If you could sum up the NRF 2014 show in one word, it would have to be “big.” And this time, as attendees know, it was “REALLY big!”
Our Ketner Group team descended upon New York recently along with 30,000+ other NRF attendees, and the show was big in every way: More attendees than ever. More exhibitors on three different levels of the Javits Center. More social buzz (check out the #NRF14 social infographic from the National Retail Federation). And for Ketner Group, a full schedule of editor and analyst meetings for our retail technology clients. It was an exhilarating, information-packed, exhausting event that underscored why NRF is THE “can’t miss event” for retail.
What were some of the big impressions we walked away with? Here are some thoughts based on the meetings I participated in, as well as a few other nuggets.
Omnichannel and Big Data were key topics. Despite all the buzz about omnichannel, there was widespread discussion about siloed channels, inconsistent pricing, and an inability to forecast and plan across channels. I came away convinced that true omnichannel retailing is still several years away, at least, for many retailers; one analyst said flat-out that “no one” is doing a good job in planning and forecasting omnichannel demand.
And while nearly every vendor claimed to be leveraging Big Data in some way, one analyst says that only 15% of Fortune 1000 companies will be prepared to use Big Data correctly by 2020. For all of us who make our living in retail technology, it’s a sobering reminder that there’s still a big gulf between hype and reality in some cases.
The really hot topic of discussion at NRF was data security; the Target and Neiman-Marcus security breaches were top of mind, and since the show, the news about security has only gotten worse. Clearly PCI compliance isn’t enough, especially when someone with inside knowledge can access information, as appears to be the case with Target. Suddenly, chip and pin is on its way to becoming a household word – and from my perspective, it can’t happen soon enough.