NRF Retail's Big Show: 5 highlights from the 2024 edition
ClearSale | More Sales. Less Fraud.
Reduce ecommerce fraud and chargebacks, increase approval rates and retain your customers.
The world's largest retail event returned for another edition in the iconic city of New York.
The beginning of the year is marked by the freezing weather in New York, where the main retail directions for the year gather at NRF Retail's Big Show. Held between January 14th and 16th, the event brought not only trends and news, but also reinforced well known topics, such as Customer Centered Business and Omnichannel Experience. Here are five highlights of the 2024 edition.
1. Artificial Intelligence (AI)
The beloved topic of the moment could not be left out of the conversations at the Jacob K Javits Center. The big news, was the presence of a more empathetic AI, acting as a guide for consumers. According to IBM, 40% of retailers already use Artificial Intelligence, with a forecast to reach 80% by 2026. A survey by Euromonitor reveals that 49% of retail professionals plan to invest in generative AI, emphasizing the importance of its application to create more intuitive shopping experiences.
?"Executives emphasized the potential of Artificial Intelligence to anticipate trends, reduce costs, create innovative solutions and improve the consumer experience," said Eduardo M?naco , CEO of ClearSale, in his article for época Negócios.
2. Consumption in transformation
With the advancement of Generation Z as a consumer market and the urgency of the climate crises, the consumer landscape is undergoing a major transformation. The focus now is on more conscious consumption, with emphasis on the circular and sharing economy, ESG practices, recycling, and waste minimization. Euromonitor's study reveals that 41% of retail professionals plan to invest in sustainability in the next five years.
As a trend, entering the resale market, both online and physical, can be a big deal for years to come.
3. Valuing real experiences
领英推荐
"You don't have to go to a store, you need to want to go to a store." This quote from Lee Paterson, Executive VP of WD Partners, an always-awaited speaker at NRF, sums up our third highlight.
Brick-and-mortar retail can't just be an extension of ecommerce, or literally look like ecommerce in real life, with only products displayed on the shelves. After the pandemic, people are looking for experiences and spaces for interaction. Ecommerce is transactional, while brick-and-mortar retail has to appeal to emotions.
Visits to New York stores highlight retailers' emphasis on this in-person experience, whether through scenery, visuals, merchandising, scents, music, or interactive spaces. We highlight the presence of a restaurant inside the iconic Tiffany & Co store on Fifth Avenue, literally offering a "Breakfast at Tifanny's", 63 years after the classic film that inspires this space.
4. TikTok Economy
Since its explosion in 2020, TikTok has gained relevance in the economy, especially among new generations and their new way of shopping. About 70% of Gen Z is a frequent user of the network and makes purchases there. Its organic campaigns already surpass competitors such as Instagram and YouTube in generating sales for young consumers.
The turning point is that TikTok is evolving from a social network to a sales platform, following the logic of other Chinese Super Apps such as Alibaba's Tmall and JD.com, integrating chat, social networks, and shopping into a single app.
Anticipating this transformation of TikTok into a sales platform can be crucial to keeping your brand relevant and innovative. If your target audience is Gen Z, don't be afraid to get on board with the platform's viral formulas to generate sales.
5. Make It Matter
The latest trend, in line with the event's motto "Make It Matter", highlights the importance of valuing the people behind the professionals and the motivation to make it happen. The lecture with Magic Johnson, an icon of world basketball, provided reflections and connections between the world of sports and business, translating this motto into concrete actions. Johnson brought a very inspiring message about the importance of leadership and always knowing how to innovate to stay in first place.
"Johnson reinforces that the key to a company's success can be linked to hiring people with a mindset aligned with the values and vision of the business, since it makes the pursuit of objectives a more effective process.", said Matheus Manssur , Commercial Superintendent of ClearSale, in one of his Articles for the Media & Message.
???? As Helen Keller once said, “Alone we can do so little; together we can do so much.” It's fantastic to see #retail and #ecommerce communities coming together at #NRF24 to innovate and grow. For those looking to root their next big project in sustainability, Treegens is sponsoring a Guinness World Record for Tree Planting. ???? Dive in to be a part of something monumental: https://bit.ly/TreeGuinnessWorldRecord #NewYork #TreePlanting #Sustainability
"Absolutely, missing the NRF Big Show 24 seems like a miss, but thanks to the #ClearSale team for sharing the highlights! ?? As Steve Jobs once said, ""Innovation distinguishes between a leader and a follower."" It's crucial for us in the #retail and #ecommerce sectors to stay informed and inspired by such events to lead our industries forward. ? #innovation #leadership"