BIG Breakfast Summary - Key Takeaways & Insights
Thank you to those who attended our 10th Annual BIG Breakfast on Wednesday the 28th of February - we’re extremely proud of the calibre of attendees and speakers. We truly appreciate your support + hope the useful insights obtained challenge you and your thinking to improve upon what you’re currently doing.
Here is a summary of the presentations made by our speakers:
MADELINE AND PIPPA KULMAR, CO-DIRECTORS OF RETAILOASIS “GROWTH IS CYCLICAL, NOT LINEAR”
There is a season for everything in retail
A few years ago we were in peak spring, retail had lots of investment, particularly into technology. We then went through COVID (aka Autumn/Winter) and are now coming into early Spring – the weather is still cold (store closures) but some green shoots blooming providing hope. We predict retail will be in ‘spring’ for the next 2-5 years.
The 5 bulbs of Spring (sparks starting to grow):
Quiet Luxury, Loud Budgeting
Swiftonomics: the power of celebrity has amped up, particularly for female Millennial and Gen Z’s
Gen Z is coming of age as big retail consumers
Co-Opetition: how two businesses can work together, rather than at the expense of each other
Renewable Retail: US businesses are seeing sustainability as an expense but should see how it can save the business money, find new revenue streams, and be a part of their DNA
ADELE GREENBERG, EXECUTIVE DIRECTOR OF NORA NETWORK: “NRF 2024: THE IMPACTS FOR ANZ RETAILERS”
Europe is ahead of Australia when it comes to sustainability with new legislation coming in.
European Union policy updates: right to repair and eco-design compliance
Australian retailers have a responsibility to the consumer to think before selling: “can we fix it?” and contribute to the sustainable economy
China retail trends
New focus on organisation structure and corporate culture
Realisation that employees want to be treated as human, not a number. They need agency, to be valued, motivated and focused
Retail media is a goldmine in China
NRF Customer experience tour highlights
Lines used to only be ok at luxury brands e.g. Gucci. Now lines are normal at mid-class brands. Young people want the ‘fear of missing out’.
The importance of experience in retail e.g. Nike – people go there to play with their friends. When they go back for the experience they will see the products again and again. Consumers want to belong. If they want to just buy, they will do it online instead.
Envisaging the future
Need to use AI, but need to still remember the human element.
Keep it human, keep it real.
RICHARD FACIONI, EXECUTIVE CHAIRMAN OF ALQUEMIE GROUP: “REFLECTIONS FROM A NON-RETAILER”
Things are going to pick up in H2
The US was 6-9 months ahead of Australia in terms of going into the ‘retail recession’ and also 6-9months ahead of us coming out of it. This gives us hope that there is light at the end of the tunnel.
Customers are still investing in newness. Alquemie is skewed towards a younger consumer who has been particularly hard hit, but if you find them something new they will still find the money to buy it.
Right people and brand
Keep investing in technology, but ensure you get the right foundations (right people and brand positioning).
Generative AI won’t take jobs away, it will make people better at their jobs.
Don’t be everything to everyone. Choose 1-3 of the 9 routes to influence what really resonate with your customer and nail them.
Keep tabs on the war on loss
Ensure you have the appropriate online and offline security to weather the economic times.
It is now organised crime, with repeat offenders, not just once off shoplifting.
Online security (e.g. against ransomware attacks) is an ongoing battle. Keep holding your own but don’t expect to win as you are going up against well-funded individuals. Need to keep investing to catch up.
Get serious about Gen AI
Work through how you can embed Generative AI into your business. Explore use cases.
Not just tech for tech’s sake. Always think about how it makes your customer experience and your business better. Using tech in the right way to improve the customer experience will help us win.
Sustainability is here to stay
Continue to invest in it. Keep the discussion going. It is not just a fad.
Can’t think of it as just a cost. It is something we have to do.