NRF 2024: Retail’s Big Show was a fantastic conference and expo, with over 40,000 attendees from 6,200 brands, including businesses in the fashion, grocery, pharmacy, hospitality, and F&B industries. Several members of the LS Retail team were there to showcase our LS Central software solutions and get a feel for the most prevalent topics defining businesses this year. Let’s take a look at their five key takeaways:
1. Omnichannel is still top of mind
Crafting a successful omnichannel strategy remains a key focus for businesses as the gap between physical and digital retail closes, driven by increasing consumer demand. “Retailers know that in order to stay relevant, they need to adjust the shopping experience to align with customer behavior,” says Roberto Casillas, Principal Business Consultant for the Americas at LS Retail, “Businesses that don’t yet have the technology to unite experiences across channels are looking for it now because they know omnichannel isn’t an option for them anymore – it’s a necessity.”
2. Excitement and uncertainty for artificial intelligence (AI)
There was significant buzz around the use of AI tools to drive business, with many sessions and speakers covering the topic to varying degrees. However, it seems that businesses are still uncertain about how to implement this type of technology into their strategies. “When, where, and how to add AI into their day to day lives is still a challenge,” says Marco Pena Corona, Regional Sales Manager Latin America at LS Retail, “but there was a keen interest in understanding the specific applications of AI in areas such as in pricing, promotions, procurement cycles, consumer behavior analysis, and/or logistics.”
3. Loss prevention is a key concern
Due to high inflation and delays in the supply chain, many businesses are looking for ways to reduce their total shrinkage and prevent losses. “Retailers have become increasingly worried about theft, vendor errors, and damages to goods as we move ahead into the new year,” says Raquel Hauschild, Solution Sales Executive Latin America at LS Retail, “There’s a desire to stay prepared and use technology to address inventory-related issues, as well as identify areas of improvement.”
4. Self-checkout technology continues to grow
There were many booths showcasing self-service technology at this year’s conference, including the LS Retail booth where we showcased our self-checkout and ScanPayGo solutions. “Consumers need the checkout experience to be easy and fast – it just can’t be any other way,” says John Baker, Regional Sales Director Americas at LS Retail, “so retailers are really considering how they can innovate in this area to deliver the most convenience to their customers.” It’s clear that the checkout experience will only evolve as speed continues to be the number one demand from consumers shopping in-store.
5. Increasing interest in a comprehensive solution
Just as the topic of omnichannel gained momentum throughout the conference, conversations surrounding comprehensive retail management software also took center stage. “Many retailers are looking for software that can connect their entire business – from stores, financials, and inventory to eCommerce, customer loyalty, and other services – with a single system,” says Baker. And it’s no surprise! Comprehensive retail management software makes it much easier for retailers to offer omnichannel experiences while also maintaining a real-time overview of the business, and customers. “As the industry continues to experience rapid digital transformation, it’s important for retailers to have robust technology in place to help them adapt when needed and stay ahead of the competition.”
