RetailDetail EU
Europe - EN
  • België - NL
  • Belgique - FR
  • Nederland - NL
  • Europe - EN
  • About us
  • Contact
  • Subscribe
  • Sign in user
  • News
    • Food
    • Fashion
    • Home
    • Electronics
    • Beauty/Care
    • DIY/Garden
    • Leisure
    • General
  • RetailDetail Plus
  • Events
  • Hunts
  • RetailHub
  • Advertising & Partnerships
    • EVENT PARTNERSHIPS
    • PRINT ADVERTISING
    • ONLINE ADVERTISING
RetailDetail EU
Europe - EN
  • België - NL
  • Belgique - FR
  • Nederland - NL
  • Europe - EN
  • About us
  • Contact
  • Sign in user
  • News
    • Food
    • Fashion
    • Home
    • Electronics
    • Beauty/Care
    • DIY/Garden
    • Leisure
    • General
  • RetailDetail Plus
  • Events
  • Hunts
  • RetailHub
  • Advertising & Partnerships
    • EVENT PARTNERSHIPS
    • PRINT ADVERTISING
    • ONLINE ADVERTISING
thumb
Written by Stefan Van Rompaey
In this article
  • Companies AmazonFerragamoGolden GoosePetcoWhole Foods Market
  • Topics InnovationStore concepts
  • Geography United States
Share article
  • facebook
  • instagram
  • twitter
  • linkedin
  • email

New York retail balances between experimentation and efficiency

icon
General18 January, 2023
  • NRF
  • Whole Foods Market
  • Ferragamo
  • Reddy by Petco
  • Golden Goose

New York is a playground for innovative retailers, with emerging trends such as NFTs, recommerce, community building and personalisation… but also a focus on profitability. We look back at the world’s biggest retail event and tip noteworthy store concepts.

Evolutions, not revolutions

NRF Retail’s Big Show in New York, the annual appointment for retailers from around the world, has just finished. What trends are emerging and what can European retailers learn from the New York retail scene? We look back with Nino Bergfeld, retail consultant at Salesforce, and asked what are his key takeaways after four days in New York?

“It had been three years since I visited stores in New York and frankly, I did not have the impression that much had changed. We did not see any ‘killer innovations’, but there were improvements that optimise the customer journey. Retailers are getting better with omnichannel processes: integrating the physical shop with e-commerce platforms, delivery from the shop, picking up orders in shop… These are evolutions, not revolutions. At Amazon‘s Whole Foods Market, we saw a new payment method: paying with your palm, which is linked to your credit card.”

NFTs lure young customers

“You do notice that New York is something of a ‘bubble’ that companies see as a prime playground for testing innovations, even if not every innovation is successful. Will NFTs (non-fungible tokens, or unique digital files, editor) become successful? Nobody knows, but they are trying and that is interesting to see. For example, it could be a way to increase consumer engagement. We visited luxury footwear brand Salvatore Ferragamo‘s new shop in SoHo. They have an NFT builder in the store, somewhat similar to a photo booth: you take a picture and receive your individualised NFT in your crypto wallet. This is how Ferragamo wants to reach new, younger audiences.”

Sustainability is also a recurring theme at many retailers. But how do you translate that to the shop floor? At trainer brand Golden Goose, they have an in-store ‘repair shop’: customers can have old trainers cleaned, refurbished and personalised there – including shoes from other brands. The shop as a sustainability hub, in other words.

Shop as meeting place

The essence is this: in times of digitisation, the physical shop has to find a different interpretation. It is often easier to buy online: you have more choice and convenience there. Retailers need to offer something you cannot find online. Community building will be one of these new roles for physical shops: in New York, retailers are ahead of their European counterparts in this respect, Bergfeld notes.

“A great example is the Reddy by PetCo shop in SoHo: it caters specifically to dog owners and lovers. The pet food manufacturer uses the shop not only as a transactional outlet, but also as a place where dog lovers can meet. You can hold birthday parties for your dog there – for free, even. You notice that the shop employees know the name of every dog that comes in. They invest in the relationship, in close ties with their customers and between dog owners themselves. So they use the shop to create unique experiences that you can not get online.”

