On the third day of NRF 2022: Retail's Big Show we could see that many of the talks and booths that were present at the event, came bringing the link between digital and offline commerce and how the experiences in these two markets are increasingly making the consumer journey unified, in addition to trends in Direct-to-customer.
Below we talk about each of the main topics covered on the third day of the event.
The art and science of data in merchandising
On the morning of the third day Pete Nordstrom, President and Chief Brand Offices of Nordstrom Inc. in conversation with Phil Wahba, Senior Editor at Fortune Magazine, opened up about creativity, discovery and the concept of continuing to learn and evolve through data.
Nordstrom also talked about the partnerships with ASOS and Fanatics. In the first partnership, the intent is to transport ASOS merchandise to department stores to be pickup and return locations for online orders. With Fanactis, the partnership seeks to offer licensed sports fan products, acting as a sales platform rather than owning all the inventory.
The partnership has been a success as both companies have similar audiences and strategies focused on customer needs.
We can see that the physical constraints of stores are being broken down with the possibilities of online shopping, opening the door for companies to do more by offering greater flexibility to customers who are already interested in this kind of unified experience.
Consumer power driving change
In her presentation, Morgan Stanley's Vice President and Managing Director Carla Harris spoke about people, leadership, purpose, and human connections.
In her talk, Harris made it clear that the world is experiencing a time of complicated voice and choice, which is absolutely related to retail and the consumer. Through service channels, payment methods, receiving methods, and other factors. It was also emphasized the importance of listening to the customer and getting to know them in each specific scenario, understanding if the brands are in fact being relevant in order to engage the consumer public.
Offering a choice and giving voice at the moment of attracting and retaining not only the consumer but also the company's talents, is extremely fundamental to the success of any business.
Sustainability and the commitment to people and the planet
In the main session with the theme "When climate becomes a business imperative", Javier Quiñones, CEO and director of sustainability at IKEA in the US, brought topics on the subject from a new and optimistic viewpoint.
Kate Hardin, executive director of Deloitte's Emergency Research Center, opened the lecture bringing data from a survey of people in 23 countries. Some data showed concern about climate change and the importance people give to sustainable products or services, which suggests that consumers are starting to think about it, take action, and look for companies that are tailoring their business to their commitment to the planet.
For companies that are starting out, sustainability efforts must start at the core of the company, with leaders willing to fully commit themselves, in addition to encouraging cultural change, something that does not happen overnight.
Day three yielded many interesting topics, didn't it! Now it's just a matter of understanding how these insights can contribute to your business.