Our Three Takeaways from 2023 NRF Retail’s Big Show Event
Discover Frictionless Retail
Tony Boncore – Honeywell Global Retail Marketing
January 30, 2023
The 2023 installment of the National Retail Federation’s Big Show event in New York City was a resounding success. We had the opportunity to show off our total retail portfolio and all the innovative solutions that we are deploying to help retailers empower their retail futures and discover what frictionless retail is all about.
After all the great discussions we had with event attendees, partners and other vendors, here are the three big takeaways we learned from 2023 NRF:
1. The Shopper is the channel.
- Shoppers have plenty of options to get the products they want and to buy from the brands that align with their beliefs. With both online and brick-and-mortar shopping showing strong growth, shoppers are dictating more and more when and where they engage with a brand and product. So, it’s imperative that retailers leverage the latest technology and process improvements to help create a memorable retail experience – one that makes the shopper feel as though their shopping experience was curated for them, a seamless experience between the virtual and real shopping carts. By equipping store associates with the right tools – like mobility computers – retailers can greatly reduce the friction a shoppers and associates could feel if there wasn’t careful consideration in unifying the online and physical store. Ultimately, retailers must recognize that the shopper is the channel, no matter when or where they decide to engage with a brand and product.
2. Enterprise Inventory Management is a must.
- As the line that once separated eCommerce and traditional brick-and-mortar operations blurs, retailers are discovering that managing inventory at the enterprise level is vital. Increasingly, shoppers see retail as a combination of online and instore shopping, and they are placing careful consideration into which brands offer the most seamless experience. Retailers that want to succeed will place the same careful consideration into how that combination is achieved. That’s why it’s highly important for retailers to have real-time visibility into their inventory levels throughout the enterprise. With automated and accurate demand forecasting, retailers can strategically position inventory in high-demand stores and optimize replenishment. By leveraging artificial intelligence, machine learning and enterprise-level mobility devices, retailers can deploy a comprehensive solution that empowers them to reduce potential inventory friction caused by seasonal demands.
3. Workforce and Task Management Applications to drive a productive work environment.
- Getting the most out of your workforce and increasing productivity are highly sought-after goals of many retailers. That’s why many of them are placing an emphasis on deploying workforce and task management software that helps them optimize their workflows and unearth previously unknown analytics to help drive workforce productivity. Retailers need intelligent software that can collect data on employee productivity and the devices they use so they can gather real-time performance insights, allowing the retailer to be proactive in addressing challenges before they impact downstream productivity. Moreover, retailers need a software that manages these processes for them, freeing up labor force to focus on other objectives, like improving customer experiences. By leveraging the power of intelligent software, retailers can drive workflow optimizations and improve their operations end-to-end.
Of course, these three takeaways only scratch the surface of what the retail industry is looking to improve. Of the many solutions on display at NRF 2023, one thing was clear – all of the innovations were focused on reducing shopper friction. That’s why Honeywell has been hyper-focused and targeted in its solutions to help retailers drive a frictionless retail environment. Our goal is to make your retail business stand out among the others and drive end-to-end productivity throughout your enterprise.