What: Coresight offers a synthetic view of its key learnings at the WRC.

Why it is important: Sustainability and Values are two topics that were also strongly promoted at the NRF Big Show in January 2022, along with the Metaverse opportunities.

Coresight takes stock of the 3 days of conferences that took place in Rome during the World Retail Congress at the beginning of April, 3 years after its latest edition in 2019. The intelligence company draws conclusions on 5 topics: Metaverse, Values, Sustainability, Consumer and Macro vision.

Metaverse: for Coresight, retailers should jump in the pool with a test and learn mentality. Given the fact that it is highly probable that Gen Z will be the first metaverse-friendly generation, this is a compelling opportunity for luxury brands, including Metaverse-born ones (such as Cult & Rain). However, virtual IP protection will be vital to avoid any legal issue.

Values: many key retailers stressed out the necessity of playing an ethical role in the community they serve, as shown by Ron Johnson or Walter Robb. For them, understanding their purpose makes money happen, not vice versa. Whole Foods for instance achieved its success through adopting a stakeholder philosophy, listening to customers, team members and the environment, and maintaining high quality standards. For Robb, the role of company leadership is to support team members, who support customers.

Sustainability: from a niche and European-centric topic, sustainability has now become global, also spanning all generations. At Levi’s, sustainability is a strategic imperative and involves many innovative processes to reach the goals. Ahold Delhaize also shared their actions in this field.

Consumer: new consumer personas are identified: Digital Arrivals (who appreciate and expect convenience), Subscribers (looking for subscription models across the board), Ethical consumers (aligning their purchases with their environmental and social values), and Thrill Seekers (usually young, digitally native customers expecting retailers to serve them in all capacities).

Macro: global GDP will decline in 2022 as a consequence of the Russia – Ukraine war and its consequences on oil, food and raw material prices.

Lessons from the World Retail Congress