Focus on retention

At the NRF trade fair, Bergfeld saw that retailers are now strongly focusing on efficiency in every aspect of the business. “In e-commerce, for example, you see more retailers considering charging for shipping or returns to become profitable online. They are steering consumers towards business- and margin-friendly behaviour: for example, by linking a loyalty programme with returns. You can reward consumers when they return the product in shop instead of sending it in. That is also more sustainable.”

Bergfeld also observes that many companies are making the turn from customer acquisition to more focus on retention. They start using data for activation and to advertise smarter and more targeted. “If a customer is not happy, why spend a euro to retarget them when they might not convert? You do not want to spend money on someone who has just bought or returned something, do you? Personalisation works: an anonymous shipping notification is not a great experience. If you personalise that, with detailed updates, you can improve customer loyalty.”

Guarding credibility

Especially in the fashion sector, retailers talk a lot about sustainability and recommerce or second-hand. Those ‘reverse logistics’ present a big challenge; it is a different business model than just buying and selling. “You want to make this meaningful and seamless, but also guard credibility: no ‘greenwashing’ but really think about recycling, repairing and reselling on your own platform. That way you keep the whole ecosystem in your own hands – otherwise you just lose it to Vinted anyway. Zalando has been doing it, Patagonia too for quite some time.”

Salesforce itself was able to announce a partnership with Walmart at the NRF event: together, the two companies will optimise the omnichannel approach at the US market leader, with seamless solutions for click&collect and local delivery from shops. The IT company also presented new tools to personalise the shopping experience and deploy retail media in a more targeted way based on customer data.

Stay up-to-date

Receive our free newsletters and do not miss out on the latest retail news.

Subscribe
logo

New York is a playground for innovative retailers. Emerging trends include NFTs, recommerce, community building, personalisation... but also a focus on profitability. We look back at the world's biggest retail event and tip noteworthy store concepts.

More on General
See more
  • icon
    General6 February, 2023
    Is the Amazon bubble about to burst?

    Although sales at Amazon continue to grow, alarms are going off behind the scenes. There were barely any profits in the fourth quarter, key cloud revenues are slowing and Amazon admits it is not yet successful in food.

  • icon
    General3 February, 2023
    Galeria plans to sell Inno

    German parent company Galeria Karstadt Kaufhof wants to sell its Belgian subsidiary Inno. The ailing group is said to be hoping for proceeds of tens of millions of euros.

  • icon
    General3 February, 2023
    Bijenkorf scales back international e-commerce

    Due to rising costs, Bijenkorf is discontinuing online activities in German- and French-speaking countries. From now on, the luxury department store will focus entirely on the Dutch and Flemish markets.

Events
  • 16
    Feb
    Captains of Retail 2023
  • 23
    Mar
    Omnichannel & E-Commerce Congress
  • 20
    Apr
    RetailDetail Congress
  • 11
    May
    Fashion & Beauty Congress
  • 15
    Jun
    Human Resources & People Congress
  • 29
    Jun
    Food Congress
Most read
  • icon
    Food24 January, 2023
    Europeans now also allowed to eat cricket powder and small mealworms
  • icon
    Food10 January, 2023
    Makro Belgium now officially bankrupt
  • icon
    Food13 January, 2023
    Carrefour Belgium tests autonomous delivery robot
  • icon
    Fashion16 January, 2023
    False discounts earn Yoox millions in fines
Follow RetailDetail
  • socialFacebook
  • socialTwitter
  • socialInstagram
  • sociallinkedIn
footer-logo
RetailDetail, the leading b2b-retailcommunity in the Benelux, keeps retail professionals up-to-date by means of online & offline publications, retail events, inspiring retail hunts and the unique co-creation platform retailhub, where retailers and their suppliers can experience the future of shopping.
RetailDetail Mailing Address:
Kolveniersstraat 7, bus 26 
2000 Antwerp
Visiting address:
Stadsfeestzaal – Meir 78 
2000 Antwerp
How to reach us:
Directions
© 2023 RetailDetail
general conditions | privacy policy
+32 3 500 89 59 info@retaildetail.be
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies.
Accept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT