Anyone that has attended an event as large-scale as last week’s Shoptalk: Spring in Las Vegas knows that there is so much to retain, digest, and ultimately apply to your team, brand, and strategy moving forward. So, if you can’t decide which to unpack first – your suitcase or the most notable Shoptalk content – rest assured that this blog will take care of the latter.
The retail industry is competitive and with the digital landscape included – as accessible and expansive as it is – it's a true game of survival of the fittest. But, as thoroughly discussed at Shoptalk, a focus on product can’t overshadow the importance of brand building. Speakers from can’t-ignore companies shared their ongoing aim to build a powerful brand persona – one that makes them recognizable, relatable, and on the tip of more tongues.
Brands with a robust Gen Z audience, like PacSun, emphasized the importance of co-creation and collaboration – teaming up with influencers, customers, and other brands to produce content, products, reach a wider audience, and cement associations that build brand persona and identity.
Other brands stressed a focus on maintaining authenticity. In a world where emerging technologies make much of the formerly impossible, possible, it’s imperative to remain true to your brand and your customers. That means a focus on the target audience, customer signals, and creating purpose-driven –not aimlessly disruptive – interactions and content.
Looking inward also uncovers room for brand-building potential. PepsiCo was just one brand to highlight internal collaboration noting that company-wide problems should be tackled by cross-departmental teams. Breaking down internal silos, removing roadblocks, and deconstructing the walls that separate “us” and “our work” from “them” and “their problem” to unlock problem resolutions, their adoption, and dismantle the productivity roadblocks than inhibit speed and agility.
Part of knowing and driving brand authenticity and power is a deep understanding of and catering to customers and target audiences. With infinite shopping options – especially in the ecommerce space – small attention spans, and both heightened and ever-changing consumer expectations, customer-centric strategy reigns supreme.
Brands are looking at their customer journey maps under a microscope and re-evaluating where the journey starts, ends, and where along the way consumer behaviors indicate opportunities for personalization and experience optimization.
One stop along the customer journey: payment options. There were brands and providers at Shoptalk sharing their plan to cater to their younger audiences, who, in various reports, have shown to be less fond of owning and using credit cards, by adding cryptocurrency as a payment option at checkout.
Another part of the customer journey – one that often gets less strategic attention than marketing and sales – is post-purchase initiatives including resale options, customer feedback, user generated content, and building customer loyalty. Mega brands like Target spoke about creating more user-friendly and enticing rewards programs as one-size-fits-all loyalty programs are growing stale. Personalized and multi-tiered programs will give consumers more of what they want and will extend brands’ personalization efforts beyond the purchase “finish line”.
Perhaps no surprise here, but AI was a common theme threaded throughout many topics and discussions at Shoptalk. Across various brands, industries, and thought leaders, there was a widely shared view that AI is a game-changer with the potential to drive marketing, personalization, enriched customer experiences, and more.
AI technology is developing at a pace we haven’t seen in decades – perhaps since the emergence of the World Wide Web. So, it was – and will continue to be – fascinating to hear how brand leaders are applying innovative AI use cases to their marketing strategy, personalization efforts, and business operations.
But what was particularly interesting was the conversation around adoption. It’s easy to get carried away with the exciting possibilities AI presents, but how do retail teams get from here to a place where AI is a seamless part of tasks and strategy?
For brands wise enough to invite AI technology into their workforce, the onus is on retail leaders to make what could be a hugely disruptive, disorienting change, a smooth transition – not just to get the most value out of AI’s capabilities, but for the sake of their teams’ workflows and productivity. Thought leaders are calling it "empathetic AI adoption" – adding a conscientious layer to the employing of AI. That means removing friction, being transparent in decision-making, clarifying AI as an augmentation and not human replacement, and making the technology easy for their team to both learn and use, and continuously testing and learning through the process of AI adoption and implementation.
It’s near-impossible to boil Shoptalk’s content-packed days down into a snackable list of takeaways, so instead, consider these themes a high-level refresher – a string to tie around your finger as a reminder of something important to revisit, to discuss with your team, or to dive deeper into as you drive your brand forward into action, transformation, innovation, and success in 2024.
For some, what you missed at Shoptalk is as much of a concern as remembering what you learned. If you didn't get a chance to check out Fastr Frontend last week in Las Vegas, don’t fret. Shoptalk has wrapped, but we can still connect! Let's find a time to chat.