#NRF2023 Day 2

Welcome to Day 2 of NRF 2023: Retail's Big Show recap! On the second day of this event, keynote speakers touched on the challenges facing retailers and their solutions to create more #sustainable and #inclusive businesses.

Creating a Home through Inclusivity

Diversity and inclusivity have become necessary missions for businesses taking on social responsibility and were key issues on attendees' minds at this year's event. During a main table discussion, 塔吉特百货 executives shared how the company's inclusive culture directly reflects on their customers, ensuring that every interaction in their store or online is a positive and welcoming one. When customers shop at Target, their goal is to make them feel at home.

Taking it a step further, the brand presented a case where they sheltered a mother and her son during a blizzard so they wouldn't be trapped in her car. The company's employees did not hesitate to protect this family and welcomed them with open arms.

Target executives understand that change cannot only come from their employees but must be executed in all layers of the brand, from the executive board to the products they sell.

This year, Target made a difference for a girl who felt represented after seeing a Christmas ornament with a black ballerina. For the first time, she could finally see herself in the Christmas tree. By making small changes in its product listings to be more inclusive, Target made that girl feel seen.

Turning Customers into Brand Ambassadors with Whole Foods

The next main table discussion of the day was between Nick Handrinos , Vice President and Lead of Retail and Consumer Products at 德勤 , and Jason Buechel , CEO of Whole Foods Market .

Whole Foods has revolutionized food systems which became essential to the health and well-being of its population. As supermarkets continue to face the challenges of inflation, supply chain constraints, and climate change, the company continues to build sustainable food systems that will benefit generations to come.

Buechel spoke about how Whole Foods is investing in sustainability, with initiatives around regenerative agriculture, reducing food waste, and responsible sourcing to build a better future in the food industry and beyond.

When Buechel first started to work with Whole Foods, he had a clear understanding of the digital aspect of building a company which directly influenced the way he optimized the brand's end-to-end operations.

Whole Foods' core customers care about the food they eat, its ingredients, and its impact on the environment. Therefore, the grocer can offer more products aimed at sustainability and has even created programs that make shopping easier for those who value the entire production process.

Whole Foods wants to keep physical stores as alive as ever and for every experience to be a positive one. Ultimately, this allows Whole Foods customers to become brand ambassadors, allowing the brand to focus its efforts on product value rather than on how to sell them.

The 5 Upcoming Trends Shaping 2025

What will the world be like in 2025? Andrea Bell from WGSN told show attendees what to expect in the next couple of years through these five trends:

1. Polycrisis

Polycrisis occurs when several catastrophic events occur simultaneously, and unfortunately, we are right in the middle of this. This has led to an era of widespread anger across all industries and sectors.

To address the polycrisis trend, Bell recommends that brands implement a chaos and risk forecasting team who can anticipate these crises and provide solutions before they strike.

2. Decentralized Digital Culture

Social networks are no longer just social, they are now for sales and entertainment purposes. And as Gen Z and Millennials continue to be top consumers and creators of this media channel, there is no longer a mainstream media as everyone can find their unique niche.

We live in an age of infinite scrolling and anxiety about algorithms, a fear of missing something when logged in, and simultaneously, a fear of being logged in too much.

As a solution to this trend, Bell suggested exploring content that escapes the screen, such as podcasts and music playlists. She also shared the importance of learning how to explore WEB3 software to tap into niche communities.

3. Nature as an Effective Part of the Corporate Board

A lack of sustainable solutions can no longer be ignored as climate change crises are devastatingly impacting our environment. Consumers are looking to businesses to make changes and will not settle for less as more consumers are placing sustainability as their number one concern.

If brand executives have not already implemented sustainable efforts as part of their business strategy, it won't be long until they are forced to.

4. The Great Migration

With the pandemic, people started to leave heavily impacted cities and returned to their hometowns to be closer to their families. Changing principles are also impacting more moves as people are looking to live in areas that are more compatible with their values.

Businesses that want to ride this trend can work with House as Living models, a type of space that serves as a hotel, coworking area, and restaurant that can meet the needs of this nomadic population.

5. Synthetic Creativity through AI

AI tools are extremely advanced and increasingly accessible to the public. Now, there is art, entertainment, and even virtual avatars that are commonly mistaken for physical objects and people. By 2025, we can only imagine where AI technology will take us.

Bell concluded her speech by encouraging attendees to focus on empathy as their new mantra. With the polycrisis and new technologies like AI bringing drastic changes to the world as we know it, paying attention to one another and the ways we can help each other will make all the difference during this cultural transition.

Pandemic, Inflation, Supply Chain... Oh My!

In 2022, the world faced significant challenges that continue to worry the retail sector, particularly with regard to US inflation, another popular concern at this year's event.

In recent times, we have seen inflation, war, pandemic, climate change, supply chain challenges, changes in government policies, and even growing conversations about deglobalization.

Many of these challenges are due to the energy crisis, which boosted inflation and reduced growth in energy spending.

Ira Kalish , Global Chief Economist at 德勤 , shared how these issues can be understood more deeply, and offered his vision for the evolution of retail and what retailers can look forward to in 2023 and beyond.

Although the future is unknown, brand leaders know what actions need to happen today to lead to a better tomorrow. Whether this is through sustainable efforts or building a more inclusive and diverse company culture, brands can positively impact generations for years to come.