Every year, the retail world gathers in NYC for Retail’s Big Show, organized by the National Retail Federation (NRF), the world’s largest retail trade show. It’s an opportunity for industry players to discuss the latest trends, innovations and challenges facing the industry.
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The NRF is the must-attend event of the year, offering the opportunity to take part in numerous conferences and keynotes, network evenings to meet start-ups (including FrenchTech) and Google partners, and also to visit over 40 stands in search of new AI-based solutions to improve the customer experience and boost the performance of shopping paths. Rewind to the annual retail mecca.
The leitmotiv that resonated throughout the 3 days: “Let’s stop talking about AI and take action!” Massive job losses, the disappearance of certain business sectors or the leakage of confidential data are just some of the fears surrounding artificial intelligence. Retail players are invited to identify these concrete problems, the key to unlocking the full potential of AI.
The “Test fast – Fail fast” approach was highlighted as an imperative. In an ever-changing world, this imperative is clear: test fast, fail fast and learn fast. A dynamic formula that stimulates innovation and enables strategies to be adjusted accordingly to remain competitive.
In these times of multiple challenges, the credo is, “ROI first”. Retailers are called upon to align their technology investments with tangible, measurable results.
Generative AI is asserting itself as a real game changer in the retail sector, opening up opportunities for profound transformation. Giants such as Walmart, Kroger, Canadian Tire and Target have shared promising use cases.
On the solutions side, NRF 2024’s Innovation Lab highlights innovative AI-specialized start-ups such as Booth.ai, Typeface, Verneek, Tymely, and Offerfit. These companies promise to redefine industry standards and offer innovative solutions for tomorrow’s retail.
Retail media is becoming an essential asset for retailers. In the United States, a 2.0 era of retail media is underway, cleverly merging e-retail media with the power of stores. The challenge? Measuring and easily accessing unified retail media platforms. By 2025, investment in retail media will surpass that of television, demonstrating a formidable efficiency in terms of attention and conversion. eMarketers’ forecasts anticipate an explosion in the sector, with $109 billion invested in retail media by 2027, a dazzling growth of $60 billion compared to 2023. Media in store”, with its tactical screens on shelves, fridge doors and even carts, is emerging as the secret to success.
NRF set the course for a smarter, more agile and more customer-centric retail. The challenges are real, but the opportunities are just as palpable. Tomorrow’s retail is connected, personalized and ready to transform the customer experience.
Based on the expertise of Valérie Piotte, Altavia OpenLab CEO and Stéphanie Payet, Deputy Business Development Director – France.
By Nina Allouche
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