2022 was a year of seismic shifts: shifts in funding, shifts in business profitability and shifts in IPO plans. And with high inflation and ever-shifting perceptions on the economy, consumer behaviors will continue to have a major impact on the retail landscape. So, what can retail leaders expect in 2023? Here are a few trends we’re personally watching and representing within our agenda content for the Retail Innovation Conference & Expo.
However, you shouldn’t just take it from us! Due to popular demand, we’re bringing an expert VC Investor Panel to the Retail Innovation Conference & Expo! Kicking off the DTC Innovation Forum on Wednesday, June 14, three VC investors will share their insights on how they’re analyzing the evolving retail landscape, and how external factors (like the economy and shifting consumer behaviors) are influencing their investments. The investors that will be speaking on our 2023 stage include: Sonia Nagar from the Pritzker Venture Capital Group, Rick Desai from Listen Ventures and Smriti Jayaraman from Corazon Capital. Secure your seat now to hear their candid conversations on what’s next in retail.
Retail Media Networks will continue to see significant growth
According to Insider Intelligence, retail media spending will approach $60 billion by 2024. (Yes, you read that correctly. That’s only a year away!) Amazon is currently leading the pack, but other major retailers such as Walmart and Kroger are gaining momentum. Others will surely dive in as retail media continues to move off-site and up the funnel to formats like display, video and connected TV.
Note: We’ll have a few sessions on this growing topic area in June at the Retail Innovation Conference & Expo. Two sessions to note are: “How CPG Brands Can Get Maximum Value from Retail Media Networks,” presented by Jordan Witmer, Senior Manager of Retail Media, Connected Commerce, at Johnson & Johnson, and “How NBCUniversal is Driving Commerce in the Age of Media Convergence,” led by Evan Moore, Senior Vice President of Commerce Partnerships at NBCUniversal. Check out the full agenda to learn more!
Social commerce will continue to evolve as consumers seek content and community
We all know that consumers spend a good chunk of their day scrolling on social media — hence the potential value of social commerce. But towards the tail end of 2022, we saw social platforms rethink, reframe and reimagine their social commerce offerings, which presents brand leaders with new opportunities to experiment and innovate. At the core of it, though, is community and compelling content led by influencers and creators. Leading-edge brands are already capitalizing on new social commerce opportunities, especially as new platforms emerge and mature.
Note: There will be a variety of sessions on social commerce at the Retail Innovation Conference & Expo. A few brand speakers on this topic will include: Tyler MacDonald, Senior Manager of Social at PacSun and Hamid Saify, SVP of Digital Retail at Liquid Death.
Diversified distribution will be key to brand longevity
No doubt about it, brands need to be where the consumers are. DTC darlings and DNVBs (digitally native vertical brands) have to expand their footprint and broaden their reach, especially as consumers return to in-store shopping. Conversely, big-box retailers and specialty retailers are looking towards DNVBs to stay competitive. A few recent examples include Victoria’s Secret recently purchase of Adore Me for $400 million and Target partnering with Caraway to attract younger consumers. This trend will surely be an interesting one to keep your eye on as more emerging businesses look to scale and established retailers strive to associate themselves with disruptive brands.
Note: Some brands that you can expect to hear from during the DTC Innovation Forum and CPG track include Bubble, General Mills, Once Upon a Farm, Monster Energy and more!
As I mentioned above, these are key trends that we’re personally watching going into the New Year. Register to save on your ticket. And if you want even more savings, register as a group of three or more – you can save up to 50%!