NRF 2023 – Red Ant's Key Findings
As usual, the Consumer Product Showcase hosted by the National Retail Federation was a great success this year. 950 solution providers showcased their products and tech to help solve the challenges retailers are currently facing, to help accelerate brand retail business in 2023.
Here are the 3 key areas of interest that retailers wanted to find out about at NRF retail Expo 2023.
1. Making the most of customer data
Retailers were keen to speak to providers that focused on maximising customer data by creating unified customer profiles and eliminating data silos. Brands were looking for solutions regarding the intelligent application of retailer first-party data as well as ways to create data-driven cultures of innovation through advanced analytics. However, what retailers were most concerned about when discussing these new solutions and strategies was user adoption stabilisation and the reliability of staff utilising the new information provided by the technology.
2. Long-term loyalty, trust and authenticity is tantamount for success
With reports such as Hubspot’s which states that 55% of US and UK consumers claim to trust brands less than they did in the past, retailers at the NRF expo were rightfully interested in solutions that could help with customer loyalty and retention. Retailers discovered the importance of innovation and personalisation in keeping up with the demands of today’s customer to improve brand loyalty by understanding their wants and needs on a personal level.
3. How retailers must change their traditional view of brick & mortar stores to something more
Retail solution providers know that the high street is not dying, rather, the idea of the high street must adapt. Retailers must adopt a more customer-centric business model in their physical stores and view them as more than a simple point of sale. Retailers were advised to view their brick & mortar stores as an additional opportunity to provide new retail experiences that impress customers, as well capture data to improve unique marketing prospects.
Engage, transact and elevate in 2023
At Red Ant, we believe in the quality of our work. Our team is always working to stay abreast of retail innovation and striving to improve the solutions we provide. This means we are continually at the forefront of retail change. In fact, Red Ant's retail technology advisors have been delivering innovative technology for some of the world’s biggest retail and lifestyle brands for the past 20 years. Our award-winning tech is proven to maximise sales, deliver exceptional customer service and drive operational performance.
If you are looking for a retail tech provider that has the knowledge and experience to grow your brand in store and online, get in touch with our team to tell us more about your retail goals today!
Accelerate your in-store evolution - get in touch for a demo today
Sarah-Jane Nightingale, Red Ant Business Development Manager