RTP Editors Reveal Top Takeaways From #RIC19
Retail TouchPoints successfully wrapped up its fifth Retail Innovation Conference last week, and there was no shortage of insights shared throughout the three-day event. The agenda included top-notch content, such as how to combine iteration and innovation to build a disruptive retail experience; how next-gen CEOs are approaching physical retail strategies; and best practices for AI implementations. The 500+ attendees left the event with plenty of inspiration that they could bring back to their retail businesses.
The RTP editors share insights into their biggest takeaways from #RIC19, and why they matter in today’s retail environment.
Adam Blair, Editor: I had many positive takeaways from #RIC19, including the wide variety of speakers delivering on-target, relevant content; the exciting physical store experiences on display at Hudson Yards; and as always, the attendees’ hunger for relevant information (which we hopefully satisfied). But what’s staying with me right now was a statement by Amy Shecter, CEO of Glamsquad, who was a panelist at the Strategies For Strengthening Businesses By Empowering Women Leaders session. At the session’s start, Shecter noted that the audience composition for events with these types of titles are, almost without fail, 90% female. (I looked around and confirmed that males were definitely in the minority in the room). It’s great that women in retail can get practical advice on how to make their voices heard in order to leverage their unique strengths. However, the apparent lack of interest from men in what women have to offer was more than a little disheartening. Guys: we have to do better.
Glenn Taylor, Senior Editor: Since there’s always so much chatter regarding what Millennials are doing (or not doing), it was refreshing to hear insights on the demographic that subvert typical expectations. Kasey Lobaugh’s insistence that Millennials, like all other generations, “behave more like their income than their age” gets away from the typical generalizations about the demographic, and shows that there’s still plenty of nuance in how any generation is spending their money. It’s easy to narrow down the Millennial audience based on statements like “prefers experiences over things” or “have short attention spans,” but to tack onto what Lobaugh said, a shopper living in New York City and a shopper from Louisiana are likely not going to have the same shopping habits. During the same session, Doug Zarkin of Pearle Vision offered comments that provided additional refinements beyond income level, specifically toward marketers trying to reach Millennials. With more purchasing options and information than ever before, Millennials are forcing retailers to put greater effort into building trust — a differentiating point that consumers of all ages are likely to appreciate.
Bryan Wassel, Associate Editor: With all the talk about data’s roles within omnichannel and its importance in delivering a strong retail experience, I was particularly interested in Ruth Crowley’s take on the subject in her Bringing Innovation To Life To Create A 360⁰ Experience With People For People session. Too often, the data itself is seen as the endpoint, instead of just another tool that can be used to design a broader, more coherent experience. Additionally, her acknowledgement that data “should not validate someone’s opinion, but it should inform the process” stuck with me. She also noted that no shopper goes home to their friends and talks about what a great omnichannel experience they had — they are interested in that experience resonated with them, not whether every piece of their journey was cleverly connected to another part. Again, this was a reminder that all the buzzwords and technology are just pieces of the puzzle, and they represent individual steps in the larger process of creating a great customer experience. Even when we’re talking about the latest innovations, it’s good to have a reminder that they are enablers — not the end goal themselves.