NRF Retail Converge: Day 4 highlights

There’s no playbook in leadership, but you must put people first
Listen to a recap of Day 4

SAP’s Future of Consumer and Retail podcast

NRF Retail Converge continues this week with sessions featuring leaders from retailers across the industry. Check out the recap below and join us at the virtual event through Friday, June 25 to learn from more retail experts.

Former Best Buy CEO Hubert Joly has an interesting perspective on leading in business. “Listen to the front-liners, they have all of the answers,” and “Treat profit as an outcome, not as an ultimate goal,” he said during a keynote presentation at NRF Retail Converge. With a people-centered approach, it’s not surprising that Best Buy was able to achieve a transformation as one of the nation's favorite employers after a challenging period of store closures and plummeting stocks in the summer of 2012.

Williams-Sonoma, Inc. successfully deployed omniservice, seamlessly transitioning its in-store interior designers to virtual design consultants. What customers want from home retailers is safe, sustainable furnishings and CEO Laura Alber says the company has just scratched the surface on over-exceeding customer expectations.

Macy's Chairman and CEO Jeff Gennette says Macy's is a “digitally led omnichannel retailer” with a performance-driven culture modernizing the supply chain and using data analytics as a driver for its updated website, enhanced app and improved store and returns experiences. Stay tuned as Macy’s is likely to lead in apparel when it debuts small store concepts later this year.

Opt for a variety of options

Sally Beauty’s augmented reality allows customers to try different hair colors virtually and Wayfair AR lets them see furniture in their homes. With the convenience this technology provides, it's no wonder consumers and retailers are seeing accelerated adoption. Leaders shared AR benefits for the industry and why when it comes to AR, it's all about engagement.

Influencers play an important role in consumer sentiment for new products, especially this past year when recommerce boomed. Experts from Spotify, thredUP and Stitch Fix explored ways to reach new consumers who value personalization, and why Gen Z’s point of view of a brand can make or break it.

With digital payment innovations popping up at checkout, how do consumers know what options are available before they buy? Retailers should focus on the platforms that provide efficiency and leverage tech capabilities to get to know the habits of their customers before they click the “add to cart” button.

In the Equality Lounge: A cultural shift in financial independence

In the last 10 years, the breadwinner model has changed — more women are working, waiting to have kids and achieving financial independence. Women are known to use money differently and often make better investment decisions. In this Equality Lounge session, female leaders share the investment strategies that resonate better with women and why women's needs should always be part of financial decision-making.

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