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NRF 2024:<\/span> Retail\u2019s Big Show brought together industry experts and thought leaders After AI Took Center Stage<\/span><\/span><\/b> <\/span><\/span><\/p>\n At \u201cThis Scott In Not Cathy Other Key Themes and Predictions<\/span><\/span><\/span><\/span><\/b><\/p>\n While Brian Cluster Lucille James Click <\/span><\/span><\/p>\n RetailWire Each <\/p>\n<\/div>\n
\nto discuss the latest trends and innovations shaping the future of retail. With
\nover 40,000 attendees, 100 speaking sessions, and 1,000 exhibitors this year,
\nthe conference is the world\u2019s leading annual retail event.<\/span><\/span><\/p>\n
\na meeting with RetailWire\u2019s BrainTrust panel of retail executives, analysts,
\nconsultants, and academics to break down the big themes of the conference,
\nwe\u2019ve collected some key insights and reflections from those who participated.<\/span><\/span> <\/span><\/p>\n
\nNRF 2024, purpose- and value-driven AI and GenAI capabilities took center
\nstage. According to Brandon
\nRael<\/span>, \u201cAI capabilities are no longer in the hype cycle. They are embedded
\nwithin so many solution capabilities provided by Microsoft, Diebold Nixdorf,
\nIBM, SAP, KWI, Salesforce, and many market leaders in the commerce space.\u201d He
\nexplained that AI is driving intelligent checkout experiences and providing
\nvalue, cost savings, and efficiency.<\/span><\/span> <\/span><\/p>\n
\nshould have been called the AI convention,\u201d David Biernbaum stated. \u201cAI will
\nhave a radical impact on retail\u2026 As a consultant, it was what I was asked about
\nmore than any other topic.\u201d He also said that people are overwhelmed with AI.
\n\u201cThere are so many things I can use it for. Should I use it for technology, for
\ninternal things? Should I use it for customer information? What function should
\nI use it for first, or do I use it for a lot of things?\u201d<\/span><\/span> <\/span><\/p>\n
\nBenedict agreed about the prominence of AI at the conference, stating that it
\n\u201cpermeated countless speaker presentations, as well as expo floor booth
\npresentations.\u201d He added that \u201cAI has the potential to drive efficiency, reduce
\ncost, improve sales, and enhance back-office functions such as product
\nforecasting and supply chain operations.\u201d<\/span><\/span> <\/span><\/p>\n
\nStibo
\nSystems\u2019 recap of NRF 2024<\/span>, Brian Cluster wrote that \u201c81% of retailer
\ndecision makers feel \u2018urgency\u2019 to adopt generative AI,\u201d according to Google. He
\nthen said, \u201cWhile there was a great deal of AI buzz, we also heard from some of
\nthe larger technology and market research and retailers providing a steady and
\npragmatic view of how to think about AI as a whole and the importance of
\nbuilding a data foundation that can serve as a prerequisite for AI
\ninitiatives.\u201d<\/span><\/span> <\/span><\/p>\n
\nall BrainTrust members were as excited about the focus on AI. \u201cAI was
\noverrated,\u201d Lucille DeHart said. \u201cAI is a tool, not a solution. Make sure you
\ndefine the business objective before you look for the tool.\u201d Paula Rosenblum
\nadded, \u201cI don\u2019t think retail is the best recipient of AI value.\u201d<\/span><\/span> <\/span><\/p>\n
\nHotka chimed in as well: \u201cI talked to a lot of retailers who said that the
\nInnovation Lab was confusing to them. It was AI overkill.\u201d<\/span><\/span> <\/span><\/p>\n
\nAI was a significant theme in content and sessions, conversations with
\nretailers revealed a different narrative. One key theme that stood out in
\nparticular was data.<\/span><\/span> <\/span><\/p>\n
\nCluster referenced Jamie Clarke from NielsenIQ, highlighting the strategic
\nimportance of data in retail. During his NRF 2024 session, Clarke stated, \u201cData
\nis a strategic asset. Doing it well can be the difference between winning and
\nlosing\u2026 It is a differentiator as retailers need to have data for the
\nexperience in unified commerce.\u201d This underscores the critical role of data in
\ngaining a competitive edge in the industry.<\/span><\/span> <\/span><\/p>\n
\nalso believes that \u201cone of the most common use cases of AI is being able to
\nmaximize the value of your data.\u201d<\/span><\/span> <\/span><\/p>\n
\nDeHart\u2019s predictions for 2024-2025 outlined a renewed focus on the return of
\nthe physical store, last-mile delivery, data, and foundational retail. This
\nforecast aligned with a broader industry shift. Per DeHart, \u201cRetailers have
\noutgrown their core legacy systems, so this year will be a renewed focus on
\nrebuilding. The last several years have been about inventory,
\nCovid-frictionless transactions, and supply chain. Retailers have come up for
\nair and are looking at cleaning and governing their data so that they are ready
\nto adopt innovation.\u201d<\/span><\/span> <\/span><\/p>\n
\nTenser pitched in as well, noting, \u201cThree broad themes I tracked at NRF were
\nmessaging, sensing, and smarter decision-making.\u201d One important decision
\nretailers are currently having to make is how to handle returns. According to
\nDavid Weinand, \u201cThe world has woken up to the importance of returns in retail.
\nIt\u2019s no longer just a \u2018cost of doing business.\u2019\u201d<\/span><\/span> <\/span><\/p>\n
\nHERE<\/span>
\nto read the rest of the article!<\/span><\/span><\/p>\n
\nis retailing\u2019s premier online discussion forum, serving the industry as a free
\nresource for over 20 years with compelling content that goes well beyond
\nconventional headline reporting.<\/span> <\/span><\/span><\/p>\n
\nbusiness morning, RetailWire’s editors post timely topics worthy of commentary
\nby the RetailWire BrainTrust panel of industry experts <\/span><\/span>\u2013<\/span> including KIZER &
\nBENDER <\/span>\u2013<\/span> and general readership. The results are virtual round tables of
\nindustry opinion and advice covering the most dynamic trends and issues
\naffecting the retailing industry. Click <\/span>here<\/span> to join the RetailWire
\nmailing list and have the latest in retail news and insights delivered daily to
\nyour inbox.<\/span><\/span><\/p>\n