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NRF NXT Wrap Up: Insights to take back to the office

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NRF NXT 2019
July 24, 2019

Published in: Retail
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NRF NXT Wrap Up: Insights to take back to the office

  1. 1. Insights (by the Dozen)
  2. 2. What happens in Vegas stays in Vegas – unless…
  3. 3. …you come up with an inspired idea here that’s so outrageously useful that it will change the face of modern retail
  4. 4. 4 Highlights from NRF NXT • It’s time to stop organizing around the site or store, and start organizing around the customer. This is not a small change. • Rational business optimizes everything for the scarce resource, so being customer-centric is an imperative, not an option. • It’s more than lofty rhetoric. Put customer in driver’s seat. Reduce friction. Humanize CX. Make customer VIP, BFF. Deploy ritual.
  5. 5. 5 • Co-create your offer or brand with the customer. Don’t just ask what they want, watch what they do. (Apply Design Thinking.) • Hourglass Economics: must make offer remarkable through differentiation or cost leadership. Beware the “big middle.” • Central to winning customer is building trust, and trust is what ensures access to 1st-party data (even in GDPR-like regimes). Highlights from NRF NXT
  6. 6. 6 • To personalize your offer, you need to know your customers. To personalize at scale, you need to have data and analytics. • We need to be where customers want us to be, and adapt (fast) when they re-allocated time and attention (e.g., mobile usage). • Silicon Valley companies are known for experimentation; we can do it, too. Get initiatives to market early, run in-market tests. Highlights from NRF NXT
  7. 7. 7 • Taken to an extreme, what if we adopted a “UX mentality” and built stores and sites the way software developers build apps? • In world of ambient computing (voice-AI, zero-UI), everything becomes a POS, so it’s time to rethink store as a platform. • Big ideas and radical innovation don’t obviate need for constant incremental improvement, so let’s not overlook low hanging fruit. Highlights from NRF NXT

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