Retail Unwrapped from The Robin Report https://therobinreport.com Retail Unwrapped is a weekly podcast series hosted by our Chief Strategist Shelley E. Kohan. Each week, they share insights and opinions on major topics in the retail and consumer product industries. The shows are a lively conversation on industry-wide issues, trends, and consumer behavior. Thu, 10 Oct 2024 22:17:07 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 The Robin Report The Robin Report info@therobinreport.com Retail Unwrapped from The Robin Report https://therobinreport.com/wp-content/uploads/2023/12/RR_RU_Podcast_CTAArtboard-02-copy.jpg https://therobinreport.com Retail Unwrapped from The Robin Report Retail Unwrapped is a weekly podcast series hosted by our Chief Strategist Shelley E. Kohan. Each week, they share insights and opinions on major topics in the retail and consumer product industries. The shows are a lively conversation on industry-wide issues, trends, and consumer behavior. false All content copyright The Robin Report. Perfecting the CX: Delivering Luxury Seamlessly https://therobinreport.com/perfecting-the-cx-delivering-luxury-seamlessly/ Tue, 10 Sep 2024 10:00:00 +0000 https://therobinreport.com/?p=83817 a woman looking at a mannequin in a storeNext-gen luxury retail thrives on seamless data sharing between brands and retailers, using tech to drive insights and enhance customer experience and performance.]]> a woman looking at a mannequin in a store

How do you know you’re serving your customers the way they want to be catered to? Are you making assumptions about what they need or taking for granted how they want to experience your brand?  As luxury evolves to appeal to a new generation of customers who are demanding, impatient and distracted, getting the CX right can’t be based on an intuitive guess. It needs to be based on trust. This is where the vital role of technology makes a play!

Many leaders of commodity retail and marketplaces use technology to understand customer purchasing behavior. However, it’s crucial to rethink what’s going on in retail and how to build a better relationship between brands and the retailer. Transforming the industry will take a nuanced connection between art and science: having the right stuff and the right tools are table stakes.

Tech Talk

Many leaders of commodity retail and marketplaces use technology to understand customer purchasing behavior. However, it’s crucial to rethink what’s going on in retail and how to build a better relationship between brands and the retailer. Transforming the industry will take a nuanced connection between art and science: having the right stuff and the right tools are table stakes. And the right tools increasingly are data collaborations among brands and their retail partners. Flying blindly in any retail market sector is the equivalent of a death knell, and with many younger customers, you’ve got only one chance to win them over. If they are disappointed, they will move on without a look back.

Value of Collaboration

International retailers are more advanced than their counterparts in the U.S. in realizing the value of partnerships and collaborations. Here’s a retail success story that reveals how being a collaborator and innovator pays off. A luxury French superstar retailer delivers a cool-edge, modern experience for next-gen luxury customers. The retailer understands the need for a significant industry shift towards greater transparency and access to data from retailers, inviting their brands to glean actionable insights and make informed decisions. When brands and retailers share relevant data with their respective brands, it yields valuable insights into market trends, customer preferences, and performance metrics. This enables a higher-level development of more targeted strategies and enhances overall performance. With transparency and collaboration in data sharing, stronger partnerships elevate the customer experience. And the customer is the ultimate arbiter of your success or failure.

This type of partnership transcends the need for amassing data, it is forged in a symbiotic relationship among brands and their retailers, viewing retailers not merely as distribution channels but rather as strategic collaborators. Fostering open communication channels and co-creating value through shared data insights among brands and retailers drive mutual growth and profitability while delivering exceptional value to consumers. It’s a win-win. These insights propel a positive interaction with customers and build their loyalty with an experience that doesn’t disappoint.

Roadblocks for Brands

So, how does a retailer deliver the right insights with the right context to help their brands? There are typically three key roadblocks that prevent consistent, trusted sell-out data from retail partners.

