#NRF2023 Day 1

It's the first day at NRF 2023: Retail's Big Show, and we are pumped to be here! Our international team was thrilled to take part in the world's largest retail show and shake hands with the best and brightest in #technology, #business and #ecommerce!

Listening in: The Huddle with John Furner

The first session we attended was a recording of the podcast “The Huddle with John Furner,” which included a very inspiring chat with Dr. James Cash, The James E. Robison Professor, and Senior Associate Dean, Emeritus at Harvard Business School.?The conversation set a motivational and hopeful tone, which was a perfect kickoff to the tone of the entire event.

Cash shared this thoughtful saying imparted by his mother: “If the elevator is broken, take the stairs.” Cash urged people not to let setbacks get in their way. While the work might be harder, the solutions are there to be found.

Cash reinforced the opportunities that retailing offers, and urged us to find our passion and act on it, as he has. When you act with passion, you are much more likely to succeed!

Finally, James reinforced the importance of celebration. There is a lot of turbulence in life, but we shouldn't let short-term problems get in the way of our long-term trajectory. Celebrate and make the world a better place!

Getting Customer-Centric with Saks

Moving on to the morning's Keynotes, we sat in on the interview of Paige Thomas , CEO of Saks Fifth Avenue .

She stressed the importance of focusing on the customer, whether for personalized messaging, customer loyalty, or product development, retailers can enhance customer experiences and drive revenue. And as we enter an unpredictable economy, this will prove especially crucial.

In uncertain economic times, buyers tend to be more conservative in their spending, especially in the luxury market. Saks, which made its start as a luxury brick-and-mortar, saw the necessity to adapt to changing times and entered the e-commerce market and, since 2021, has developed a mobile app for its sales. By focusing on the changing needs of its customers, the brand has already found great success through its switch to mobile and the development of its loyalty program.

Through that loyalty program, the brand is able to better understand its customers, predict trends, and make better purchases for its store. One of those trends is the rise of the resale market, a fast-growing industry in the United States as the result of more Gen Z and Millennials opting for sustainable products.

Expanding Customer Touchpoints with Influencer Marketing

The influencer market was also heavily discussed on the first day of the National Retail Federation Retail's Big Show.

Executives Jacee S. , Senior Director of Brand Strategy and Communications at Hollister Co. , and Jacob Hawkins , CMO at Forever 21 , discussed how to reach Gen Z and make the best use of “User Generated Content”.

Both brands work with all sizes of influencers, from Mega influencers, who have over a million followers, to Nanos, who have less than 10,000 followers to appeal to their wide array of consumers.

Hawkins of Forever 21, presented the launch strategy for the brand's collection with Barbie. They also demonstrated a hands-on experience with the launch of their Roblox collection, which allowed users' avatars to wear the same clothes that Forever 21 sold in-store. This generated an online and offline combination for their customers that showcased how brands can combine virtual and physical experiences to enthrall customers at every point of their buying experience.

The key to successful customer experiences always comes back to the customer. How well do you know your target audience, their cares, their ambitions, and what they're looking for? With that data, retailers can understand what will be truly impactful for their customers, be it from the influencer they work with, the fashion style they utilize, or the experiences they create.

How retailers measure that data is also essential to their success. For example, Hollister has already determined which type of influencer to use for each type of campaign launch, making effective use of this data.

The Future of Retail and the 3 C's

Closing out the morning lectures, Kate Ancketill , CEO and founder of GDR Consultancy , shared the upcoming retail trends we can expect this year.

She presented the 3 C's that speak exactly to the present moment: COVID, Conflicts, and Climate.

The pandemic has drastically changed the world, the Ukraine-Russia conflict brought a massive energy crisis in Europe, and climate change shows a scarcity of natural resources like never before.

With such huge changes affecting our economy and physical world, Ancketill believes that we have reached the end of the abundance age we've celebrated over the last 20ish years, and now it is up to business leaders to do more with less. Despite this reality, it is possible to mitigate this period and look to the future of retail as an opportunity for change. Ancketill shared how several brands are already taking steps to achieve these goals:

1. Selling or donating overproduced products to local vendors, as part of 特易购公司 's effort to reduce food waste.

2. Adopting sustainability, like the 100% vegan market that promotes reselling their products later by offering QR codes to simplify the work of shipping and selling.

3. Embracing the dopamine economy to create experiences that build a sense of community among consumers. Examples include WOW , a brand based in Madrid, which combines a cooking school, show space, and gym within its department store.

Kate concluded by saying that our time is volatile, uncertain, complex, and ambiguous. It is more crucial than ever before for retailers to build a state of resilience.

Evolution and Experience: The Bedrock of Customer Loyalty

The afternoon sessions at NRF saw an interesting conversation between Richard Dickson , President and COO of Mattel, Inc. , and Harley Finkelstein , President of Shopify

Their conversation focused on how marketers can maintain a traditional brand in a world of constant change and still be loved by the public, like Barbie ? .

Not only do toy brands appeal to children, but now adults are turning to the toy industry in search of nostalgia, offering new opportunities for Mattel to engage with this growing audience.

Finkelstein pointed out that American Girl , which is part of the Mattel umbrella, is a model brand, as its stores bring top-notch experiences, it understands the customer, and it maintains total authenticity.

They ended the conversation by talking about the future and what retailers need to do to survive what comes next. Dickson believes the future is all about knowing your brand and your customer.

It's not just meeting customer expectations through your product, but across your ecosystem. Experience is what will move your community and build loyalty.

Stay tuned for more insights from Day 2 of #NRF2023 #NRFBIGSHOW!