Knowledge Center

Last week, we attended one of the most anticipated trade shows in the retail industry, hosted by The National Retail Federation (NRF) at the Jacob K. Javits Convention Center in New York City. NRF 2023 featured a large number of sessions, speakers, and networking opportunities, to discuss the latest trends in the retail industry across a variety of topics, focusing on digital transformation and the omnichannel customer experience. Here are our key takeaways: 

Many organizations today have eCommerce stores, so much so, that competition for customer’s business has never been more intense. There are potentially thousands of other stores offering the same goods and services that you provide.

In fact, total global eCommerce sales amounted to more than $4.2 trillion in 2020. That’s estimated to rise to over $5 trillion in 2022. Online stores are sprouting up all over the place, and they aren’t about to disappear.

The takeaway? Online shopping is a big deal, and it’s only becoming bigger every year.

The last couple of years have been hard on all brands. But it’s been especially hard on companies that sell to athletes and casual sports fans. Brands that mostly sell via department stores, big-box stores, and other retail channels are facing new challenges and rivals.

While luxury sales are increasing at an annual rate of 8.5%, sustaining this growth will depend on attracting and retaining a new generation of customers. Here we examine why younger generations are key to the future of luxury brands and what techniques will grab – and keep – their attention.

I don’t know about you, but I never thought I would live through a global pandemic. I’ve read about them in history books, but I always thought, “not me!” When Covid-19 hit last year, the world was in a state of fear. People were contracting the virus around the globe and taking precautionary measures like never before. The pandemic affected everything, from personal health to how we socialize, from large retailers to mom and pop shops. Businesses had to adapt while adhering to the new safety mandates.

Providing an outstanding digital shopping experience has long been the holy grail of retail. But with the persistence of Covid-19, that quest has taken on new urgency. The reimagining of the in-store experience for a mobile-first approach – and, by extension, the rethinking of websites and storefronts –  has forced a tremendous amount of creativity.

With the world still in the grip of a global pandemic, it’s clear that life as we know it has drastically changed. Covid-19 now looks like it will be with us for a long time. And the implications for the business world are only just starting to become clear.

For retailers around the world, having a dynamic virtual storefront is essential. Especially so during these days of lockdown, when online has been the only way brands can sell. And just like with brick-and-mortar stores, the presentation of products is a key factor in the buying decision. So it makes good sense that brands are looking at the best way to revamp their stores with both a functional and visually appealing frontend.

The COVID-19 pandemic has transformed the global business landscape. Virtually overnight, nations around the world have closed shops and restaurants, curtailing every activity not considered “essential.”

And the impact on the world’s economy has been seismic. In the last few weeks alone, with millions of people around the world “sheltering in place,” more than 22 million American workers have filed for unemployment.

When I was growing up, shopping meant going from store to store in search of the perfect pair of jeans or a new favorite dress. I always had a mission: I was looking for something specific. And even in grocery stores, I loved just strolling the aisles to see which food items looked good and what new products were available.