The first day of NRF 2024, the biggest retail event in the world, couldn't be more electrifying. In the lectures and on the stands, what we heard most about was how AI is driving the transformation of retail, from identifying trends to optimizing inventory.
Straight to the point:
There was no shortage of lectures or retail media demos and there was also a lot of talk and demonstration about immersive and elevated experiences in stores, which redefine the consumer journey and range from virtual stores to technological fitting rooms. In addition to many other topics such as purpose, loyalty, transparency, conscious consumption, impact and circular economy.
We will follow you over the next few days and bring you some of what we heard in the lectures, on the stands, in the corridors and in the conversation circles.
NRF 2024: Levi's Strauss, putting an iconic brand back at the center of culture
In this talk the president of NRF Matthew Shay, dressed in a stylish denim jacket, interviewed Michelle Gass, who takes over at the end of the month as CEO of Levi Strauss & Co after decades of experience at Kohl's, Starbucks and Procter & Gamble.
She had a rare opportunity to have a full year to get to know the business, the culture and the team. During this period he made a careful transition and alongside Chip Bergh, who is now retiring, he made more than 15 global trips, including three to Asia.
He talked about principled profit and putting Levi's back at the center of culture. He mentioned the opportunities in Asia, with the markets in China and India buzzing like never before. It also sees strong growth in Mexico and Latin America, as well as possibilities in more mature markets, such as Europe and the United States. Not to mention ecommerce.
Listed 5 key factors to be successful today:
- the power and importance of the brand;
- be obsessive about the consumer;
- the value of innovation and the need to “think like an omnichannel retailer”;
- have a clear purpose and act in accordance with them;
- solid values.
NRF 2024: BJ's Wholesale Club and Mars, consumer insights to cultivate loyalty and profits
In this panel, Axios journalist Hope King spoke with Bob Eddy, president and CEO of BJ's Wholesale Club, and Anton Vincent, president of Mars Wrigley, North America & Global Ice Cream.
They talked about putting the consumer at the center and how technology can be put at the service of people, so that they have more convenience and more value.
They talked about AI and how BJ's incorporates robots for checking inventory and pricing, as well as AI-powered automated selection paths. Mars is incorporating AI to increase efficiency in its more than 14 factories in North America and has also used the technology to optimize dynamic content.
Anton Vincent mentioned the innovation center in Newark (NJ) that has served as a laboratory for AI testing within the project they named “Factory of the Future”, which involves a partnership with Accenture for the development of digital twins and much more.
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NRF 2024: Unlocking Luxury Retail Experiences: A Conversation with Moët Hennessy CEO Philippe Schaus
According to Philippe Schaus we will drink less but we will drink better. The Maison has been investing in brand experiences to seek consumer preference and highlight the characteristics that differentiate its products.
He talked about how the way to update brands that change very little is through collabs. They have been investing heavily in collaborations with celebrities from sports (basketball), music and the arts, to create new experiences, special series and memorable activations.
Some of the examples cited were the Dom Pérignon x Lady Gaga collaboration, Alicia Keys and Lang Lang performing a unique concert in the Utah desert to celebrate Henessy Paradis, the multiple activations of the Henessy partnership with the NBA – like this here – and the work done together with retailers such as Harrod's. Not to mention the airport stores, another central element of your business.
To close, it showed the almost two-minute film by Moët & Chandon starring Roger Federer, which was released at the end of 2023:
NRF 2024: Salesforce's Marc Benioff discusses the ethics of using AI
One of the most anticipated talks of the day was from Marc Benioff, CEO of Salesforce. This charismatic figure gently directed the conversation with John Furner, CEO of Walmart, to where he wanted: to talk about how AI is already part of our lives, how interesting it can be to not have to ask consumers things we already know about them. and offer things that make sense.
He talked about how he has been doing this with several clients, including Disney park experience teams,
He also spoke about ethics. According to him, technology is not good or bad. But what we want it to do for us. He said this was not a concern for social media companies but, seeing what has happened in the last decade especially, companies, governments and regulators could perhaps do better. An inspiring chat to end the first day well.
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