Shoptalk 2019: Our Key Takeaways
We’re just wrapping up an incredible few days at Shoptalk 2019, exchanging ideas with some of the most renowned brands in the world. We met a slew of inspirational leaders, connected with many customer and partners, and attended dynamic panel discussions.
Here’s our cheat sheet on what we learned this week:
Key Takeaways from Shoptalk 2019
1. Retail is experiencing a transformation.
Shoptalk CEO Anil Aggarwal’s opening remarks threw down the gauntlet, challenging retailers to think about how they will enter this transformative era. He articulated Shoptalk’s mission to pull retail from its past and into the future.
If there was an overall theme to this conference, it was transformation, with the mantra of ‘transform or else’ apparent from this opening statement. For retailers, the call-to-innovation is in response to shifting consumer habits with a focus on creating brilliant experiences through technology.
2. The always-on consumer is a central theme.
As we have been discussing here consumers have shifted from single channel to multi-channel, and from operating during typical business hours to dictating the time when they are available. Themes and discussions about the “Always-On,” omni-channel consumer were pervasive throughout the conference.
3. Retailers are experimenting with store formats.
In 2017, Nordstrom announced plans to roll-out smaller footprint stores with no inventory, simply enabling customers to pick-up, return and receive alterations on product. These Nordstrom Local no-inventory stores are continuing to be introduced and they’re hoping to scale in the upcoming years.
4. Data is being leveraged to improve online and offline service.
Brendan Witcher ran an informative, in-depth Q&A with Edward Park of Guess, Tami Mohoney of Modell’s and Sarah Engel of Lily Pulitzer on the science and art of leveraging data to unify online and offline creating personalized experiences in both mediums.
5. D2C is growing up.
Upstart direct-to-consumer brands, unencumbered by physical space and hyper-focused on paid social to drive business, are continuing to disrupt the traditional retail environment. D2C brands are, however, increasingly reaching digital saturation points and to address this challenge, they are developing strategies to add bricks to their clicks and begin entering the physical retail space.
6. Shoptalk is a fantastic event.
We’ll Be Back. The energy at Shoptalk is unlike any other retail conference. We interacted with a community of like minded attendees who are open, curious, optimistic and passionate about identifying the newest, most innovative solutions. We’re thrilled to have been a part of the conference and we’ll see be back in 2020!
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