3 Key Trends to Keep an Eye on at NRF 2024: Retail’s Big Show

As we count down to the kick-off of NRF 2024: Retail’s Big Show, the excitement for one of the industry’s most hotly anticipated trade shows only continues to build. Make it matter, the slogan for this year’s event, calls for exhibitors, speakers and attendees to take meaningful action now, following a challenging year for retail.

With over 1,000 exhibitors covering 300,000 square feet of New York’s Javits Center, NRF 2024 will provide visitors with the opportunity to experience firsthand the latest innovations that will shape the retail industry in 2024.

With that in mind, we’ve outlined 3 key trends that we expect to reign supreme at this year’s NRF event…

Anti-Theft Focus

So much of this year’s retail discourse has been dominated by theft and the challenges it has caused retailers. In fact, according to NRF, retail crime accounted for approximately $112 billion in industry losses in 2022. Retail theft is rising. However, CRN, reports that despite the gradual increase in theft, there hasn’t necessarily been a shocking increase in the number of incidents over the past few years.

Concern still remains, though. The brazen attempts to steal products showcased by consumers in recent months has brought the subject closer to the attention of retailers. Unfortunately, it is also impacting consumers as well – with Statista finding that nearly a quarter of shoppers have chosen to visit stores less frequently due to retail theft.

Ahead of NRF 2024, don’t be surprised to see a number of exhibitors focusing on anti-theft technology solutions that can alleviate theft concerns for retailers. Whether it is RFID-based product tracking, secure self-checkout terminals or wider loss prevention innovations around in-store cameras or alarms, anti-theft is expected to be high on the priority list this year.

Teamwork Commerce will be demonstrating its RFID-Powered Self-Checkout solution at this year’s event, showcasing the very best in secure Point of Sale (POS) technology. Visit booth #5957 to see why the solution has been deployed in over 2,000 stores worldwide. 

In-Store Evolution

While retailers strive to keep shoplifters out of their stores, they are still determined to bring purchasing customers in. As consumers continue to show an eagerness for experiential retail, shop floor activity has come into the spotlight for many retailers, who are now prioritizing their in-store capabilities to meet customer demands.

Over the last couple of years at NRF we have seen innovations such as Virtual Dressing Rooms, Mobile Point of Sale and Self-Checkout Kiosks become increasingly intuitive. Expect to see further developments in January as technology providers continue to leverage emerging technologies – such as generative AI and Virtual Reality – to develop their solutions. With the right investment, retailers will be able to deliver high-quality shop floor interactions that create seamless in-store experiences.

At this year’s show, Teamwork Commerce will be demonstrating its brand new iPhone POS solution, Boasting exceptional mobility, and an excellent User interface and experience.

Understanding Customer Priorities

Improving in-store capabilities to attract customers is one thing, but retaining them is another task in itself. In order to develop long-term relationships with in-store visitors, retailers must be able to get to know their wants and needs, and cater towards them.

The current state of the economy has only exacerbated this challenge, with customers understandably tightening their wallets. At NRF 2024, our final expected trend will be focused on building customer relationship. Through Customer Relationship Management (CRM), Clienteling and Data and Analytics solutions, retailers can begin to really understand their customers, and curate specific offers and discounts that fit their needs.

Not Long to Go…

NRF 2024: Retail’s Big Show is round the corner. As we count the days down to stepping foot into the Javits Center, we can’t wait to gather some incredible insights, bear witness to emerging technology solutions and make new connections from across the retail industry.

Interested in learning more about how Teamwork Commerce can help your retail brand evolve its technology capabilities? Book a meeting with us at NRF here!