NRF 2024: Retail’s Big Show

If there’s one event that anyone in retail would want to attend at least once in their lifetime, it’s the NRF Retail’s Big Show in New York.

What does NRF stand for?

NRF stands for the “National Retail Federation”, an American federation that represents the retail sector and organises one of the most significant and impactful global events.
This year the event gathered nearly 40.000 attendees from across the world, surpassing pre-pandemic levels from January 2020.
Meanwhile, 6,200 brands and exhibitors showcased their latest innovations and technologies for the retail industry.

The event focused on 4 key themes that caught the attention of both customers and exhibitors alike:

• Artificial Intelligence
• Sustainability
• Personalised shopping experience
• Supply chain optimisation

AI takes the spotlight at NRF 2024

Here it is – by now, impossible to ignore!
CEOs from major US groups (with Walmart leading the way) presented a kind of roadmap aimed at bringing order to the mix of excitement – and apprehension – sparked by AI.
An interesting factor noted by many analysts: it’s not so much about technological breakthroughs in AI, but rather the expectations it is generating, particularly from the end customer’s perspective.

AI is becoming increasingly influential: while consumers demand actions that positively impact their lives – without having to be experts in the field – companies are striving to harness AI’s capabilities to improve both operational efficiency and the customer experience.

However, the sector is not immune to the risk of oversaturation. Retailers are entering a new era of tech innovation driven by AI and machine learning (ML), highlighting their role as the most efficient tools for extracting value from data.
We’re in a stage of AI hype, but the real goal – for both companies and their customers – is to make these tools reliable, accessible and ready for everyday use.

Driving sustainable retail at NRF 2024

Sustainability has now become a core theme in retail:

• Consumers are increasingly aware of the environmental impact of their purchases and are striving to make more sustainable choices.
• Retailers are responding with initiatives such as adopting sustainable materials, reducing waste and implementing ethical production practices.

The focus on sustainability was underlined by several speakers, including H&M’s CEO, Helena Helmersson, who spoke about the company’s commitment to sustainability and the urgent need for collective action to tackle the climate crisis.

In this context, technologies such as RFID are now essential for keeping supply chains under control, including the traceability of raw material origins.

Creating personalised shopping journeys

Retailers aim to create unique, personalised experiences for every customer – whether they are shopping online or in-store – by using data and technology such as chatbots, artificial intelligence and mobile apps.

IBM’s perspective was particularly interesting: the company showcased a series of partnerships supporting major retail players.
From a specially commissioned study, it emerged that there is a gap between consumer expectations and what retail currently offers: dissatisfied with today’s shopping experiences, consumers would like to use AI-based applications to improve their overall customer journey.

Supply chain: insights from NRF 2024

This year’s NRF featured countless proposals from companies aimed at optimising the supply chain – whose real value lies in the data it generates.

Here are a few examples:

• Use of unified data clouds, allowing applications to move to where the data is, rather than the other way round.
• Dashboards to compare order fulfilment performance against competitors, using anonymised data from hundreds of global shippers.
• Chatbots to manage customer orders, even in advanced stages – for example, for cancellations and modifications of already processed orders.
• Options for retailers to choose the destination of returns based on cost or resale potential.
• Adoption of customs visibility dashboards to manage border delays.
• Application of AI for inventory analysis, generating performance forecasts for individual products or categories based on seasonal trends or sales regions.

Looking ahead to NRF 2025. Stay tuned!