What: Coresight lists the key learnings from Shoptalk, an IADS partner.

Why it is important: Organizational change is probably the most interesting topic, as it is a direct consequence of all the other changes, and the topic of the 2023 Academy program.

Each year, Shoptalk unites leading brands, retailers, technology companies, investors and more to explore the evolving retail landscape and pave the way for next-generation retail. Coresight believes that brands and retailers globally would benefit from pursuing initiatives across the five identified evolving themes identified at Shoptalk, continuously innovating their organizations and operations to adjust to the shifting retail landscape and provide shoppers with the best retail experience possible, and which are:

•    Technology: Artificial intelligence (AI) and Web3 were hot topics of conversation at Shoptalk 2023, including their impact on supply chains and store and customer experiences. Coresight Research presented on the importance of intelligent, connected supply chains that utilize Web3.

•    Store experience: Empowering store associates and experimenting with new store formats are key to delivering great store experiences in the post-pandemic world.

•    Shopper engagement: To better engage with consumers throughout the shopping journey—and even after they complete their purchase—retailers should employ personalization strategies and tap opportunities in the video format, including short-form, long-form and livestream content.

•    Emerging channels: While there are many emerging channels retailers should keep an eye on, social media and secondhand markets are among the top emerging channels in the US. Moving forward, companies will need multichannel strategies to meet consumers wherever they are.

•    Organizational changes: These abound in the current retail landscape, as reimagined partnerships drive cultural relevance and companies look to hire top tech talent and increase organizational productivity.

5 key trends to keep from Shoptalk