As a new decade dawns, it’s time to look at how identifying a vision for your business can set you up for continued success in 2020 and beyond.
To that end, the retail industry’s 2020 vision centers on how you can leverage visionary talent, models, experiences, processes, purposes, partnerships and, perhaps most importantly, people to propel your business forward.
NRF 2020 Vision: Retail’s Big Show is set to tackle all these topics and more, helping to set the standard and vision about what lies ahead in the retail industry.
Innovation is Transforming How Consumers Shop
Retail is uniquely positioned to utilize near constant technological innovations in a way that boosts engagement with the end consumer – success in the retail industry comes from being willing to reside on the cutting edge of strides in interaction and in utilizing those advancements in meaningful ways.
Integration with the ways consumers already take in information is critical – take Slyce, for example. Slyce allows consumers to shop for things they see in social photos, bringing the retail experience to an already enormous aspect of their lives.
Volumental is another example of bringing innovative shopping methods to consumers – it allows for 3D scanning and AI in the footwear space, giving shoppers a way to ensure their footwear is custom-made for their foot, and has already been implemented in applications like hockey equipment manufacturer Bauer’s custom skate program.
The innovations don’t stop there – the roles of augmented and virtual reality continue to grow, providing consumers with new and impactful experiences, and the potential uses of artificial intelligence and AI conversation, tailored consumer data, and evolving and adaptable product displays are still growing every day.
Cybersecurity Concerns Grow Alongside Exciting Opportunities
Alongside technological innovation come natural security concerns, so paying attention to customers’ needs and providing peace of mind to go along with the latest innovations should be critical aspects of your 2020 vision.
It’s not just traditional methods of theft, like attackers getting their hands on payment card information, either – according to IBM’s Security Intelligence blog, attackers in the past few years have shifted to fraud centered around e-commerce stores, loyalty point program attacks, and more. Despite these threats, the retail industry is still behind the curve when it comes to protection against these threats.
To help get you back on track, NRF 2020 will feature a cybersecurity workshop and a presentation from Hysolate CEO Marc Gaffan, who’s appeared in front of Congress, the FDIC and the Federal Trade Commission as a thought-leader on cybersecurity and identity theft.
Hyper-Personalization Offers Engaging, One-of-a-Kind Experiences
Consumers want a highly personal experience to rise above the noise in today’s crowded retail industry.
To provide this kind of elevated and unique experience, NRF 2020 will feature a presentation highlighting how retailers can leverage personalization, keep pace with the changing path to purchase and ride the wave of global expansion.
According to Deloitte, price is no longer a significant barrier for many consumers, as one in five would pay a 20% premium for personalized products or services. Customers are also willing to share some data with retailers if it means even greater personalization.
While Deloitte points to demonstrable value of personal data on the consumer end, meaning that the customer feels they’ve received something in exchange for that data, simplified products and increased configurability as key factors in achieving personalization, technology is also key.
The path to purchase is shifting, and utilizing innovations like design software, 3D printing and more will be key.
At NRF 2020, Tulip Retail founder and CEO Ali Asaria will share his insights regarding providing lasting and personalized customer experiences.
3D Visualization is Moving Beyond the Physical Retail Space
Speaking of technology and unique experiences, retailers will need to keep both eyes on the growing impact of 3D product visualization.
It’s not just for business-to-consumer interactions, either – according to Digital Commerce 360, more B2B sellers are leveraging this visualization to provide self-service research and accurate consideration of customizations, get quicker approvals, and boost post-purchase experiences.
OTTO CGI Content Lab Lead Tobias Nientiedt will touch on how both customer experience and sales can benefit from a commitment to 3D visualization at NRF 2020.
The overall message is clear – if you aren’t taking advantage of this new technological frontier, you’re falling behind.
Break Tradition or Fall Behind
If one word could encapsulate the attitude you should have moving into 2020, disruption is it.
Taking advantage of technology, leaning on new tools, providing personalized and engaging experiences – it all boils down to being willing to break tradition and step outside the retail industry’s norms, a topic that will be touched on at an NRF 2020 session on breaking tradition.
FedEx’s Deanna Kaufman (Manager, Solutions, E-Commerce and Retail Vertical) will take part in that session, leveraging her vast experience in e-commerce and omnichannel retailing.
Like many of retail’s key vision components, disruption is much more than a tool for business-to-consumer success – Blue Canyon Partners says the world of B2B e-commerce is exploding, and both channel and segmentation disruption are key to keeping up.
NRF 2020 by the Numbers
NRF 2020 will feature:
- 38,000 attendees
- 16,000 retailers
- 800 exhibitors
- 400 speakers
All told, the largest retail expo in the world will see 99 countries represented, making it a truly global, can’t-miss opportunity.
NRF 2020, which takes place during NRF Retail Week (Jan. 9-16), is set to run Jan. 11-14 at the Javits Center in New York City.
To stay up to date with the latest in the retail industry and on everything NRF, check out MarketScale’s retail publication.
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