NRF 2023 : Timsoft team shares insights on the Future of Retail

[New-York City, January 2023] – As the world of retail continues to evolve rapidly, with customers exhibiting new behaviors while considering environmental impacts, retailers and vendors are increasingly committed to sustainability and social engagement. This was among the key themes discussed by retail experts this year’s Retail’s Big Show, NRF 2023. 

Timsoft where represented by Ahmed Gharbi, VP Growth & Development, Khalil Tarhouni, CMO and Guillaume Cheminan, Head of Retail Operation – France. They are sharing in this blog post what they took home from this experience. 

Our team shared insights on how the retail world is changing, with a particular focus on the luxury segment, which is experiencing a shift from product-based to experience-based offerings. Guillaume, for instance, highlighted the growing importance of customer centricity and brand loyalty, as it is more cost-effective to retain existing customers than to acquire new ones. 

For 2023, our team identified four main key words that will shape the retail landscape: Agility, Loyalty, Real-time, and Personalized Digital and Physical Journey.

Ahmed emphasized the need for retailers to focus on data, mobility, and OMS to improve stock visibility and introduce new services across all channels.

Timsoft representatives also discussed the exciting possibilities of Web 3 and AI, which offer immersive and customized experiences across both physical and virtual stores. 

In addition, Khalil discussed other hot topics in retail, including return management, second-hand products, and traceability. Our CMO highlighted the importance of rethinking return policies, investing in dedicated return management solutions, and exploring the second-hand market to appeal to environmentally conscious consumers. 

Overall, the NRF 2023 was an insightful event for retailers and vendors looking to stay ahead of the curve in a rapidly changing retail landscape. Timsoft team emphasized that while the industry may face challenges in the future, there are also many opportunities for those who are agile and innovative in their approach.