The first day of NRF is all about getting used to the environment – understanding the themes, types of vendors, and overall goals for the 3-day event. For day 2, however, it’s taking advantage of what you know and spending your time wisely.
Besides exhibiting, our team of retail experts got to join some of the most interesting and inspiring Big Idea Sessions related to retail and innovation.
In day two’s recap, we’ll discuss our favorite sessions, the key takeaways, and their relevance to Cognira.
While we’re at NRF 2023, get a day-by-day recap of the interesting trends, themes, and talks we saw while at the show.
Session #1: How Fabletics is leveraging its digital presence to drive physical store growth produced by Storeforce
Speakers: Fabletics, Storeforce
One of the most interesting questions from this panel discussion was why Fabletics decided to open a physical store if its online presence is so successful. Here’s what we learned:
Fabletics was a strictly online retailer that found great success with their membership opportunities. Through this, Fabletics was able to collect data on where their customers are located, how often they shopped, and what products they were looking for.
By recording all of this data, Fabletics could hand-pick in-person locations they knew would perform well based on how many of their customers were located in a similar area, and demand for certain products. Rather than opening physical stores simply because their financials were performing well, they took the time to invest in their data and pick out certain locations that would provide further success.
Another reason Fabletics mentioned was to allow their customers to shop both online and in-person. By providing both, customers have the flexibility to shop during store hours AND after store hours.
Why Cognira liked this session:
Fabletics is the perfect real-life example of how a retailer should develop their omnichannel strategy:
- Utilize your data to understand your customer’s behaviors
- Develop flexible touchpoints through different channels
- Make a seamless experience with online and in-store
Session #2: Insights from the sixth Dunnhumby Retailer Preference Index for U.S. Grocery produced by dunnhumby
Speakers: Dunnhumby
Dunnhumby presented insights from their 6th Retailer Preference Index for U.S Grocery.
This annual study aims to rank 60 retailers from over 11,000 US grocery shoppers by combining customer perception with retailers’ financial results.
Here are the retailers that came out on top:
Wegmans — recognized for their benefits
- Private brand
- Selective Stores Allocations
- Strong Organizational Culture
Aldi – Recognized for their costs
- Private brand
- Drive costs out of the system through negotiation leverage and lower SG/A
Trader Joe’s and Costco – Recognized for both benefits and cost
- Private brand
- Focus assortment
Dunnhumby’s study also included an examination of the market state post-pandemic.
What went up in priority:
- Prices/ Promotions
- Quality
- Digital and technology reliance
Why Cognira liked this session:
At the end of the day, one of the most important things a retailer can do is understand their customers. Based on the research Dunnhumby presented, it is clear that price and promotions have risen in priority for shoppers.
