Day one at NRF 2022 was a huge success and we couldn’t wait for a fun-filled day two!
In today’s recap blog, discover two of our favorite keynote sessions and our thoughts on the retail topics.
Session #1 | Becoming the “Total Home” destination: A conversation with Lowe’s chairman and CEO Marvin Ellison
Marvin Ellison, Lowe’s Chairman and CEO discusses how the home improvement retailer will accelerate their business transformation.
At the beginning of the session, CEO Marvin Ellison highlighted how Lowe’s over the last 3.5 years has adopted a more modern approach both internally and externally. Previously, the company didn’t leverage stores very well, the IT infrastructure was poor, and they were not able to measure productivity.
Ellison identified 4 things that Lowe’s needed to implement:
- Operational excellence
- Merchandising strategy
- Modern supply chain
- Put customers and associates first
To make this happen? Lowe’s needed capital investment and a solid strategy to support these goals.
How COVID-19 Impacted Lowe’s
Though the pandemic has impacted retailers negatively on many levels, the one silver lining it provided was pushing retailers to invest in the omnichannel experience. Lowe’s leaned into curbside pickup, improving their mobile app, and creating a more seamless experience for shoppers.
By doing so, Lowe’s was able to adopt a “total home” strategy that supported the 4 goals Ellison strived to adopt.
What is the Total Home Strategy?
The total home strategy is the basic philosophy that Lowes will be the provider of everything customers need at home.
Home improvement has an incredible market potential. Ellison mentions that there’s a 900 billion dollar market for home improvement.
Lowe’s plan involves tapping into the customers wants and needs to ensure they can take care of one single project at one store. Essentially, Lowe’s would become the ‘one-stop-shop’ for home improvement.
Connecting Lowes with Cognira
We loved this keynote session as it showcased the importance of utilizing modern technology and strategies to drive customer satisfaction.
Long gone are the days of using outdated systems and processes, but instead, really tapping into efficiency and automation. Likewise, making retail a streamlined process whether online or in-store is proving to be essential for success.
Session #2 | 3 Biggest IT retail tech headaches – And how to alleviate them produced by SOTI
Shash Anand, VP Product Strategy at SOTI provided 3 IT retail tech headaches and advice on how to tackle these problems.
3 biggest IT headaches
1. Things take too long (especially when building apps)
- Apps take too long to build and retailers are not on the priority list. In fact, 62% have a massive application backlog
- There is a massive shortage of developers, making the process for retailers difficult to start
- Data transfers take too long
- Troubleshooting takes too long (Aka a broken telephone)
Solution: Utilize rapid app development tools where there is no coding needed.
2. Technology stops working
- There is no 1 solution for multiple tools
- Limited data
Solution: Create one solution for multiple tools and collect data before the issue arises.
3. Influx of IT Tickets
- Inefficient support process
- Difficult to categorize tickets
Solution: Utilize technology to automate the process for simple service tickets and create a solid support workflow.
Connecting SOTI with Cognira
This keynote session, though basic, is essential. In today’s world, it is vital to automate and create a more streamlined process for everything from development to support.
We could not agree more with SOTI– it’s time to make processes less time-consuming and embrace advanced technology.
Tune in soon for our day 3 recap at NRF 2022!