  • Consistency in Data Delivery: How do you ensure a consistent flow of sales and inventory data from retail partners? Different partners may have different data formats, reporting frequencies, or even data availability. This inconsistency can make it difficult to compile and analyze data comprehensively across all partners on a timely basis, at the top of the week.
  • Data Accuracy and Reliability: Data accuracy and reliability are hurdles. Inaccurate or outdated data can lead to flawed analyses and decision-making. Knowing the data is up-to-date, reliable, and reflects the actual sales and inventory status is crucial for making informed business decisions.
  • Standardized Metrics and Communication: Establishing a common language and standardized metrics across all retail partners is essential. Without standardized metrics, comparing data from different partners can lead to misunderstandings or misinterpretations. It’s important to speak “apples to apples” with retail partners, using consistent terminology and metrics for meaningful data analysis and collaboration.

Envision the Future

There is a mind-boggling choice of data solution platforms available to both brands and retailers. Ultimately, the right tech infrastructure must guarantee a great CX including key operational strategies of inventory management optimization and dependable supply chain management. Imagine the advantages of streamlined reporting, automation, and data aggregation among brands and retailers that enhance their performances. Imagine implementing a streamlined reporting platform and leveraging automation that reduces errors and saves time and resources, allowing for more efficient decision-making. Imagine visibility into retailer partners’ stock levels in real-time to enable precise decision-making to optimize revenue streams and mitigate potential challenges, such as overstock or missed opportunities. And then imagine data aggregation that enhances these operational efficiencies by centralizing and consolidating data from multiple sources, providing a comprehensive and transparent view for analysis and insights.

Foresight and Insight

The modern luxury multi-vendor retailer in our case study supports its innovative approach to fashion by fostering closer ties with partners and embracing cutting-edge technologies like SKYPAD. Here are some of our findings:

  • Innovation lies in harnessing advanced analytics and AI-driven solutions to unlock hidden patterns within data, enabling the retailer to anticipate regional market trends, forecast demand more accurately, and tailor product offerings to specific consumer segments.
  • The decision-making processes across diverse departments, including product development, assortment planning, and marketing strategies, have been significantly shaped by improved access to SKYPAD data.
  • With this mutual reporting solution, a brand can customize its offerings based on sell-out performance, which fosters a synergy that ensures that partner brand success directly translates into its retail partner’s success.
  • The integration of robust forecasting and demand planning also allows the luxury multi-vendor retailer’s brands to proactively meet the retailer’s needs, thereby enhancing delivery efficiency and overall customer satisfaction.
  • The data-driven approach empowers the brand to anticipate product slowdowns and swiftly implement responsive strategies, such as introducing new styles or adjusting production rates, to sustain engagement and growth with key retail partners

In summary, adopting streamlined reporting, automation, and data aggregation practices, along with fostering a culture of data sharing and collaboration, can significantly contribute to the success and competitiveness of brands and retailers in today’s data-driven business landscape.

Note: SKYPAD is a TRR Innovator

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Who’s Crushing AI: The Retail AI Index https://therobinreport.com/whos-crushing-ai-the-retail-ai-index/ Thu, 29 Aug 2024 10:00:00 +0000 https://therobinreport.com/?p=83290 a woman in a red suitThe 2024 Retail AI Index highlights 100 top retailers using AI to drive innovation and improve customer experiences.]]> a woman in a red suit

With all the buzz surrounding AI in retail, it’s hard to know where and how to properly invest in it. After all, every week feels like a roller coaster; one week AI is going to save the world, and the next we’re questioning if we’re trapped in an AI bubble. This noise isn’t going to stop in the short term. Despite all the media obsession and tech frenzy, AI is here to stay as a core tool to solve retail problems. The Retail AI Index reports on the trailblazers who are not only crushing their AI implementation but using it to push the retail industry forward in ways that make shopping easier and more delightful for customers.

Some of the report’s findings may come as a surprise, as several medium and smaller-sized businesses are among the Top 100. So, having deep pockets isn’t the only way to make the most of AI to improve everything—from revenue to customer experiences. What’s more interesting is how these top retail brands use AI in innovative ways.

