Footwear Insight

4 • Footwear Insight ~ January/February 2024 footwearinsight.com I had the chance to visit the National Retail Federation's "NRF 2024: Retail's Big Show" in mid-January. And it was "Big." I attended presentations from some of the largest retailers and brands. While not focused on footwear specialty, the event offered the chance to learn and explore from aisles upon aisles of retail technology. Booth discussions that make you think about what's possible. AI, Generative AI, cameras that will monitor your store's floor traffic, system integrators, payment systems, inventory management, eCommerce, CRM providers, digital signage developed specifically for footwear retailers, foot scanners and the list goes on. Here are some of the takeaways and highlights that I'd like to share from the NRF 2024 presentations — written, I might add, with no help from AI: Michelle Evans, Euromonitor International, gave us key trends to think about. Modernize your POS No cables, no wires. Scan on phone. Inventory Management as you move around the store with an iPad. With AI, you will know if you have a black, brand x shoe in size 11 in the back. Generational attitudes Millenials: Be Good, Feel Good. I want to be helpful. Gen Z: Good Value. Customer experience Int u i t i v e e C o m m e r c e . C o n s u m e r 's expectations are increasing with a mobile-first mindset. e prevalence of consumers using mobile internet as their primary shopping channel has fueled the popularity of budget hacks. A 2023 Euromoniter survey found 59% of Gen Z planned to save more money than last year vs. 53% of millennials, vs. 43% of Gen X and 29% of Baby Boomers. Savvy consumers are looking for a more personalized experience. Regenerative AI gives you the ability to create. As an example, a more intelligent search which goes from chat, "I want to wear a dress for X" and shows you the options, instead of going through filters, dress, color etc. Store loyalty programs can play an important role here, too. Online shopping continues to mature Cautious and conscious consumption. Get the deal. Second hand is OK, too. Consumers desire more power in the relationship. Many Happy Returns Product returns emerge from the shadows which brings to the fore a hassle-free return policy and new methods of reselling returned product. Younger generations are driven to resale as they prioritize value and sustainability. And 63% of the businesses sur-veyed plan to invest in product returns. 41% of the retail professionals surveyed said their company plans to invest in sustainability initiative in the next five years. A few other key takeaways at the NRF event: Data, data and more data Despite all of the technology in the room, one interesting comment struck a chord with me. Data tells you what shoppers bought, but does not tell you what they are trying to buy or what's on the minds of your customers. Sometimes it's best to ask the store manager, "is this working?" Value Matters According to an exchange between Bob Eddy, Chairman and CEO, BJ Wholesale Club and Anton Vincent, President Mars Wrigley NA (Mars, Inc): Value matters. Value always wins. Exploring the opportunities. Reimagining what's possible. Here are some of the takeaways and highlights that I'd like to share from the NRF 2024 presentations — written, I might add, with no help from AI. Jeff Nott, Publisher LETTER FROM THE PUBLISHER

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