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Uncertainty is the New Normal for Retailers
Uncertainty is the New Normal for Retailers What we’re Excited to Discuss at NRF 2022 If 2020 and 2021 taught retailers anything, it’s that uncertainty
January 10, 2022
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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.
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:
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
Aldi – Recognized for their costs
Trader Joe’s and Costco – Recognized for both benefits and cost
Dunnhumby’s study also included an examination of the market state post-pandemic.
What went up in priority:
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.
Throughout this session, many hot topics were discussed. Here are a few key highlights:
Why Cognira liked this session:
Your customer has more influence than you think. Tapping into effective personalization strategies and investing in customer data platforms can result in better promotions and overall increase customer loyalty.
One of the most critical ways of staying ahead of the market is investing in the right technology. A common theme we heard throughout NRF was moving from legacy systems to the cloud.
Here’s why the cloud is the best choice for retailers:
Why Cognira liked this session:
It’s no surprise that we loved this talk. Moving away from outdated legacy systems to powerful software is the way to go.
Cognira is the leading artificial intelligence solutions provider for retailers. Cognira is passionate about helping retailers unlock valuable, transformative business insights from their data.
Better Promotions. Better Results.
To learn more, check out our website at cognira.com or contact us today to get started.
Uncertainty is the New Normal for Retailers What we’re Excited to Discuss at NRF 2022 If 2020 and 2021 taught retailers anything, it’s that uncertainty
Day 3 @ NRF 2023- Final Thoughts & Team Takeaways That’s a wrap! It was a pleasure to attend retail’s big show and meet with
Founded by experienced data scientists and retail experts, Cognira is the leading artificial intelligence solutions provider.