January 19, 2023

NRF 2023: The Big Show – Day 3 Roundup

And it’s with slightly heavy hearts that we say goodbye to NYC, but after such an amazing show, we’re ready to hit 2023 running. As always, the mix of cutting-edge retail tech, retail innovation, and top-notch speakers kept us fully occupied. A big shout out to friends, old and new, who we were able to catch up with in person – you truly brought the beach booth to life

And it’s with slightly heavy hearts that we say goodbye to NYC, but after such an amazing show, we’re ready to hit 2023 running. As always, the mix of cutting-edge retail tech, retail innovation, and top-notch speakers kept us fully occupied. A big shout out to friends, old and new, who we were able to catch up with in person - you truly brought the beach booth to life

But hey, it’s not over quite yet, here’s our run through of the highlights from Day 3 of NRF 2023.

LOYAL CUSTOMERS ARE KEY TO DRIVING REVENUES

Two percent of customers shop about 25 times a year and contribute to 40% of revenue says ⁦⁦@NeimanMarcusGrp⁩ CEO Geoffroy van Raemdonck. #NRF2023 pic.twitter.com/NQi5taCIoc
— NRF Big Show (@NRFBigShow) January 17, 2023

Customer retention is always a hot topic in the world of retail, and a fascinating panel with Neiman Marcus’s CEO Geoffroy van Raemdonck brought that to life in a very real way. While for many the focus has been on how to draw customers into the door (especially in a period of economic downturn) keeping your most loyal customers happy could actually be the key to long-term success. In an eye-opening stat, van Raemdonck noted that 2% of customers shop 25 times a year and contribute to 40% of revenue. The opportunity to build intimate relationships with this key customer cohort is a sign that life-time value can actually increase with fewer customers. As our data has shown, outstanding customer service and personalized comms is the key to engaging this most valuable group of shoppers.

PERSONALIZATION AND TIME MATTER – TECH CAN HELP

“Personalization and time matter; they drive conversion,” says ⁦@CEOTimBaxter⁩, ⁦@Express CEO. #NRF2023 pic.twitter.com/ZtRcwuhnuy
— NRF Big Show (@NRFBigShow) January 17, 2023

Express CEO Tim Baxter reiterated the importance of personalization and timeliness in serving your customers – and crucially – in driving conversion. Baxter put forward a compelling case for using tech to optimize the in-store experience by helping customers to find what they need, when they need it. The importance of using technology to serve real customer needs is a message that is increasingly echoed in retail circles but while shiny toys might seem fun and exciting, unless they have a real impact on improving the customer experience they remain just that, shiny toys. Customers crave shopping experiences that are fast, fun and convenient – a tech stack that helps you hit on the key essentials is one worth investing in.

Shameek Konar of the Pilot Flying J travel group reiterated the importance of using tech to serve a human purpose, noting that the tech his business has implemented to free up store associate time, results in a better customer experience for all.

The more we can use tech to free up store associate time, the better the experience for the customer says ⁦@PilotFlyingJ⁩ CEO Shameek Konar. #NRF2023 pic.twitter.com/AZ61MoJ6Z8
— NRF Big Show (@NRFBigShow) January 17, 2023

DO RIGHT BY YOUR EMPLOYEES

For @PepsiCo flexibility is a new currency! Training and free education is key to retain employees… #NRF #NRF23ECH #NRF2023 #HR pic.twitter.com/R2sIoDYI66
— Nicolas Diacono #NRF2023 (@nincoroby) January 17, 2023

Steve Williams, CEO of PepsiCo Foods North America, highlighted the ongoing importance of investing in your staff. With retail turnover at an all time high, this is a message that needs to be repeated. For Williams, it’s not just enough to keep your staff safe, you have to be concerned with their overall well being. Healthy, motivated, well-trained and diverse associates are the key to your business success. Williams noted PepsiCo’s dedication to flexibility (now a basic expectation for many) and cited his business’s provision of training and free education to retail employees as a clear example of how to treat retail staff in a way that motivates them to do more than just show up and make the clock.

HUMAN CREATIVITY IS STILL KEY

There is so much value in the direction of creative directors, says @LVMH Chairman and CEO Anish Melwani, who says their ability to shape a world for others is a value to the technical part of business. #NRF2023 pic.twitter.com/EHCWPI8PLz
— NRF Big Show (@NRFBigShow) January 17, 2023

While many over the weekend cited the importance of technical innovation in the modern retail experience, Anish Melwani, CEO of luxury group LVMH also dropped an important reminder of the value of human creativity in driving and shaping retail experiences that matter. Melwani cited the critical importance of creative directors in helping to shape his brand’s vision, direction and ultimately in terms of shaping a customer experience that really stands out. As a timely reminder that people still matter – and that human and technical innovation work best when in sync with one another – we couldn’t think of a better note to leave our Big Show 2023 round-up on.

_______

So there you have it, that’s it from us this year for Javits Centre related updates. We couldn’t have done it without the truly epic input from all of the TruRating team, so a huge thanks to our amazing people for helping us to put smiles on the faces of so many people while learning a huge amount at the same time. Maybe we can even get a beach trip in for real now – it’s one that would be well deserved.

If you haven’t yet, there’s still time to check out our latest retail report on the impacts of inflation on consumer attitudes. Make sure to follow us on TW and LI as we’ll be back very soon with the latest insights from our extensive consumer database.

Consumer Insights Report: The INFLATION EDITION
Till next year, big love from Team Tru and thank you to everyone who joined us for NRF 2023!!!

#NRF2023 #NRFBIGSHOW

November 29, 2024

The ROI of customer experience – calculating the value of CX

Bad CX impacts revenue and churn. Learn how to measure the ROI of customer experience, track key metrics, and improve customer satisfaction.

November 26, 2024

Retail store staff training – tips and strategies

In this guide, we explore the importance of retail store staff training and provide actionable strategies for creating impactful training programs that equip your team with the skills they need to succeed.

November 21, 2024

The store ops guide to creating magic this holiday season

In this quick guide, we’ve gathered insights from over 100,000 consumers and practical tips to help your store deliver an unforgettable holiday experience.