The editorial team returns to the sensational news of this third day of the NRF Retail Big Show in New York. Metavers, cryptocurrencies, inflation, e-commerce and the presentation of the 10 best retailers in the world… Here are the main themes of this last day!
This third day of the NRF opens with the speech of Robert Frank, CNBC Editor and bestselling author of “Richistan” And Anish Melwani, President and CEO of LVMH Moët Hennessy Louis Vuitton Inc.. Both reveal the secret of the luxury store: mixing heritage with retail innovations. LVMH encourages its brands to combine new technologies with their brand’s traditional know-how.
“We have seen tremendous growth in the luxury sector and that growth will continue. As soon as the consumer makes luxury part of their identity, that identity will follow.”, points out Anish Melwani. Adds : “When our brands do things together, it’s because the leaders of each brand believe it’s a win-win.”
Furthermore, LVMH took the opportunity to share the success of the auction of an NFT of Tiffany, the famous American brand. This NFT sold (in cryptocurrency) for $50,000 in August 2022. It is worth $1,600 today.
And how innovations in the retail trade rhyme with the development of artificial intelligence, NRF’s famed Innovation Lab showcased the latest and most amazing holographic designs. ARHT Media Inc. has created an impressive demo by virtually reconstructing the participants using a real-life holographic reproduction:
During the day, Phil Wahba, writer of Fortune magazine And Geoffroy van Raemdonck, CEO of Neiman Marcus Group exchanged around the theme of the luxury trade. How did Neiman Marcus Group develop its luxury retail strategy? “2% of customers shop around 25 times a year and account for 40% of revenue”, indicates Geoffroy van Raemdonck.
During a keynote session, Steven Williams, CEO of PepsiCo Foods North America, talked about the management strategy of companies. In his opinion, “it’s not enough to keep your employees healthy, it’s also about taking care of their general well-being. Having healthy, motivated and well-trained employees is essential.”
As for the development of the metaverse, METAV.RS, French start-upspecializing in the metaverse, is building a no-code platform to help brands build and launch metaverse experiences from NFTs.
Others, like Smartway (Zéro-Gâchis) and their partner SES-imagotag, specialists in digital solutions offered to retailers took the opportunity to showcase their latest retail innovations. Smartway is the first artificial intelligence-based technology platform to have developed a Food Waste Management System (FWMS).
Sachin Padwal, Director Product Management and AI Solutions, presented the influence of artificial intelligence on buyer behavior. In his opinion, “2023 is the year AI will impact us on a daily basis”.
Finally the Top 10 Global Retailers in 2023 was unveiled by Deloitte : Walmart Inc., followed by Amazon.com and the wholesale company Costco form the first 3. Then come Schwarz Group, The Home Depot, The Kroger Co., JD.com and Walgreens Boots Alliance Inc.
The big retail show 2023 is over! Find it very soon on Ecommerce magazine the analysis of main retail trends and innovations identified by the editorial staff at the NRF show.