Retail Minute: NRF 2023: Retail’s Big Show Takeaways

Even as 2023 promises to be a year defined by headwinds and more challenging economic conditions, retailers are stepping up to meet those challenges head on.

Video Transcript:
Hi, I’m Elizabeth Lafontaine, chief retail analyst here at Retail Leader Pro, and welcome to this week’s Retail Minute.
I spent this week at NRF’s Big Show and I was stunned by all of the innovation and optimism coming out of the industry. Even as 2023 promises to be a year defined by headwinds and more challenging economic conditions, retailers are stepping up to meet those challenges head on. There is a lot to be excited for, especially as we think about how we can excite customers in the coming years. Here are a few of my favorite learnings from the event overall:
The industry has started to understand the level of power that the consumer holds, and harnessing that power has never been more important.
Retailers, especially from an in store perspective, are more interested in gathering consumer behavior that is more easily accessed online through payment methods and cookies.
There is a lot of new tech out there that can help replicate collecting this in store, but with the consumers privacy in mind.
Then there is the focus on seamless integration to create the retail ecosystem for the consumer. This is already being done by channel innovation instore and online, but we’re also going to see this integration needed for in store pick up, last mile delivery, and through third-party delivery apps. This is incredibly important as we think about making retail efficient, sustainable and work harder for shoppers and retailers. This is going to be especially important in grocery and convenience.
We will continue to report the highlights of the show across channels over the next few weeks so stay tuned!
From all of us here at Retail Leader, have a great weekend and we will see you next week!