Qsic had an incredible experience attending NRF 2024: Retail's Big Show Asia Pacific in Singapore last week! The event was packed with valuable insights, practical strategies, and innovative ideas that will undoubtedly shape the future of retail.
NRF Key Highlights and Takeaways
Navigating Internal Approval Processes for Innovation
One of the standout sessions was moderated by Martine Reardon and featured Christopher "CTM" Thomas-Moore from Domino's. They delved into effective strategies for navigating internal approval processes to convince senior stakeholders to invest in new technologies for ongoing innovation.
“Bring people along the journey, rather than just presenting the summary ‘why’ at the end. Data is your best ally—use it to turn a project into a partnership. Set mutual KPIs, gather project data and proof points, and keep relevant parties informed throughout the process.”
The Importance of Execution
Danni Peirce, CEO of 7-Eleven, delivered a powerful reminder: “You get 1 point for strategy and 9 points for execution.” This sentiment resonated throughout the conference, highlighting that those who execute well achieve the greatest outcomes. It's a clear call to action for all of us to focus on flawless execution to turn our strategies into success stories.
Creating a Data Culture
Nicole Sheffield, MD of Wesfarmers OneDigital, emphasized the critical importance of creating a data culture within organizations. She highlighted how merging data sources drives desired outcomes and shared a valuable insight: To be number one in any area, identify the necessary metrics and then determine the steps needed to achieve them. Using data removes guesswork and informs the strategy required to reach your goals.
Practical Observations for Retailers
Developing a Retail Media Strategy
For retailers developing a Retail Media strategy, it's evident that success comes from starting before your omni-channel strategy is perfect. Focus on executing what you can do well now and iterate as you go. The test-and-learn phase is invaluable, and waiting for perfection can hinder progress.
The Role of AI in Retail
Three years ago, the theme was that AI is coming. Last year, it was that AI is here. Now, it’s about how AI is driving business forward. While many are still in the test-and-learn phase, it's exciting to see rapid adoption, especially in the use of Generative-AI to support contextual content strategies to enhance customer engagement both offline and online.
Qsic feels very fortunate to be part of this dynamic industry! NRF 2024 provided us with a wealth of knowledge and practical strategies that we are eager to implement. As we move forward, we are committed to leveraging these insights to drive innovation and success in the retail sector.
Stay tuned for more updates and insights from Qsic as we continue to navigate the ever-evolving retail landscape!