From supply chain to POS: lessons learned at NRF 2023

What's the point: Efficiency of the retail experience was on display at NRF 2023: Retail’s Big Show, and it’s become clear that frictionless commerce is especially important for essential retail trips to expedite running errands. Improved point of sale was a key innovation on display, and as consumer adoption of tap to pay has accelerated. New technologies will continue to make this mainstream to improve checkout and cut down on time spent in store. Each year, NRF: Retail's Big Show acts as the curtain-raiser for some of the retail industry’s most advanced and innovative technology solutions, and 2023 saw attendee numbers ramp back up to pre-pandemic levels with exhibitors. Following this year’s packed event, the long-term results are potentially endless. The last few years have been driven by the customer — whether retailers have been looking to maximize their omnichannel strategies, create a seamless customer journey from initial interaction through to transaction or cater to the conscious consumer and develop more sustainable strategies. The customer is at the heart of everything. A range of technological innovations focused on improving the overall customer experience, and three key trends emerged to dominate in New York: streamlined supply chain operations, high-quality customer interaction and seamless point of sale (POS). Streamlining the Supply Chain Retailers recognize the need for operational efficiency, not only to make their processes faster and more cost-effective, but perhaps more importantly, to improve the overall customer experience. The rising demand for improved supply chain solutions was clear at NRF 2023, with a number of organizations demonstrating their ability to improve inventory control and order management to the benefit of their customers. In order to successfully deploy supply chain solutions that improve the customer experience, retailers must find ways to seamlessly integrate supply chain solutions with their wider retail technology — from e-commerce platforms to in-store POS — to deliver a truly omnichannel experience. Creating a flexible, efficient and cost-effective supply chain improves operations, but one important advantage that also comes with this capability is the agility it provides retailers. With the last few years in mind, this is certainly an area worth investing in long-term. High Quality Customer Interaction In a competitive retail environment, the right level of customer interaction can set retailers apart from their competitors. At NRF, attendees witnessed some of the most fascinating innovations available. Display technology, previewing adventurous holographics and virtual try-on solutions were in all corners across all three exhibition floors. Aesthetics clearly play a prominent role in customer interaction, but NRF also showed that leveraging the right data is still a clear priority in this field for retailers. Another prominent trend from the show was the abundance of data and analytics technology available in the current market. For retailers to perform above the competition, they must have access to the right data, securely. With a secure customer relationship management (CRM) system — and enhanced data analytics and reporting — retailers can better know individual customers and personalize their experiences online and in-store. Moreover, retailers, who are capable of integrating CRM systems with POS systems, can help sales associates provide a top-tier customer experience with all the required knowledge at fingertips. Delivering Seamless POS Perhaps the most popular attraction for attendees at NRF this year was the continued evolution of in-store POS systems. In the last few years, the retail world has witnessed significant improvements in point of sale — from contactless payments that streamline checkout efficiency to mobile POS terminals that take away the pain point of long lines. However, the show this year pushed the boundaries even further. RFID powered checkout was the star attraction for a select few exhibitors, and if the technology can be mass-deployed throughout the industry, lines can truly become a thing of the past. Customers simply place their shopping basket — regardless of how many items are in there —- on a designated area in the checkout terminal and all products are scanned in seconds, thanks to RFID tags and software. Furthermore, attendees were able to witness early demonstrations of Tap to Pay on iPhone, which can allow retailers to accept payments on an iPhone without any extra terminals or hardware. In-store associates will only need a mobile device in their pockets to be able to checkout customers wherever they are in-store. The opportunities around POS are fascinating, and should be on the radar of all forward-thinking retailers in 2023. A Forecast for the Year Ahead NRF typically dictates how the retail industry will develop for the rest of the year, and 2023’s event did not disappoint. As retailers continue to recognize the importance of remaining agile to consumer trends, their actions will follow suit. Whether it is through efficient supply chains, leveraging data correctly or making the checkout process as simple as possible for customers, 2023 has plenty to offer for retailers looking to make their in-store experience more appealing to consumers while strengthening their omnichannel capabilities. Amber Hovious, vice president of marketing and partnerships, Teamwork Commerce, for 7 years has been building out its marketing strategy, business growth and approach as well as cultivating a wide array of partnership relationships to drive long-term success.

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