Speculation surrounding the future of retail continues unabated. But a stroll through the Innovation Lab 2023 at the NRF Big Show revealed the bets that startups have placed on retail’s future priorities and pain points, offering tech-based systems and services to either exploit or solve them. The startups offer a glimpse into the innovation process. It operates on a continuum, where what starts as a murmur, evolves into a fad, and eventually becomes a business. Or the opposite where 90 percent of startups fail. This year’s crop demonstrated …
Technology
Uniqlo and Avery Dennison Innovate with RFID
The spatial footprint of companies touting computer vision and just-walk-out-the-door technology on the Expo floor at the NRF Big Show 2023 was large. AI is the talk of the show as retail’s latest technology trend. It dominates the conversation, even as it is not well understood, or worse, misunderstood. Just look at the obsession with ChatGPT and you get a taste of the industry’s love affair with the latest, buzzy fad. Talk is one thing, implementation totally something else. In a deeper examination, the hard reality of building these …
Tech Solutions for Sustainability
I recently discussed the sustainability issues in fashion that are plaguing the industry in The Zero Waste Revolution. Priorities to shift thinking and operations include adopting circular business models and decelerating overall production. Now my focus is on one of the most impactful solutions—implementing new technology in each stage of the fashion supply chain. From using AI for accurate forecasting to managing returns, there are tech solutions available to fashion retailers to make achieving zero waste more attainable. Building A …
A Marketing Paradigm Shift
While the metaverse has been waving its avatar hands, garnering the attention of Chief Marketing Officers now lined up in starting blocks, the starter pistol in the metaverse marketing race won’t echo with any scale for years. Exploration and testing in the domain are prudent, but they should not distract attention from the paradigm shift that is already unfolding. Artificial Intelligence has entered a new phase that will change many things, but the focus of this screed is how it will affect the marketing of brands, and retailing. The New …
How to Navigate Down Markets with Spatial Intelligence
From empty store shelves to labor shortages, inflation has impacted the retail industry far and wide. Retailers have been forced to balance ongoing supply chain issues, price increases, and staffing slowdowns during these challenging economic times. One area that retailers can tap into to help navigate these unpredictable times is that of Spatial Intelligence. This type of technology measures how customers move inside physical stores using machine learning, providing retailers with key insights into their customer behavior that have …
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Never Rely on Assumptions
For decades talent, past sales and gut instinct drove retail assortments. Gurus who could interpret the market and build a merchandising strategy ruled fashion alongside of visionary designers. Key business inputs came down to three basic questions: Who is the customer? What are they buying? Why do they purchase? Now, in the new era of retail, the industry is fueled by data not just by intuition. Data driven by artificial intelligence and findings driven by machine learning have become best friends to merchants and are integrated …
The Social Media Networks We Grew Up with Aren’t Cool Anymore
I clearly remember first time I was told Facebook was for “old people.” I was at Mayfair Mall in Milwaukee, Wisconsin with my Gen Z step sibling, who was the conveyor of this shocking information. Sure, direct marketing invitations to join Lularoe “flash sales” and imbibe “revolutionary diet smoothies” had increased since I joined the platform. But it was hard to imagine that the second social media network I had ever joined –– after MySpace –– had already become passe. This was eight years ago. Instagram was, as of yet, still a flash in the …
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A Playbook for the Modern CIO
Like everything else in retail, the role of the Chief Information Officer has transformed over the years. What was once a focus on managing information technology and systems has evolved into an active cross-functional management and leadership role that touches all aspects of the retail organization. As technology continues to advance and the overall consumer experience becomes even more reliant on digital platforms, it has become imperative that the CIO role transitions to meet the demands of today’s unified commerce. The CIO Role The …