Author: 23 Jan 2023minutes read
The National Retail Federation's “Big Show” in New York City has come and gone, but don't worry you can still learn about, or even relive, the biggest and brightest moments from #NRF2023.
For a full three days, thousands of retail professionals convened at the Javits Center in midtown Manhattan to discuss the future of the industry. The Buy with Prime team was on the ground at the conference, and we're rounding up the most exciting revelations.
Gen Z is changing shopper norms and shifting consumer habits. As a group, they're more focused on sustainability, ethical consumption, and corporate responsibility than earlier generations. And they're entering the workforce in droves, gaining spending power. According to a 2021 Bloomberg report, they hold $360 billion in disposable income. Some of the major keynotes and exhibits examined Gen Z behavior, with brands like Forever 21 and Barbie showcasing their Gen Z-targeted influencer marketing strategies and executives from luxury brands like Coach speaking on their new understanding of Gen Z audiences.
The Buy with Prime app for BigCommerce is launching. To simplify catalog management and order tracking, Buy with Prime announced an app that easily integrates with existing BigCommerce retail sites. BigCommerce merchants can add Buy with Prime to their store without any coding, and manage their product catalog in one place. Offering fast, free delivery and a checkout experience trusted by millions of Prime members can help merchants to attract shoppers and increase shopper conversions by an average of 25%*. Those interested in the new integration can sign up for the interest list to be notified when it's available.
Robots and Artificial Intelligence (AI) showed up at #NRF2023 in a major way. New technology will increasingly play a role in how businesses manage fulfillment, making human workers more efficient. Throughout the exhibition hall, attendees could see demos of robots climbing to the top of warehouse shelves, nimbly packing large orders, keeping track of inventory and even making snack deliveries. And a session with national grocer Kroger showed how the brand is leveraging AI simulations to determine a store's ideal layout.
One of the most decorated Olympians with seven medals, Simone Biles shared how athletic goals are similar to business goals. As a keynote speaker, Biles talked to NRF chief marketing officer, Martine Reardon, about her upbringing and the lessons her mother taught her about setting aggressive goals. She emphasized the importance of passion and perseverance as key traits business owners must possess to succeed.
During the show, the National Retail Federation announced that the show would expand to Asia Pacific in 2024. Next summer, in addition to its annual show in New York, the federation will host an NRF retail show in Singapore where they expect thousands of retailers to attend. And the expansion makes sense. According to a 2021 research report from McKinsey, Asia’s consumers are predicted to make up half of global consumption growth over the next decade, representing a $10 trillion opportunity. Singapore is seen by the event planners as a gateway to the region.
We're inspired by the lessons we learned at NRF 2023, and we're excited about how merchants are using Buy with Prime to guide the future of retail. With the show over, we're setting our sights ahead for further innovations and discoveries in online selling. To keep up with the latest in ecommerce, be sure to check out the Springboard blog.
If you're an ecommerce merchant wanting to grow your business, learn how you can add Buy with Prime to your site.
*This data point measures the average increase in shoppers who placed an order when Buy with Prime was an available purchase option versus when it was not, during the same time period.