AI in Context

AI can make operations more efficient. It can help consumers pinpoint products they’re hunting for. It drives revenue, provides exceptional customer service, and personalizes the shopping experience. It has been a retail tool for decades, even though its newer applications are making headlines. But which retailers have the expertise to leverage AI to really make meaningful change in the retail space?

Enter the 2024 Retail AI Index that shines a light on retailers doing AI well. This inaugural report identifies the top 100 retailers and brands that are investing in AI with a higher purpose: to delight customers and create an impact for their businesses and the world. The Index also has over a dozen case studies, facts about AI today, and details on how five advanced applications of AI are changing how people shop. These 100 companies are advancing retail through the power of AI, across multiple aspects of their business.

Retail Tech 

So, who are these 100 trailblazers? The Index serves as a comprehensive analysis of its brands and retailers. It was produced and published by Lily AI and Radii Group.

Of course, heavyweights like Amazon and Walmart rank in the upper echelons of the Top 100 list, and this makes perfect sense. Both retailers have deep pockets to scale technology. Their cultures experiment and innovate, and they have forward-thinking leaders.

However, some of the report’s findings may come as a surprise, as several medium and smaller-sized businesses are among the Top 100. So, having deep pockets isn’t the only way to make the most of AI. In fact, the research shows no clear correlation between a retailer’s Index ranking and total revenue. What’s more interesting is how these top retail brands use AI in innovative ways.

Surprises on the Top 100

The Retail AI Index was established through a comprehensive analysis of publicly available data on companies’ investments in AI across fashion, home, and beauty categories. Its analysis confirms that, of course, an increased investment in AI is linked to enhanced operational efficiency and revenue acceleration.

Mid-sized retailers such as Stitch Fix and eBay both cracked the top five. This is largely due to their significant, forward-thinking approaches to integrating AI throughout their tech stacks. Both retailers are notable for their innovative applications that offer more personalized and data-powered shopping experiences, even though their revenues are under $10 billion, which is relatively small compared to global giants like Walmart and Amazon.

Even smaller retailers like Revolve, with an annual revenue of around $1 billion made the list, based on their truly unique and innovative AI-generated clothing collection and partnership with AI Fashion Week.

This all goes to show that, although only 25 percent of U.S. retail companies have deployed AI, strategic investments in the technology can drive results for retailers of all scopes and sizes.

Feeling Some FOMO? 

Based on the Index, here are a few tips on how to up your tech practice if you want to earn a spot among the distinguished 100 retail AI trailblazers in 2025.

  1. Invest in AI with purpose.

Not that you wouldn’t … but in this era when so much of everything is AI-focused, it bears repeating: Don’t use an AI solution for the sake of simply using AI. (In fact, don’t do this with any technology!)

Ensure that the AI solution you implement solves a real problem and serves a real purpose. Perhaps you want to track trends to determine merchandise assortments. SHEIN is the expert at this, using AI to track microtrends as they rise and fall in popularity, then applying those data-backed findings to forecast demand.

Or perhaps you want to improve your customer experiences overall, both in your store and online. Fabletics’ Salesfloor app helps digital and in-store sales associates access expert sizing insights, style advice per an individual shopper’s interest, and knowledge on stock availability, improving the retail experience, no matter where a customer is shopping.

Don’t fall for a shiny new object! For your own benefit, make sure the AI solution you partner with provides measurable impact and isn’t getting caught up in the Hype Du Jour, whatever that may be in the summer of 2025.

  1. Measure everything.

Measurement is a critical part of implementing any new initiative, and this shouldn’t fall by the wayside when implementing an AI solution. The AI systems you invest in need to drive significant and quantifiable impact, and both the cost (time, budget, manpower) and results should be accounted for. Companies that excel at AI-powered personalization increase revenues by 40 percent, compared with companies that don’t leverage personalization. 

