NRF 2024: Retail’s Big Show brought together industry experts and thought leaders
to discuss the latest trends and innovations shaping the future of retail. With
over 40,000 attendees, 100 speaking sessions, and 1,000 exhibitors this year,
the conference is the world’s leading annual retail event.
After
a meeting with RetailWire’s BrainTrust panel of retail executives, analysts,
consultants, and academics to break down the big themes of the conference,
we’ve collected some key insights and reflections from those who participated.
AI Took Center Stage
At
NRF 2024, purpose- and value-driven AI and GenAI capabilities took center
stage. According to Brandon
Rael, “AI capabilities are no longer in the hype cycle. They are embedded
within so many solution capabilities provided by Microsoft, Diebold Nixdorf,
IBM, SAP, KWI, Salesforce, and many market leaders in the commerce space.” He
explained that AI is driving intelligent checkout experiences and providing
value, cost savings, and efficiency.
“This
should have been called the AI convention,” David Biernbaum stated. “AI will
have a radical impact on retail… As a consultant, it was what I was asked about
more than any other topic.” He also said that people are overwhelmed with AI.
“There are so many things I can use it for. Should I use it for technology, for
internal things? Should I use it for customer information? What function should
I use it for first, or do I use it for a lot of things?”
Scott
Benedict agreed about the prominence of AI at the conference, stating that it
“permeated countless speaker presentations, as well as expo floor booth
presentations.” He added that “AI has the potential to drive efficiency, reduce
cost, improve sales, and enhance back-office functions such as product
forecasting and supply chain operations.”
In
Stibo
Systems’ recap of NRF 2024, Brian Cluster wrote that “81% of retailer
decision makers feel ‘urgency’ to adopt generative AI,” according to Google. He
then said, “While there was a great deal of AI buzz, we also heard from some of
the larger technology and market research and retailers providing a steady and
pragmatic view of how to think about AI as a whole and the importance of
building a data foundation that can serve as a prerequisite for AI
initiatives.”
Not
all BrainTrust members were as excited about the focus on AI. “AI was
overrated,” Lucille DeHart said. “AI is a tool, not a solution. Make sure you
define the business objective before you look for the tool.” Paula Rosenblum
added, “I don’t think retail is the best recipient of AI value.”
Cathy
Hotka chimed in as well: “I talked to a lot of retailers who said that the
Innovation Lab was confusing to them. It was AI overkill.”
Other Key Themes and Predictions
While
AI was a significant theme in content and sessions, conversations with
retailers revealed a different narrative. One key theme that stood out in
particular was data.
Brian
Cluster referenced Jamie Clarke from NielsenIQ, highlighting the strategic
importance of data in retail. During his NRF 2024 session, Clarke stated, “Data
is a strategic asset. Doing it well can be the difference between winning and
losing… It is a differentiator as retailers need to have data for the
experience in unified commerce.” This underscores the critical role of data in
gaining a competitive edge in the industry.
Cluster
also believes that “one of the most common use cases of AI is being able to
maximize the value of your data.”
Lucille
DeHart’s predictions for 2024-2025 outlined a renewed focus on the return of
the physical store, last-mile delivery, data, and foundational retail. This
forecast aligned with a broader industry shift. Per DeHart, “Retailers have
outgrown their core legacy systems, so this year will be a renewed focus on
rebuilding. The last several years have been about inventory,
Covid-frictionless transactions, and supply chain. Retailers have come up for
air and are looking at cleaning and governing their data so that they are ready
to adopt innovation.”
James
Tenser pitched in as well, noting, “Three broad themes I tracked at NRF were
messaging, sensing, and smarter decision-making.” One important decision
retailers are currently having to make is how to handle returns. According to
David Weinand, “The world has woken up to the importance of returns in retail.
It’s no longer just a ‘cost of doing business.’”
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