Globant participated in the NRF 2024: Retail’s Big Show Asia Pacific as an official Shopify partner from June 11 to 13 in Singapore.
Brought to Singapore by the National Retail Federation (NRF), this highly anticipated event marked a significant milestone in the retail industry. It brought together industry experts, retailers, and technology providers across the Asia Pacific region.
More about the NRF APAC 2024
With a focus on collaboration and exploring the latest commerce trends and innovations, NRF APAC 2024 proved to be a significant platform for driving the future of retail in the Pan-Asia Pacific market.
Under the theme “Fast Track Your Success,” NRF APAC 2024 featured an impressive lineup of over 100 speakers across 60 sessions. Attendees had the opportunity to engage in keynotes, panel discussions, special programs, and tours, gaining valuable insights into the rapidly evolving retail landscape.
Big industry players, such as AEON Group, Amazon, Coca-Cola, Central Retail Corporation, Domino’s, Fast Retailing (UNIQLO), Hermès, Mastercard, Moët Hennessy, Puma, Lotte Corporation, and Wumart, among others, took the stage to share their expertise and insights.
One of the event highlights was the NRF Innovation Lab, which showcased the most visionary retail technologies available today. This immersive experience allowed attendees to witness advancements in areas such as artificial intelligence (AI), augmented reality (AR), data analytics, and Web3 technologies.
Here are some of the key themes from the APAC’s Biggest Retail Show:
1. Artificial intelligence
AI garnered specific attention at the event, with pervasive discussions surrounding its applications. AI search, in particular, emerged as a high priority for retailers as they recognize the importance of providing more accurate and relevant search results.
AI-enabled solutions were also popular at the show, as they can optimize store operations and enhance the overall customer experience. AI-powered chatbots and virtual assistants can handle customer inquiries and provide real-time support, reducing the need for human intervention and improving response times.
2. Platform consolidation
Platform consolidation was another significant topic at NRF APAC 2024. With retail operations becoming increasingly complex and processes multiplying, retailers are now focusing on consolidating platforms to achieve operational efficiencies and improve overall productivity.
By integrating different systems, retailers can streamline operations, eliminating redundancies and improving cross-functional collaboration.
For example, consolidating disparate systems for inventory management, order fulfillment, and customer relationship management into a unified platform provides retailers with real-time visibility into operations, leading to better and faster-paced decision-making.
3. Cross-border enablement
With the retail industry’s increasing globalization and the growing demand for international products and services, retailers are seeking solutions that simplify cross-border transactions and operations.
The Asia Pacific nations need equitable access to the entire region’s consumers through better cross-border logistics to unlock indefinite growth.
Cross-border enablement empowers retailers to tap into new markets and widen customer reach. It further allows them to diversify their revenue streams, mitigate risks associated with local market fluctuations, and take advantage of global consumer trends.
4. Omnichannel experiences
Omnichannel experience is one of the common themes explored in NRF APAC 2024. Leveraging AI, AR, data analytics, and other tech, empowers retailers to deliver seamless shopping experiences across multiple channels.
Here are a few omnichannel strategies retailers are actively exploring:
Virtual try-ons, powered by AR technology, allow customers to experience products virtually before purchasing, enhancing engagement and reducing the need for physical try-ons.
- Click-and-collect services enable customers to purchase products online and conveniently collect them in-store or at designated pick-up locations, bridging the gap between online and offline channels
- Direct delivery options ensured prompt and reliable shipping, regardless of whether customers purchased online or through other channels, enhancing convenience and customer satisfaction
5. Sustainability
The importance of sustainability in the retail industry was a prominent topic at the retail industry’s big show. This reflected the retailer’s growing awareness and commitment to eco-friendly products and practices.
As global retail operations continually expand, retailers seek ways to minimize the carbon emissions and environmental footprint associated with international transportation and logistics.
To address these challenges, retailers are exploring sustainable shipping and transportation methods and prioritizing partnering with logistics providers who share the value of sustainability.
6. Innovative Payment Solutions
In the APAC region, innovative payment solutions are among the top essential components for delivering a good customer experience.
Retailers adopt payment gateways and innovative payment methods to offer customers more convenience and flexibility. QR codes, for example, have gained popularity among customers who want seamless transactions rather than traditional payment with cash or cards.
Furthermore, app-based payments and other alternative solutions (e.g., e-wallets, digital currencies, etc.) provide customers with greater flexibility and choice, allowing them to make purchases that suit their needs.
7. B2B2C Focus
The importance of B2B2C (Business-to-Business-to-Consumer) models is increasing, while traditional direct-to-consumer approaches are experiencing a downturn.
This shift towards B2B2C models reflects the evolving dynamics of the retail landscape. It suggests that more retailers collaborate with other businesses to reach end consumers and boost their competitive advantage.
By partnering with wholesalers or distributors, retailers can expand their reach into new geographical areas and tap into established distribution networks. This will allow them to access a broader customer base and increase brand visibility, driving business growth.
This is not least showcased by the increase in consumer purchasing trends through marketplaces. Having a presence in a marketplace is almost essential for traditional D2C retailers today.
8. Cultural Personalization
In a diverse and globalized marketplace, understanding and catering to cultural preferences is essential for retailers to connect with customers on a deeper level.
NRF APAC 2024 delved into this concept and explored the importance of personalization in the retail sector. By adopting marketing strategies that consider cultural nuances, retailers can create more relevant and engaging experiences for their target audience.
Example strategies include tailoring messaging, visuals, and promotions to align with cultural values, customs, and traditions, localizing products, pricing, and campaigns to specific regions, and leveraging data analytics to create hyper-personalized or individualized experiences.
9. Enhanced Logistics and Fulfillment
The event also illuminated the advantages of enhanced logistics and fulfillment capabilities in addressing the increasing demands of the modern retail landscape.
By optimizing these processes, retailers can improve speed, accuracy, and cost-effectiveness throughout the supply chain, reducing manual routines while enhancing customer satisfaction and increasing profitability.
One area of focus is the automation of logistics processes, where technologies like robotics, AI, and machine learning can automate manual tasks in warehousing, inventory management, and order fulfillment.
Let’s navigate these themes together!
NRF APAC 2024 was all about evolving priorities, customer experiences, and cutting-edge tech shaping retail’s future. The event captured the importance of driving growth in the dynamic retail landscape.
Navigating the themes explored at the Retail’s Big Show requires a strategic partner who understands the intricacies of digital transformation in the ever-evolving retail sector.
Globant, with its global footprint and extensive omnichannel experience, is well-equipped to assist organizations in positioning their businesses for accelerated growth.
Together with Shopify and other technology partners, we’re equipped with the expertise to support your transformation journey. Learn more about us or book a session with us at https://more.globant.com/globant-shopify-tech-partner!
