NRF Nexus is where top retail figures in technology, marketing, and innovation seek new ways to enhance customer engagement through retail tech and digital innovation. Publicis Group Chief Commerce Strategy Officer Jason “Retailgeek” Goldberg hailed it as the best show, highlighting discussions on competitive marketplaces, agentic AI, and the challenges in maintaining innovation.
Held from July 15-17 at Terranea Resort in Rancho Palos Verdes, California, NRF Nexus 2024 brought together retail leaders to explore trends in consumer behaviour and the roles of AI, machine learning, and automation in personalised customer experiences. Generative AI, a key topic, is revolutionising time management, creativity, and product discovery. Leaders at the event start with questions like “Can we do X?” and predict customer actions based on GenAI data, driving targeted actions.
Eric Siegel, founder and CEO of Gooder AI, emphasised the necessity of data for machine learning and the importance of goal-setting and metrics in training AI models. Social media is increasingly vital for product discovery, but retailers face challenges in aligning their definitions of social commerce with consumer perceptions. Brian Beitler of QVC’s Sune aims for the shopping app to integrate with Instagram, TikTok, and YouTube, making shopping an entertaining experience.
Incorporating entertainment into digital experiences encourages repeat shopping, fostering loyalty and increased spending, said Priya Beuning of Levi Strauss & Company. Retailers should understand customer pain points to guide AI investments, according to Glenn Allison of Tractor Supply Company. AI can create predictive models that optimise marketing efforts, saving time and resources.
Stephen Tristan Young of Poshmark discussed using AI for personalised product recommendations based on trends and user preferences. Walmart’s GenAI tools, as described by Desi Gosby, enhance associate productivity and empathy by freeing up time for understanding customer journeys. AI empowers associates, making them more effective and creative.
Implementing GenAI effectively involves using it to meet specific business needs rather than following trends. Scott Devlin of The Vitamin Shoppe described their AI strategy as one focused on business improvement and capability enhancement. Kate Ancketill of GDR Creative Intelligence advised using accurate, bias-free data and incorporating employee feedback for optimal results. Ram Rampalli of Walmart Global Tech stressed the importance of data focus for successful AI investments.
One of the main challenges in GenAI adoption is organisational alignment. Brian Seewald of Victoria’s Secret & Co. and Christopher Thomas-Moore of Domino’s discussed the need for internal education on both technology and marketing strategy to leverage AI effectively. Retailers aim to create superior shopping experiences, but must continuously adapt to the evolving consumer landscape. As Jason Goldberg noted, no retailer remains dominant indefinitely due to constant disruption.
The dynamic nature of retail necessitates continual adaptation to stay ahead in the ever-evolving marketplace.
itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.
