The Reaktor team once again traveled to Las Vegas to take part in Shoptalk 2024, an annual retail conference where brands and their partners showcase and discuss their advancements and insights. One thing was clear this year, going digital is no longer limited to ecommerce and marketing teams. Every role in a retailer's org, from stores to merchandising to supply chain, is benefiting from digital transformation. Reaktor participated in keynote sessions as well as the meeting program and noticed some common themes that we are excited to bring back to our retail teams and partners.
Generative AI - accurately hyped, if used correctly
The hype around AI, specifically Generative AI, was palpable. Almost every brand wants to use the power of AI, but isn’t sure where to start. While it’s exciting to see a new technology start to bear fruits, it’s important to understand that it also presents new challenges. The goal shouldn’t be to just adopt a new technology, but to position your business and teams for the future. Brands should ensure their data is ready and usable for an AI application, and take a pragmatic approach that measures actual business outcomes.
Retail spending is back… cautiously
2023 was a rough year for retailers. 2024 is looking to have a much more optimistic outlook, and brands are looking to invest in new technologies and partnerships. There is one major caveat, the time of buying a technology for the sake of technology is over. Brands need to ensure that their investments are tied to a clear and measurable business value. Ensuring that the value is agreed upon cross-functionally will be crucial for the success of your new advancements and initiatives.
The role of the store is evolving
The majority of retailers offer or plan to offer buy online, pickup in-store (BOPIS) capabilities. More than half of retailers plan to roll out ship-from-store capabilities. In addition to that, brands would like their stores to move towards a more personalized feel for shoppers.
All of these customer experience advancements are putting more pressure on store associates, and materially changing their roles and what is expected of them. Brands should consider technology investments that can help their associates provide elevated levels of customer experience, rather than make their lives harder.
Brands are rethinking loyalty
Brands understand that loyalty programs are more than just collecting points, and are looking for ways to drive true brand loyalty, not just implement software or programs. A true loyalty program should create a deep and ongoing relationship between customers and brands. The hallmarks of the new best-in-class loyalty programs will be personalization, seamless omnichannel experiences, and community engagement which will create the necessary emotional connection.
Digital success depends on cross-functional collaboration
Digital projects can touch every org at a company. For a digital project to be a true success, business stakeholders from all functions need to not just be informed, but also deeply involved. Incorporating tight feedback loops early will ensure that your project continues to align with actual business needs.