  1. Invest in the right technology and talent. 

Whether you’re planning to build an AI solution in-house, hire a consultant or agency, or purchase an AI solution, you need teams who know when and how to build, and where and when to buy. This is especially critical for consumer-facing applications and avoiding costly delays that may set your innovation agendas back months or years.

Hiring the right people ensures that any public demonstration of AI will be optimized for success. Wayfair (#5) has an expert internal team working on many of their AI-powered advancements. In fact, they have a dedicated tech blog that discusses these teams’ work. 

  1. Celebrate your tests and your successes.

Give credit where it’s due and celebrate your AI tests and successes, as well as the champions who made it all happen! Share these stories with your workforce and tell them on social media, your website and careers page, on stage, in the press — wherever appropriate. Show your team, customers, potential investors, and future employees how you value innovation and the incredible talent that brings these ideas to life. L’Oreal (#43) won eight awards at the 2024 Consumer Electronics Show for their AI-powered innovations. 

Capitalize on the AI Competitive Flywheel

As reflected in the Index, following these four steps triggers a competitive flywheel. Sharing your AI program pilots and achievements makes your company more visible and attractive to top talent who share a passion for innovation. This talent pool will then guide your business on how to most effectively invest in AI tech, partnerships, and applications.

Investing in the best retail AI tech applications then yields better results through higher sales and greater customer satisfaction, and financial success and growth further attract more top talent, as the flywheel turns and increases your visibility as an AI trailblazer.

If you’re feeling inspired and want to start your AI journey now, download your copy of the 2024 Retail AI Index for free to learn more about the Top 100 and explore over a dozen case studies.

Note: Lily.ai is a Robin Report Innovator

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Retail Transformation: The SKYPAD Prescription https://therobinreport.com/retail-transformation-the-skypad-prescription/ Wed, 26 Jun 2024 10:00:00 +0000 https://therobinreport.com/?p=73673 Retail TransformationSKYPAD drives retail transformation with its portal, blending human expertise and technology for efficient data management and strategic decision-making.]]> Retail Transformation

For the retail industry, the strategy of competitive advantage has hit a few speed bumps. The sector has transformed from a system of incremental change where small shifts created short-term leverage, to a continuum where change ignites change almost overnight. To achieve sustainable success in a digital marketplace, dynamic retail companies need expertise, efficiency, and scale. While making this statement is simple, successful execution requires leadership and a strategy that is grounded in foresight and critical thinking and is nimble and responsive enough to change. And that’s where the power of breakthrough tech solutions that solve real-life problems excels.

Retail is a margin industry. We believe that useful, standardized data output creates an increasingly efficient and creative retail environment that benefits consumers, suppliers, retailers, brands, and the environment, demonstrating that a long-term outlook can be holistically beneficial, especially to the bottom line.

New Markers for Success

If a simple definition of success in the retail industry is persuading a customer to purchase your products and pay a price that allows for profitability, there is nothing simple about the machinations and calculations required to get to that result. Operating in a digital marketplace, companies need high performance in every appropriate channel at all times, all while continuing to seamlessly expand and enhance customer touchpoints. What used to be simple merchandising decisions have evolved into a web of platforms, search engines, and channels all demanding investment for engagement, whether or not it converts to an immediate sale. And what’s more vexing is that successful retailers must outperform not only the competition — but themselves.

Safety in Numbers

Retailers can take some comfort that they are not alone. Multifaceted change is hard work. The transformation to new digital models and running a business holistically often requires partners. Just look at how the world’s leading technology firms have strategically partnered with complementary organizations to leverage advanced technologies and incorporate domain expertise. Microsoft collaborates with OpenAI, Apple designated Google as its default search engine, and Amazon Web Services (AWS) dominates in cloud networking for global businesses. These portfolio partnerships illustrate intelligent business decisions to partner up for accelerated success. It saves money in the long run to partner with a trusted tech partner that has tech expertise in its DNA. A successful technology collaboration activates the potential for dynamic business development, short-term and long-term. Admittedly, retail has been slower to adopt this shared-strength model. Identifying synergistic technology partners is now the baseline for success. So, how do retailers get off the sidelines and into the game?

