As the new decade kicks off with NRF 2020 Vision: Retail’s Big Show, one thing is clear: retail and tech companies are rallying around values and people to inform experience with data as the connective tissue to spur profitable growth.
This past August the Business Roundtable stated the purpose of a corporation is to “promote an economy that serves all Americans,” adding “each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.” The statement was signed by 181 chief executive officers (CEOs) including Jeff Bezos, founder and CEO of Amazon, as well as CEOs from other retailers such as The Home Depot, Macy’s, Best Buy, Target, Walgreens and Walmart.
This sentiment was echoed throughout NRF during the week of Jan. 13 in New York City. With customer experience as their priority and data as the enabler of that experience, established retailers that are accountable to all of their stakeholders stand a much better chance of returning to profitability and growth than those who remain focused solely on conversions. Hilding Anderson, senior director of strategy for retail North America at Publicis Sapient says, “as we design new experiences, we use a concept that John Maeda, our chief experience officer, calls dataful. This means that the experience is informed by what we know about the customer and their context. This expertise in data and AI is emerging as one of the key differentiators for retailers.”
Here’s what stood out at NRF 2020 Vision: