Key takeaways from NRF Retail’s Big Show 2024 in Singapore: the future of retail in Asia-Pacific

NRF 2024 made its debut in the Asia-Pacific region, marking a pivotal moment for retail. Over three days at Marina Bay Sands, 7,000 participants and 238 exhibitors came together to address the industry’s challenges. With 100 expert speakers across 60 sessions, the event offered a global platform to explore the latest trends in retail, from AI to omnichannel strategies.

Retail transformation: shaping the future of customer experience

Retailers are reimagining the customer journey, driven by new technologies like automation, AI-powered content, and personalization. Across industries—from consumer goods to real estate—businesses recognize the need for operational change. Omnichannel retailing, in particular, has become a central focus.

Leaders from brands like AEON Group, Amazon, Coca-Cola, CapitaLand, and Hermès shared valuable insights. Chris Chong, CEO of Retail & Workspace at CapitaLand Investment (Singapore and Malaysia), highlighted the company’s vision. They aim to transform malls into lifestyle hubs that excite and engage visitors. “For a mall to thrive, it needs a vibrant ecosystem,” said Chong. He emphasized the importance of events tailored to specific audiences to stand out in a competitive market.

Entering the experience-driven era of retail

Consumers today seek convenience, proximity, and unique experiences. Many sessions at NRF 2024 showcased how technology can help meet these evolving needs. Yet, retailers face the challenge of balancing customer expectations with business profitability.

Kent Lam, Head of Technology at Decathlon Hong Kong, shared the company’s strategy. They balance customer-focused innovation with operational efficiency. By optimizing operations, Decathlon has built a sustainable and profitable business model. This example shows the importance of continuous innovation while maintaining profitability.

The NRF Innovation Lab: a glimpse into the future of retail

Attendees also experienced cutting-edge retail technologies at the NRF Innovation Lab. These included AI, augmented reality, data analytics, and Web3. Such innovations represent the future of retail, helping businesses integrate digital advancements seamlessly.

At Google’s booth, Google team presented its composable Integrated Commerce Accelerator. This tool allows retailers to unify commerce data on Google Cloud BigQuery. In doing so, they can deliver personalized consumer experiences using AI.

Luxury Retail’s response to changing consumer dynamics

Luxury retailers are preparing for the next era in retail. They are redefining their brand experiences to remain relevant in a competitive market. Each segment of the luxury industry is working to differentiate itself. They are introducing new norms and experiences to connect more deeply with customers.

Customer loyalty is waning, so brands must adapt. To succeed, they need to understand changing behaviors, emerging trends, and the impact of digital transformation. Those who can evolve will thrive in this new landscape.

Key takeaways from NRF 2024 APAC

The first NRF event in the Asia-Pacific region was a landmark for retail. It marks the beginning of a new era, recognizing the region’s importance in the global industry.

Here are the key insights from the event:

• Shifting consumer behaviors: Asian consumers are focusing on convenience.
• In-store innovation: Brands are enhancing in-store experiences through technology.
• Omnichannel retailing: It is now a necessity for brands to thrive in this region.
• Data as a driver of growth: Converting in-store customers into digital ones (and vice versa) helps collect valuable data on preferences and habits.

The NRF APAC event delivered insightful sessions, innovative technologies, and excellent networking opportunities for retailers across the region. As it grows, the event is set to become a central platform for retail innovation. VISEO looks forward to attending next year, as Singapore continues to lead the way in retail transformation.