The National Retail Federation did it right again this year. Strong attendance, powerful content and, as always, exhibit halls filled to the brim with retail innovation and excellence. Well done.
Here’s what participants and pundits are sharing about the show, what was learned and what we can expect in retail for the remainder of the year. Please be sure to share your NRF16 experience too!
- Back To Basics. We concur with Dan Berthiaume at Chain Store Age, who shared this week that “The biggest Big Show trend by far was a coherent focus on retail fundamentals. Order management and fulfillment, inventory tracking, assortment planning and other “blocking and tackling” functions that have been pushed out of the spotlight in recent years are once again commanding industry attention.” Our own back-to-back meetings with retailers prove Dan’s statements. Again and again, we heard renewed focus on demand forecasting, markdown optimization, omnichannel retail pricing and promotion pricing – all certainly in the back to basics category.
- Pricing Intelligence. What’s more fundamental than pricing products that maximize sales and margins? In talking about retail pricing strategies (and available software/solutions), we gleaned the following from retailers:
- Analytics, pricing strategies and solutions must really leverage data in ways that are timely and easy to use. While data present the challenges and the answers, there is a real hunger for solutions that are simple yet sophisticated enough to convert data into actionable intelligence.
- Strategic pricing requires strategic promotions. Competing is more than ‘matching price.’ The issues inherent within pricing and promotions garnered open dialog-and interest among retailers about our cross-channel, cross-merchandising promotion pricing and management solution. Discussion about how to become laser-focused in their use of promotions (brick-and mortar and/or online) has retailers intrigued.
- Industry Players & Big Hearts. There’s greatness in an industry of people and companies that gives to others. RetailROI had another great show, with numerous vendors participating in ways to raise funds that support orphans, worldwide. Per Greg Buzek, RetailROI donor trustee, a grand total of $536,000 was raised to help orphaned and vulnerable children. Watch this video!
We’re proud to be part of a strong and thriving retail community! Enjoy the show again with these online photo albums that showcase the buzz and business of NRF16.
And NRF17? Well, it’s just around the corner.