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Retail Insights 2023: Event Recap and Takeaways

Our Retail Tech Team attended Northern Europe's largest retail conference on November 20, 2023, and returned with some cool and thought-provoking takeaways and highlights we'd like to share with you in this article.

This year, Retail Insights gathered over 2,000 attendees and featured more than 60 speakers from some of the world’s leading retail, eCommerce, and tech brands such as IKEA, Pandora, LEGO, Microsoft, Huawei, L’Oréal, Henkel, New Balance, and many more.

The event unfolded as a captivating journey into the evolving world of Nordic retail, spearheaded by a riveting keynote address from Brian Mikkelsen, CEO of the Danish Chamber of Commerce. His words painted a vivid picture of the current economic landscape, emphasizing the pressing need for retailers to embrace change and innovation.

His speech was a clarion call, urging retailers to “Adapt, Adjust, and Innovate” – a mantra that resonated throughout the hall.

The day-long event delved deep into the core of modern retail, unraveling the intricacies and innovations shaping the industry. Each session and panel discussion offered valuable insights into the future of retail, with a strong focus on Customer Experience and Technology.

  • Phygital Customer Experience: The concept of ‘Phygital’ – a blend of physical and digital experiences – was a central topic. Speakers emphasized the need for retailers to combine digital and physical elements to offer consumers flexible shopping options. The idea was to provide a cohesive experience that allows customers to shop whenever, wherever, and however they prefer, breaking down the barriers between online and offline shopping.

  • Seamless Omnichannel Shopping Experience: Another key topic was the importance of creating a seamless omnichannel experience. This involves ensuring that customers move smoothly between different touchpoints, be it online platforms, mobile apps, or physical stores. The discussions highlighted how a well-integrated omnichannel strategy can enhance customer satisfaction and engagement.

  • Consistency in Seamless Shopping: Speakers underscored the need for consistency across all channels to ensure a truly seamless shopping experience. They discussed how this consistency impacts vital metrics such as conversion rates, customer loyalty, Net Promoter Scores (NPS), and return rates. Challenges in implementation, such as aligning different channels and training staff, were also examined, along with strategies for creating these cohesive experiences.

  • Data and Insights: The importance of data and insights in navigating retail trends was a recurring theme. In today’s retail landscape, having comprehensive data isn’t just a luxury but a necessity. There was a particular emphasis on the collection and utilization of customer data to enhance shopping experiences and tailor offerings.

  • Technology in Retail: AI, IoT sensors, and predictive analysis were common topics across many panels. These technologies are crucial in understanding and improving the customer journey. Additionally, the importance of customer counting in physical stores was highlighted as a vital tool for predicting staffing needs, optimizing marketing campaigns, and understanding overall business performance.

Throughout the day, it became clear that the future of retail lies in the intelligent integration of technology, data, and customer-centric approaches, creating experiences that are not only convenient and efficient but also engaging and personalized for each shopper.

On top of that, the shifting role of retail tech companies gained a lot of steam during the discussions and keynotes. Today, the role of retail software engineering companies like extends far beyond just creating standalone solutions; we should explore an approach in which to significantly augment the functionalities of established platforms and invite them to collaborate. As such, emphasizing solution augmentation and functionality enhancement is crucial in a retail market driven by technological superiority.


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