Collaborative Partnership

Dynamic, shared-strength retail is built on investing in systems to automate low-level tasks so the more complicated activities can be executed through a combination of human skills supported by emerging technology. At SKYPAD we know how to balance the art and science of retail and have built a leading retail-vendor portal to alleviate mind-numbing repetitive tasks. Smart retail and brand operators have learned to embrace the opportunities presented by intelligent human-tech integration. Both fashion and retail are seasonal games, racing from collection to collection, and season to season, with little time to retool or adapt to new technology. The combined pressure of both internal and external quarterly earnings expectations often serves as a barrier blocking innovative, systemic change. This is a short-term orientation that chills long-term strategies and investments that may not promise a quick return on investment but will propel a brand into the future.

Retail Transformation

The lingering influence of retail’s merchant culture can also be a barrier to change. Mickey Drexler, Sam Walton, Les Wexner, and Steve Jobs are considered legendary merchant visionaries. They are retail executives who instinctively tapped into the cultural zeitgeist and created magic. But let’s face it, the industry has evolved from magic-making to data-driven strategies. Both can co-exist. In recent comments from Walmart’s current CEO Doug McMillon, he describes a experiencing decade-plus of sluggish transformation while the retail giant was evolving from big box to adaptive retail. He explains the balance between the company’s merchant traditions and the essential transition to a technology-enhanced organization is table stakes.

Retail’s Unique Challenges

SKYPAD empathizes with the challenges facing retailers today. Data accuracy often represents the difference between success and failure. We intimately understand retail reporting processes and systems that ensure data is aggregated accurately in an era where reporting errors can lead to misguided decisions or missed opportunities. The past is not a good predictor of solutions for today and the future. For example, in-house reporting solutions are inherently inefficient in our interconnected marketplace.

Based on market conditions and analysis of how retail traditionally uses data to make decisions, we created a retail/vendor portal. Our software is designed specifically to manage retail’s unique challenges. We blend deep retail knowledge with cutting-edge technology in a solution designed to bring our clients to new levels of efficiency with a pathway to exceed today’s market expectations.

Our portal offers a high degree of customization, allowing users to design reporting templates and data visualization options that meet their specific requirements. This breakthrough reporting solution responds to the complexity retailers face with increased data volumes, disparate data sources, and incohesive initiatives that lack integration. The portal is designed to eliminate costly development, streamline staffing, control maintenance costs, and address cybersecurity vulnerabilities. We are trusted by our partners to consistently deliver a secure data solution that alleviates compliance concerns and far exceeds most in-house reporting efforts with lower up-front, and ongoing maintenance and support costs.

Synchronized Retail Reporting

We know that accurate and timely intelligence lays a foundation for informed decision-making based on up-to-date information. We process data from the supply chain through attribution, creating a secure, actionable information stream that informs varied teams throughout our partner organizations, allowing them to pinpoint weaknesses and uncover opportunities. In other words: modern merchandising.

Our portal will help any merchant use standardized data output to create an efficient and creative retail environment that benefits consumers, suppliers, retailers, brands, and the environment. Contact us for more information and a free consultation. 

Note: SKYPAD is a Robin Report Innovators Network Partner

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A Retail Vendor Portal Built on Trust https://therobinreport.com/a-retail-vendor-portal-built-on-trust/ Thu, 04 Apr 2024 10:00:00 +0000 https://therobinreport.com/?p=55024 Retail Vendor PortalIf you visualize the future, chances are you don’t see it as a triangle. But look again. Think of the three sides as the weight of the past, the push of the present, and the pull of the future — […]]]> Retail Vendor Portal

If you visualize the future, chances are you don’t see it as a triangle. But look again. Think of the three sides as the weight of the past, the push of the present, and the pull of the future — all in constant tension. This is the Futures Triangle, an analytical tool for charting plausible outcomes based on trends.

