Key Takeaways from Retail’s Biggest Gathering of Rising Influential Leaders and Brands
Shoptalk is an event for retailers to discuss the latest technologies, consumer trends and business models that are shaping the future of retail. Shoptalk took place in Las Vegas at the end of March. It was the first time 4R participated in this event. The size, scale and speed of the event and meetings are quite impressive. We left Shoptalk excited and we have a few takeaways to share.
A Focus on “Women in Retail.”
First, and rightfully so, a major Shoptalk theme centered around women and having more representation and diversity in the industry. In the dedicated presentation area on the expo floor, there were revolving discussions and presentations on women and empowering women leaders. There was a Women In Retail pavilion and a Meetup for Women Launch Party. The industry needs more women representation and it’s great to see Shoptalk leading the charge. 4R is proud that women make up two-thirds of our management team and employees. While the “Retail Future is Female,” at 4R, the future is now.
AI is at the Forefront.
AI was all over the Shoptalk expo floor. While it seems like AI is taking over, it’s not. But, it’s here to stay. If AI is in your domain name, you need to have a clear message on your AI strategy. Of course, 4R is excited about the industry’s recognition and adoption of innovative technologies, like AI to improve their business operations and automate the consumer experience.
4R uses AI to power our predictive demand planning capabilities which helps retailers manage their supply chains and vendor relationships, and plan inventory allocation, assortment, and markdowns. Our clients harness the power of AI everyday to manage their inventory as an investment to drive revenue and grow their brands.
From TikTok to connecting with influences to digital A/B Testing technologies, the industry is all about digital. Retailers need to embrace digital channels and media in order to compete for buyers and ultimately, the share of wallet.
The 4R digital strategy enables accurate prediction of consumer demands and buying patterns. Our holistic approach ensures that product is where it needs to be when the consumer makes the purchase online or in the store.
We found it interesting to see international technology providers entering and influencing the US retail market. In fact, there was one area of 14 dedicated solution providers from Israel. We can all learn from each other and how retail is similar (and different) across the globe.
With everything digital, the world is indeed shrinking. Companies are global and looking for vendors with international presence and experience. 4R is expanding into the Asia Pacific convenience retailing (c-store) sector. We now have a sales agency in Australia, supporting the APAC market.
The buzz at Shoptalk 2023 and the future of retail is exciting. If you’ve never been, we strongly recommend attending in 2024, just to experience the size and scale of the event.