ShopTalk Fall 2024 Takeaways
The inaugural ShopTalk Fall in Chicago took place in October. From three jam-packed days at one of the top conferences and networking events for the retail and consumer sector, there were many interesting topics discussed from the sector’s top brands and companies. Too much to pack into one post, but here are some of my top takeaways:
The consumer is still king and retailers need to keep up with changing expectations
Today’s consumers have wildly different expectations based on every variable imaginable: age, geography, gender, culture, shopping category, and so on. To be successful, retailers must be prepared to cater to more than one, if not all, via experiences using digital platforms, and IRL. No big deal. Given how many ways you can slice a consumer journey, it’s no wonder that omnichannel continues to be the buzzword of the conference, echoing ShopTalk in Vegas from earlier in the year. (See our previous takeaways)
AI is not an add-on or a shiny new toy – it is table stakes
Essential for enhancing experiences and creating brand loyalty, AI can not only elevate the consumer experience (think, virtual try on for beauty and fashion or outfit optimization right in your dressing room), but also enhance business operations across in-store merchandising efficiencies, content optimization, and applications across the supply chain. But, instead of worrying the robots are coming for our jobs, see AI as a complementary and necessary support tool to enhance the human element.
Unconventional brick and mortar is the way to go
With today’s savvier-than-ever consumers, expectations for IRL experiences are high. Shoppers want to feel like a part of your community and be immersed in your brand experience. Retailers are answering the call with unique in-store experiences and partnerships but also outside of their traditional locations with unexpected pop-ups and curated brand tours. No matter how it happens, those physical interactions are at a premium and consumers have high expectations for you to show up for them in stores and beyond.
Oh, how nostalgic – what’s old is new again
Brands are pulling from the past to engage a new generation (and pulling the heartstrings of all of us). One retailer is bringing the catalog back to complete a true omnichannel experience. Others are pulling on past product offerings to inform new product innovation. And it’s working. Retailers and brands are seeing a surge in nostalgic products and shopping experiences.
As companies navigate the myriad of new tools and ever-changing consumer behaviors influenced by the myriad of evolving issues and mindsets around us, corporate reputation is always on the line with consumers, investors, employees and other stakeholder groups. Because remember, all stakeholders are effectively consumers in their own, forming their own opinions of your business as they watch and interact.
Contact me to see how a strong strategic communications strategy can bolster your retail and consumer business goals in these interesting and transformative times.
Related Expertise
The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates or its other professionals.
FTI Consulting, Inc., including its subsidiaries and affiliates, is a consulting firm and is not a certified public accounting firm or a law firm.
FTI Consulting is an independent global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political and regulatory, reputational and transactional. FTI Consulting professionals, located in all major business centers throughout the world, work closely with clients to anticipate, illuminate and overcome complex business challenges and opportunities. ©2024 FTI Consulting, Inc.
All rights reserved. fticonsulting.com