SKYPAD, Retail Vendor Portal is about much more than data. Breaking down barriers to transparent communication lays the groundwork for new levels of trust. Trust between retailers and brands, and finally the end consumer. We are doing our part to define one truth, translating disjointed data into quality information that untethers the future of the industry from the shackles of the past.

So, in terms of today’s retail industry, consider the triangle as an uneasy balance with AI dominating the present moving retail toward its inevitable future while the weight of legacy systems keeps retail firmly stuck in the past. Now in context of this mess, the SKYPAD retail vendor portal is an operating system where integrated data, collected, and collated from disconnected inputs and propels retail from the present to the future.

How are you going to manage this? It’s an epic challenge: Most of retail’s fragmented data systems tether the industry to the past with little hope for emerging intact, anticipating the future, rather than catching up to it.

How Did We Get Here?

Let’s take a step back. As the world raced ahead with blinders on into the digital marketplace, retailers were soon drowning in disaggregated data. Demand for next-generation tools designed to harness and organize the endless tranches of stored data became a magnet for innovation. Enter the tech startups inspired by entrepreneurs who saw the problem through a different lens, recognizing it as nothing less than an opportunity.

But retailers weren’t moving as fast. Their dilemma was to build or buy solutions. At first, many retailers boldly tried to develop their own information management systems. Many eventually turned to consultants or technology partners for help. But as the data streams became more complex and analyzing the output into intelligence became increasingly opaque, systems failure was the norm.

Trust

Let’s simplify the data nightmare as a use case from the perspective of retail-vendor management. One of the most critical assets of any partnership is trust. Both sharing data and providing partners with full transparency about their brands are based on trust. This trust feeds into the greater insight of knowing that you are not alone in making sense of the cascades of data that confront you daily. From the perspective of the retailer-vendor relationship, knowing exactly where your merchandise is located and what’s selling, then applying that information to run a more profitable business, while also enhancing the customer experience, is priceless.

Yet, the biggest tech pain points for retailers and brands are systems that do not talk to each other, apps that don’t present a holistic view, and solutions that aren’t based on real-time needs. The answer to a better way forward may seem self-evident – on the surface. But if you look more deeply, unpacking the massive headaches tech-based reporting has created needs a different filter.

Emerging from the Glacial Age of Data Management

To add perspective, think of the number of retailer portals designed to accept vendor data uploads into their proprietary platforms. Then add the legions of established internal information protocols and processing teams required to systematize and organize that incoming data. So, in the interest of protecting proprietary information and systems, each retailer develops a distinct methodology for disparate data synthesis while ironically leaving their vendor data and retail intelligence vulnerable. Think about how spreadsheets and insider intelligence can regularly fall into the wrong hands as documents and data are sent via email or other insecure transmission methods.

Mastering the power of tech tools ultimately falls back on people, not systems. Internal tech teams and buyers have struggled to translate incompatible, fragmented data into their existing systems. Without a central hub designed to interpret all this data, retail vendor portal projects have been a disaster. Many have been abandoned.

SKYPAD noticed the problems and how the inefficiencies of this scattershot approach manifested and metastasized. Looking at the situation logically, our engineers designed a solution that not only collects and organizes inventory and sales data on a granular level, but one that standardizes, secures, and right-sizes the data for distribution between brand and retail partners across the industry. Our goal is to establish a tool that allows relevant parties to access the same data at the same time, defining one truth based on consistent data. You could say that our SaaS solution is the Rosetta Stone essential to a new level of understanding, a singular truth that changes retail from a reactive culture to a proactive one. And our relationships are based on trust. With clean, coherent, dynamic data as a scaffold, analysis, inventory, localization, distribution, and AI strategies can emerge.

Anticipating the Future

So much technology is just another element in a sprawling technology stack. We start from another vantage point: We do not underestimate the power of foresight principles, examining the long-term impact of business, and exploring implications for multi-brand department store and ecommerce retailers, brand clients, consumers, and even the planet. It is critical intelligence culled from disconnected threads of data. This intelligence transforms the Futures Triangle making the weight of the past diminished, and shapeshifting to the pull of the future.

