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
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
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.
DO RIGHT BY YOUR EMPLOYEES
HUMAN CREATIVITY IS STILL KEY