(Image Source: Stibo Systems)
With over 40,000 attendees, the NRF 2020 held between 12th January and 14th January last year, was a major success. The convention unveiled some major trends leading to an evolution of the retail industry.
It’s time for hyper-personalization
Among these, an increase in hyper-personalization was a notable takeaway. For buyers today, relevancy matters more than the product’s price and other considerations. This requires retailers to become aware of the requirements of customers, their habits, and overall personas. Accordingly, the interactions with customers should become personalized.
Put data in the hands of customer-facing teams
Similarly, successful retailers now share the collected data/information throughout the organization, instead of limiting its access for a particular team. This allows the customer-facing teams to connect with the customers on a personal level. As a result of this, their interactions have improved significantly.
Increased focus on sustainability
Another trend that NRF unveiled was that companies are now rapidly adopting sustainable business models. Previously, sustainability was relevant for only a small set of customers. But due to an increase in awareness regarding the environmental/climate issues, customers are more driven to brands that focus on sustainability.
In this regard, the VP of Corporate Social Responsibility and Social Innovation at West Elm, Jennifer Gootman said, “If I could say what has made us successful in this space, it is that it (CSR) is core to our business, it’s embedded in our product and it reaches our customers directly.”
Along with that, an increased level of transparency would also be necessary for retailers that are focusing on sustainability. This way, information relevant to the customers’ concerns and interests would be readily visible. Ultimately, it will also help the customers in making informed decisions regarding their purchases.
Overall, the NRF 2020 delivered an overwhelming amount of information. Yet the world of retail is evolving very rapidly. If retailers want to survive in today’s competitive environment, retailers must consider all these trends.