The National Retail Federation’s (NRF) Big Show is a three-day event that took place in New York City in the heart of January. This year’s event feature over 1,000 exhibitors, 170 sessions, more than 6,200 brands from around the world and 40,000+ retail industry professionals gathered to see what’s abuzz for retailers in 2024 and beyond.

NRF is a keystone event in the retail calendar and plays a pivotal role in shaping the industry’s trajectory for the year ahead. The annual gathering offers the foresight into how businesses need to respond to the ever-evolving dynamics of the retail landscape. Here, we dive into the valuable insights from the event’s top keynote speakers and discuss covering a range of topics including: consumer-centric strategies to the latest advancements in artificial intelligence; innovative workforce management solutions; and emerging marketplace opportunities.

Conversations from the main stage

The Big Show’s keynote speakers lit up the stage with hot button topics from the very start with John Furner, CEO of Walmart, addressing the most formidable challenges retailers face this year, including inflation and the rise of organized retail crime. According to Furner, these challenges shouldn’t (and mostly haven’t) discourage retailers from innovating and adapting to succeed. As a proponent of change, he encouraged attendees, “You can’t just keep doing what works one time; everything around you is changing. To succeed, stay out in front of change.”

Another keynote speaker, Levi Strauss & Co.’s President Michelle Gass, revealed a page of her strategy book to provide an intimate look into how she plans to accelerate growth: By sharpening the focus of the current strategies to lean into the power of its brand, become the destination for denim lifestyle across all channels, and fuel diversification through international market. For Levi to do so—and the lesson applies to all brands—we must innovate. According to Gass, “Innovation is like looking around corners, thinking about things consumers don’t know they need.”

Gass reminded attendees that consumers gravitate toward brands they trust, so even as retailers look to grow into new areas, they must remain true to their core. For Levi’s, this focus has kept the organization the #1 brand in jeans even as it has expanded its portfolio to include brands outside the world of denim, like Dockers and Beyond Yoga.

FedEx CEO Raj Subramaniam was another key presenter and spoke to how, given today’s dynamic business environment and the evolution of customer needs, FedEx is transforming from a transportation business to a digitally-led business powered by its transportation network. Subramaniam shared how the company is leveraging its physical scale and insights from moving 15+ million packages per day around the globe to make supply chains smarter for everyone—enabling improved visibility, decisioning and connected capabilities across the customer journey.

He even revealed plans for an end-to-end commerce platform for retailers using its proprietary data via the platform is called “fdx.” Subramaniam said this platform is designed to help retailers track the four most important areas of ecommerce across the customer experience: demand, conversion, fulfillment and returns.

Big trends from the Big Show

At the conference, retail industry’s leading minds converged to showcase and discuss the latest trends shaping the future of commerce. This year’s event saw a culmination of advancements in artificial intelligence, unified commerce strategies, and a renewed focus on the employee experience. Join us as we explore how these trends are set to redefine the retail landscape:

Trend 1: AI takes center stage, but data is the real star

The buzz around artificial intelligence (AI) and machine learning (ML) reached new heights at the Big Show, thanks to the widespread adoption of GenAI in the past year. From AI bots answering queries to robots creating pizzas, the expo floor showcased the tangible applications of these cutting-edge technologies. However, amidst the excitement, it became evident that data is the true foundation of AI success.

Salesforce CEO Marc Benioff emphasized the importance of using AI to enhance our capabilities, highlighting the significance of responsible and purposeful implementation. On stage, he said, “If AI isn’t making us better, we’ve lost the plot.” Which is an important point made around how it’s not the technology that is good or bad—it’s how we use it. Notably, analytics tools emerged as the primary focus, enabling retailers to harness real-time data for more nuanced insights into their operations.

Trend 2: Moving from omnichannel to unified commerce

The transition from “omnichannel” to “unified commerce” was a prevailing theme at the Big Show. While nuances between the two concepts exist, the overarching goal remains consistent: Providing customers with a seamless experience across all touchpoints. Retailers are leveraging digital technologies to streamline operations and connect with customers, ensuring a solid foundation for future growth. Whether it’s eCommerce, social media stores, or brick-and-mortar locations, the emphasis is on unifying channels to meet evolving consumer needs.

Trend 3: Employee-centric evolution

In the retail sector, customer experience has always been a focal point. However, the Big Show shed light on the increasing importance of an employee-centric approach. Technologies like GenAI and automation, initially praised for their impact on customer experience, are now recognized for their ability to enhance employee satisfaction, autonomy, and productivity. Artificial intelligence within contact centers, for instance, automates performance tracking, successful resolutions and script compliance, contributing to a positive work environment.

Trend 4: It’s all about the tech (providers)

Microsoft, SAP, Oracle, Adobe and other enterprise technology giants took center stage at the expo, showcasing their expansive floor spaces to feature the latest retail technologies. While flashy innovations, again like GenAI, grabbed attention, the core enterprise technology component remains crucial. Without a solid foundation, retailers may struggle to execute their visionary strategies. The balance between cutting-edge tech and foundational systems is essential for sustainable growth.

Time to check out: What are your thoughts?

As we navigate an ever-evolving retail landscape, the trends highlighted at the NRF Big Show offer valuable insights into the industry’s trajectory. While the future is uncertain, these conversations provide a roadmap for what’s to come. We invite you to share your top takeaways and thoughts on the Big Show. Let’s continue the discussion, learn from each other, and collectively shape the future of retail.