Shoptalk 2023 Recap:
It's All About Data
Last week, I headed to Las Vegas to attend Shoptalk for the first time. What an experience! From the keynote sessions to the exhibitor floor, there were endless opportunities to learn and network. The conference is famous for its focus on retail trends and emerging technologies.
Shoptalk is one of the biggest events for retailers and brands; it brings together innovators during an impressive four day conference.
And while I have so many takeaways from Shoptalk, here are the 4 main themes I singled out:
Retail businesses and consumer goods companies want data.
In session after session, I heard speakers talk about the power of accurate data. Data is how to drive growth. Data gives retail businesses and consumer brands insights to optimize pricing, improve the customer experience, understand market trends, and increase conversions.
2. CUSTOMER EXPERIENCE
Unsurprisingly, convenience was a hot topic during Shoptalk. We know that shoppers are back to in-store shopping, but they’re not willing to sacrifice the easy experience that ecommerce provides.
Shoptalk speakers explained that a shoppers experience needs to be unified; consumers are looking for a seamless experience across digital storefronts and physical locations – and retailers that deliver on that unified experience will have a serious advantage in the market.
During his keynote, Chewy’s CEO shared that the ecommerce pet retailer focuses on driving loyalty through a positive experience… offering the right assortment at the right price. “Chewy is known for its consistent, great experience,” he explained.
Companies like Pinterest are using technology to improve experience… The image sharing social platform is testing shoppable clothing collages to make it easier for its users to take action.
Retailers already offer a variety of conveniences such as buy online, pick up in store that contribute to brand loyalty. Continue to find ways to deliver convenience – offer your customer the right prices, the right inventory, in the right channels.
3. ASSORTMENT MATTERS
And while conversations about experience often focused on prices and availability, it’s also imperative you have the right products on your shelves. You need to know how your assortment compares to your competitors. Today’s shoppers are smart and can quickly compare your offering, if the item’s in stock, and where they can get the best price.
Retailers are uncovering assortment gaps with competitive data. Analyze assortment data to understand which products and categories are selling well, and which are not. Data shows whether you’re carrying products that customers aren’t buying and what products your competitors are stocking.
Assortment gap management means product offerings that lead to conversions and helps you foster loyalty that drives growth.
4. GROCERY + AI
There was a lot of talk about AI and machine learning during Shoptalk. The consensus: grocery is poised to be at the leading edge of artificial intelligence. Advances in AI and automation are helping grocery retailers discard inefficiencies and deliver on experience.
During one session about applications of AI and machine learning, Anshuman Taneja of Peapod Digital / Ahold Delhaize explained how he’s optimistic that AI will drive us forward and that understanding the intelligence is very important. He said, “Grocery retailers should eliminate bias and build transparency with AI. Something might tell you the best promotions to run, but you should understand the reason behind the recommendation. That’s powerful.”
Think about the incredible ways grocery retailers can use intelligence and ML to eliminate friction from the consumer experience… use the intelligence to end out of stocks, predict delivery patterns, even to preload trucks with staple items. Intelligence will take grocers into he next level of production and keep them profitable.
Our team had a great time at the show meeting brands and retailers and talking about all of the use cases of competitive data. For me, the application of data and emerging technologies was the forefront of conversations.
Retail businesses will continue to focus on that unified experience by analyzing competitive data.
Shoptalk certainly energizes us to deliver the power of accurate, reliable data to more businesses. Would love to talk with you more about competitive pricing, assortment monitoring, digital shelf management, and market basket analysis – email me [email protected].