05/11/2023 | News release | Distributed by Public on 05/11/2023 09:01
Day 2 of Shoptalk Europe 2023 was focused on exploring emerging retail technologies, innovative supply chain solutions, and the future of retail organization.
The day started with some keynotes and continued with 4 different tracks. Here's a breakdown of some of the key insights from the day:
The CEO of Printemps, a French department store chain, detailed their strategic response to the COVID-19 pandemic. Having launched their first e-commerce site just before the pandemic, the company focused on unique in-store experiences and digital expansion to differentiate themselves.
Printemps reinvented their department stores by introduced unique in-store experiences and a refreshed brand image to stand out from competitors.
They've leveraged an omnichannel approach, digital innovations like virtual stores and 3D immersive videos, and influencer partnerships to boost their online presence. Importantly, an organizational culture shift towards innovation, risk-taking, and collaboration underpinned these changes.
Many of day two's speakers discussed how AI-based tools are being leveraged across the entire business, from marketing to supply chain to the back office. Are you also thinking about adopting AI-based tools?
The track keynote for the day was all about the effective application of AI and machine learning in retail. The speakers discussed how AI-based tools are being leveraged across the entire business, from marketing to supply chain to the back office.
With new foundation models transcending data analysis and inference, performing creative tasks like generating text and images and holding human-like conversations, retailers and brands have the opportunity to add value to their businesses. However, it's important to keep in mind the challenges of maximising returns on data infrastructure investments.
The session on Leveraging Data Effectively Throughout the Organization highlighted the challenges that retailers face in ensuring that employees have access to and training to use the data resources that will help them work effectively and productively. Companies need to enable their employees to unlock the full value of their data resources and create a culture of data-driven decision making.
Alan Boehme, Chief Technology Officer at H&M, emphasized that we have to change and data is everything now. "We have to learn to trust the machines. We have to learn to trust the algorithms and take a different role in life where we're supporting the data, so let the data tell a story. And go with the story, don't try to just have the data used to justify the story that you're trying to tell." He also named the internet, cell phones, and auto-generative AI as the three most significant technological revolutions in the past 25 years, and that those three together are going to change everything about how we live in our daily lives, how we work, how we shop and what we do.
Building an Omnichannel Organization was the focus of the next session. Retailers are moving beyond "omnichannel" into a world where shopping journeys move fluidly across physical stores and websites, social media, marketplaces, and more. The key to success is ensuring internal strategic alignment balanced with a relentless focus on providing customer value.
For instance, the crucial role of the Head of Omnichannel involves steering and synchronizing various channels to guarantee smooth functioning. This role is tasked with weaving together the physical and digital facets of the business, and ensuring a uniform customer experience across all platforms.
Retailers are moving beyond "omnichannel" into a world where shopping journeys move fluidly across physical stores and websites, social media, marketplaces, and more.
In an effort to boost collaboration and communication, organizations are defining clear domains of expertise. Technology has a pivotal role in these efforts, breaking down communication barriers and promoting real-time data sharing. An example of this is Lindex's current efforts to align their technology and infrastructure with their new organizational structure.
Emphasizing the need for restructuring within organizations Neil Reynolds, Global VP Digital Commerce for Mars Wrigley, reveals that the internal dynamics of companies are changing, with roles becoming more fluid to accommodate this rapid change. He cites his own role as a Chief Growth Officer, which integrates the functions of marketing and sales, as an example of this shift.
Eliminating food waste, creating more sustainable products and packaging, and reducing carbon emissions are all business and consumer imperatives. Although economic headwinds can challenge companies' commitment to making choices that promote a healthier planet, the industry can't afford to dial back its efforts. Leaders from grocery retailers and FMCG brands shared how they're implementing sustainability initiatives across their business that are delivering real results.
The session on Developing an Effective Retail Media Network Strategy discussed how retail media is expected to be an almost €25 billion business in Europe by 2026. Retailers are seeking new revenue streams, and brand advertisers look for new ways to track customers ahead of changes to third-party cookie policies. The panel discussion featured retail and brand leaders who discussed how they're approaching this new model and how brands can fund these investments and generate the most ROI.
In the third track, panelists discussed how new technologies like mixed and augmented reality will blend digital information and the physical world in exciting new ways.
The third track focused on emerging retail technologies, and how they are being used to create immersive experiences in augmented, mixed, and virtual realities. The panelists discussed how new technologies like mixed and augmented reality will blend digital information and the physical world in exciting new ways.
The opportunity around digital collectibles, apparel, and other virtual goods was also discussed, with brands sharing their strategies behind their virtual goods forays and lessons they have learned.
This track also explored the dynamic world of shoppable video content. Topics ranged from emerging technologies such as livestream shopping, the contrast between inspirational and transactional content, to the vital role of trust and authenticity in enhancing user engagement in today's retail landscape.
The importance of intention in content creation - The type of content produced must align with the consumer's purpose. Inspirational content can drive engagement, while educational or transactional content can facilitate purchasing decisions. Understanding this differentiation is crucial for retailers as they navigate the world of shoppable video and livestreaming.
Building trust is essential for adoption of new technologies - While livestream shopping has had a slow start in Western markets compared to Asia, the consensus is that this trend has significant potential. The key to unlocking this potential is to foster authenticity and build trust with consumers. Engaging presenters, quality control, and clear, straightforward content can contribute significantly to this trust-building process.
The future of retail involves not only introducing innovative technologies but also integrating them into a seamless customer journey. Retailers need to explore and invest in strategies that merge the stages of inspiration, discovery, and transaction, making the shopping process as fluid and intuitive as possible. This could involve strategies like shoppable recipes, user-generated content, or even geographic-targeted strategies.
The fourth and final track focused a lot on technology solutions that enhance the physical retail experience, improve marketing and personalization, and optimize the supply chain.
Day 2's fourth and final track of Shoptalk Europe 2023 focused on technology solutions that enhance the physical retail experience, improve marketing and personalization, and optimize the supply chain. The founders and CEOs of various companies presented their solutions, followed by a discussion on how technology can make physical stores more efficient and engaging for consumers.
Online, virtual environments in shopping bring a fresh and dynamic approach to e-commerce, offering immersive experiences, personalized interactions, and new avenues for brand promotion and customer engagement. Brands can utilize these environments to differentiate themselves from traditional websites and provide unique shopping experiences, especially for luxury brands.
Overall, Day 2 of Shoptalk Europe 2023 provided valuable insights into how retailers and brands are leveraging technology to improve their businesses, from AI-based tools and data-driven decision making to sustainability initiatives and automation technologies. The focus on emerging retail technologies also highlighted the potential for mixed and augmented reality, digital collectibles, and Web 3 technologies to transform the retail industry.
The technology solution spotlight showcased a variety of innovative solutions, including those that enhance the physical retail experience, improve marketing and personalization, and optimize the supply chain.