks are entering the scene for last-mile delivery, promising faster delivery times and lower costs, particularly in urban areas.
• Smart Contracts:?Blockchain technology enables secure and automated transactions between suppliers, manufacturers, and retailers, streamlining processes and improving transparency.

I would like to reflect on larger scale implications of AI for Retail and how Fractal has been able to leverage AI for our clients.

1.?Enhanced A/B Testing and Experimentation

We saw great participation and engagement from retailers on the Future of A/B testing and how they really wanted an enhanced experimentation and A/B testing experience. In Trial Run, we have a comprehensive solution, which allows Rapid experimentation with emphasis on cutting-edge UI, Gen AI, custom development and advanced features which allow for hyper-granular experimentation, uncovering hidden insights and optimizing every facet of your customer journey. https://fractal.ai/trial-run/

?2.?GenAI

On GenAI we showcased Crux Copilot. Through Crux we have been successful in Empowering business users to get to insights from enterprise data through an intuitive conversational experience. Crux helps you interact with your data in a conversational, intuitive manner. You have the ability to ask critical business questions and get detailed answers. The output is clear, narrative summaries instead of complex data outputs. ?https://fractal.ai/crux-copilot

3.?Competitive Intelligence

Fractal's AI based Competitive intelligence has played a pivotal role in empowering retailers to navigate the ever-changing landscape and achieve sustainable success. By embracing data analytics as a key driver of CI, retailers can gain valuable insights into their competitors, make informed strategic decisions, and thrive in the competitive retail environment. https://fractal.ai/wp-content/uploads/2024/01/Competitive-Intelligence-Suite.pdf

AI Adoption will continue to be the focus in 2024 and borrowing from an earlier study by Forrester, where they surveyed 205 North American retail business and IT decision-makers with responsibility for technology decisions at their company. The following will continue to be the areas where AI will be deployed in Retail.

• Spend Management
• Forecasting Demand
• Supply Chain Management
• Customer Loyalty
• Special Orders
• Budgeting and Planning
• Inventory Management
• Customer Processes

Conclusion

NRF 2024 showcased retail sector resilience through innovative solutions across supply chain and continuous surge in e-commerce. Agility and AI will be the key this year along with embracing innovation at every step of the journey will play an important role.

We will follow up, with a power packed #AnalyticsUnite2024 from May 1 - 3 in Chicago where Fractal is the Title Sponsor and will be hosting the who's who from the world of Retail and CPG to discuss AI & Data Analytics and propel businesses to a new level of success.

Look forward to revolutionizing Retail with you in 2024!

Dipita Chakraborty Prithwish Dev Gaurav Sachar Ganesh Subramanian

#Nrf2024 #FractalRetail #GenAI #Dataanalytics #ArtificialIntelligence #SupplyChain #CompetitiveIntelligence #Experimentation #UnifiedCommerce #Sustainabilty #MarketingAnaltytics #Customerinsights #DirecttoConsumer #MachineLearning