Retail’s big show in New York City is back in-person this year! Though attendance is smaller than anticipated, we’ve still had the opportunity to partake in great conversations with retailers, vendors, and industry experts. (On the plus side, the Starbucks line is shorter).
While we’re at NRF 2022, tune into our daily blogs to learn more about important retail trends, topics and interesting keynote sessions we joined.
Additionally, Cognira is proud to have our first-ever booth at NRF 2022. This year, we focused on our retail AI Promotion Solution– a single platform for all promotion management. If you’re at the event, come and stop by our booth #1408!
Day 1 Recap
Trending Buzzwords @ NRF 2022
Most companies exhibiting at NRF are focusing on technology and customer experience within retail.
- Digital, Omnichannel & E-Commerce
- Customer Experience
- Loyalty
- AI Technology
- Enhance
- Streamline
- Real-Time Data
- Centralized
Themes @ NRF 2022
It’s no secret that technology has taken off in the last few years. Additionally, the uncertainty that COVID-19 has caused has created more of an urgency to invest in the customer experience.
Here are a few important themes at NRF:
- Modernizing the way we work in retail – Long gone are the days of utilizing outdated systems and processes. Today, it’s vital for retailers to get on board with advanced technology both online and in stores.
- Simplifying retail headaches with AI technology– Centralized systems are key for improving efficiency and accuracy for retailers.
- Investing more in customer experience- Customer loyalty and satisfaction is key for retailers. Getting on board with omnichannel (ensuring everything is connected from in-store, mobile, social, and online) can open doors for retailers.
Recap of a keynote session: How retailers can price strategically for today’s disrupted market
Matthew Pavich, Sr. Director at Revionics and leading global retailers came together at NRF to discuss how retailers can price strategically with advanced tools
To price strategically, retailers need to invest in:
- AI-Powered Recommendations- Utilize powerful what-if forecasting capabilities to simulate possible scenarios (check out our Promotion Advisor module)
- Build a stronger centralized pricing strategy- Avoid human error and have a streamlined, centralized process for pricing
- Invest in data science- Receive accurate visualization of the past, present and future
Tune in more tomorrow for our recap on day 2 at NRF 2022!
