It's Time To RISE: A Recap Of One Of Retail's Newest And Best Events
By Erin Harris, Editor-In-Chief, Cell & Gene
Follow Me On Twitter @ErinHarris_1
The 2016 NRF BIG Show may be in the rear-view mirror, but the countless data attendees gathered before, during, and after the show will help retailers improve their businesses in 2016 and beyond. I had the pleasure of attending a few pre-NRF events, including RISE (Retailer Innovation & Shopper Expertise Symposium) held The Gansevoort Park Avenue. RISE’s tagline, “to unite the most experienced, accomplished, and respected leaders in the industry … and to celebrate the future of retail, diversity, and innovation,” exceeded expectations.
Indeed, RISE’s primary purpose was to celebrate inspirational women in digital and retail technology, and to say that it succeeded in its effort is an understatement. The one-day inaugural event featured some of the retail industry’s best and brightest luminaries, who delivered actionable, impactful data on innovation in retail. The event offered something for everyone, as it featured keynote speaker, Sallie Krawcheck, CEO and co-founder of Ellevest, as well as several panel discussions, which included the executives from female-founded and operated startups, futurists, analysts, and more.
RISE was rich with educational sessions, and here are some of the highlights.
During the panel session, “How Data And Communication Are The Real Drivers Behind Successful Innovation And Customer Experience,” Sumaiya Balbale, VP Marketing at Jet.com, stated that marketing no longer solely owns the customer. Indeed, she emphasized that every department, every title, owns the customer, and it’s the role of the entire organization to get to know her better. Janet Hawkins, president and CEO of Opterus, stressed that real-time data must be communicated back to store ops, as that is vital to enhancing the customer experience. Hawkins also stated that not only should store ops teams remain compliant in their daily tasks but also they must remain accountable for the completion of their duties. When asked to comment on 2016 trends, Balbale stressed that customers recognize inauthenticity; as such, retailers must be completely transparent with their messaging. Hawkins advised retailers to stop being territorial with data, as shared data benefits the entire organization.
Disruption Prevails
Another insightful panel discussion, “Disrupters And How They Are Shaping The Future Of Retail,” featured luminaries from CNBC, The Hersey Company, Hointer, and SXSW Interactive Advisory Board. This session offered a lively discussion among the panelists about what qualifies as true disruption in retail. Lina Yang, futurist and director advanced technology lab, The Hersey Company, explained that part of the future of retailing will be smart shopping that overcomes the notion of “mundane shopping,” (think typical grocery runs) and that disruption will continue to be born from startups. She advised attendees to act on disruption, stating that if disruptors don’t bring their concepts to market, someone else will. The panel covered whether mobile and online retailing will consume the industry and whether the number of brick-and-mortar locations will drastically decrease. Everyone was in agreement that while brick-and-mortar will not go away, the sheer number of locations will decrease in the next few years, especially traditional malls. Nadia Shouraboura, CEO and founder, Hointer poignantly and emphatically defended the importance of physical shopping, and that as a result, while physical and digital realms will continue to mesh, brick-and-mortar is here to stay.
Every session was superb, but my personal favorite, “Female Founders Starting Up,” featured some of today’s most innovative startups, all founded and operated by women. Corie Hardee, founder and CEO of Union Station, Ruchika Kumar, co-founder of skuIQ, Daniella Yacobovsky, co-founder Bauble Bar, and Karen Moon, co-founder and CEO, Trendalytics explained how to pique the interest of investors. Hardee explained that entrepreneurs need to have an abundance of data to present to investors and to help investors understand the customer’s need for your particular solution. The executives also shared some of the key points that have helped them shape their companies, including leveraging social networks such as Instagram and email marketing to turn their marketing messages into conversations with their customers. Each of the executives agreed that technology is a critical factor to driving innovation, sales, etc., but that technology for technology’s sake isn’t the answer. They stressed that retailers must first identify and define their challenges, goals, and outcomes and then rely on tech to aid the process.
This recap is just a glimpse of what RISE delivered to its attendees. Sponsored by Toshiba, it’s clear that this event has legs. I look forward to attending next year’s event, and I highly suggest you do, too.
For more information about RISE, visit www.rise.toshibatec.com.