What do 30,000, 41 percent, 520, 82, and a former president have in common? They were all part of this year’s NRF (National Retail Federation) show in New York. There were more than 30,000 attendees (41 percent of whom were C-level or senior executives), 520 exhibitors, and 82 countries represented—and George W. Bush was the keynote speaker. Not to mention all the stuffed animals, pens, candy, flashing-light cubes, flash drives, popcorn, lattes, more pens, and more candy I came across.
More important, based on what I saw, heard, and experienced at the show, here are some retail trends for 2014:
- Power of Analytics: Analytics discussions dominated, with more than 20 percent of the sessions dedicated to topics such as creating business value through big data, driving customer engagement, transforming a business through analytics, analytics-driven assortments, analytics across the retail supply chain, and real-time customer in-store shopping behavior.
- Omni-channel, the New “Norm”: Retailers have moved past wondering what omni-channel is or if they should invest in it. Instead, they are focused on its capabilities, such as buy anywhere/fulfill anywhere, bringing digital innovation to stores, and offering a consistent customer experience. Several retailers, however, thought omni-channel was an overhyped buzz word and have simplified the message to “customer engagement” or “customer experience.”
- Mobile, Mobile Everywhere: Given the growth of always-on Millennials and innovations in technology and payment options, retailers need to develop a strategy that encompasses the new “power couple”--mobile and loyalty. By understanding a customer’s actual location, offering real-time communications, personalization and special offers suddenly become possible.
- Personalization and Relevance: Personalization is key to driving relevance and customer engagement.
- Re-birth of the Store: Stores are still an important component of the retail experience. However, they need to evolve and become “connected” by adopting the best of the digital world. Mobile POS and in-store personalization are prime differentiators that help deliver enhanced customer and product knowledge to sales associates.
- Speed and Innovation: In the fast-changing, hyper-competitive retail world, the “need for speed” and innovation is critical. Those who can fail fast and quickly innovate will create breakthrough ideas.
Based on what I saw at NRF, it looks like 2014 is poised to be another transformational year in retail!
