The National Retail Federation’s Big Show may be over, but there is still time to integrate trends from the conference into 2015 strategies. One expert outlines what he sees as the top 3 trends coming out of the NRF’s Big Show.
First, the shift in retail function.
“Stores are becoming more than just a place for shoppers to walk in, make a purchase and walk out. Customer engagement is going to become increasingly important for retailers in 2015. With many retailers struggling to make their physical locations engaging for consumers, retailers are actively exploring the best ways to improve the in-store experience.
Big changes are expected to come to physical stores, particularly for top retailers like GameStop, with President Tony Bartel revealing in his keynote presentation that the company is actively testing beacon technology, geo-fencing and in-store platforms at 36 locations,” said Ali Asaria, Tulip Retail CEO.
“Retailers are also understanding the integral role in-store mobile technology, like tablets, plays in providing a more cohesive customer experience between the digital and physical retail worlds.”
Second, being omnichannel isn’t just about websites and stores.
“Omnichannel has maintained its place as one of the dominant trends in the retail industry. The difference at this year’s event is that many retailers are working to connect the dots between physical and online stores to deliver on their omnichannel strategy. Retailers are mapping how their customers interact with their brand to understand what products and features to put in each destination, and what investments will help them tell a more resonant story to consumers,” said Asaria.
Third, how luxury retail is evolving.
“Millennials have a very different definition of luxury than older shoppers, placing a high value on quality and brand experience. Matthew Woolsey, Executive Vice President of Digital at Barneys New York, noted in a panel discussion that luxury is transforming to become less about a brand name and more about the story behind the product – “where it was made, how it was made and the inspiration behind it.” This will greatly impact how luxury retailers market to shoppers in 2015 – focusing on the story behind the brand and product,” said Asaria.