Imagine how multi-brand department stores or ecommerce retailers can be relieved from complicated layers of organizational workflow, reducing risk, increasing productivity, supporting pricing optimization, and stemming costs. Imagine a painless data distribution platform that can be leveraged and applied to popular and emerging sales channels including marketplace, resale, and AI-fueled models. And then imagine bridging the data divide between your organization and the brands you work with. It distills into a simple truth: solving the issue of fragmented data facilitates growth.

And who benefits the most from an integrated reporting system? The consumer.

Refined data accommodates ideal pricing enabling more full-price sales. On the face of it, customers in the habit of shopping markdowns may not love full-price sales. But honestly, how can any customer trust a retailer that races to the bottom with price promotions? How can you trust a price-slashing merchant that undervalues its merchandise? What is anything really worth? If a brand can save a consumer time, establish an informed definition of value, and gain trust, it can unlock the ultimate brand opportunity, a loyal relationship.

The Planet

When we mention the planet, SKYPAD thinks on a higher level by providing a better plan for the environment and thus humanity. When business intelligence allows partners to operate more efficiently with a platform that enables better decision-making in product development, distribution, and new initiatives, it results in fewer returns, overstocks, and waste. Retail and apparel‘s negative impact on the planet has been well documented. We believe that the best way to support a more livable world is through considered design and small, yet focused collective efforts.

In sum, SKYPAD is about much more than data. Breaking down barriers to transparent communication lays the groundwork for new levels of trust. Trust between retailers and brands, and finally the end consumer. We are doing our part to define one truth, translating disjointed data into quality insightful information that untethers the future of the industry from the shackles of the past.

Note: SKYPAD is a Robin Report Innovator. For more information on our Vendor Retail Portal and other breakthrough reporting solutions.

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10 Top Brands to Watch in 2024 https://therobinreport.com/10-top-retail-brands-to-watch-in-2024/ Mon, 04 Mar 2024 11:00:00 +0000 https://therobinreport.com/?p=48175 Top Retail Brands to Watch in 2024Everyone loves a winner. And we’re all intrigued by why top retail brands are scoring big with consumers, and why legacy brands are experiencing renewed growth. The reasons behind any retail brand’s success are complex and influenced by next-gen behavioral […]]]> Top Retail Brands to Watch in 2024

Everyone loves a winner. And we’re all intrigued by why top retail brands are scoring big with consumers, and why legacy brands are experiencing renewed growth. The reasons behind any retail brand’s success are complex and influenced by next-gen behavioral trends, cultural memes, the power of value, and more recently, migration patterns. In 2023, retail beauty and self-care retailers outperformed as did value-driven dollar stores. The membership warehouse clubs held their own. And no surprise, second-hand, resale brands are growing. In a new reportPlacer has identified 10 top retail brands poised to take off in 2024 in a new report, available to Robin Report readers. 

Ever heard of Harbor Freight Tools? Well, it sells tools and equipment in 1,400 locations in 48 states and was founded by the Smidt family 46 years ago. They bill themselves as the “go-to store for low prices on power tools, generators, jacks, toolboxes and more.

There are valuable lessons for all retailers in the analysis and back stories of how each of these brands is ready for growth this year. Each is a litmus test for what factors into retail success. Here’s a sneak preview of a selective sampling of their top picks to pique your curiosity about what it takes to be a winner.

  • Everyone recognizes the distinctive N logo on New Balance sports shoes. They are becoming new sneaker selects for next gens while not losing their popularity with older customers. Read about why this American icon established over a century ago is experiencing a renaissance.
  • Ever heard of Harbor Freight Tools? Well, it sells tools and equipment in 1,400 locations in 48 states and was founded by the Smidt family 46 years ago. They bill themselves as the “go-to store for low prices on power tools, generators, jacks, toolboxes and more.” Find out how their local store strategy and value positioning are on point for their growing base of loyal customers.
  • On trend with the demand for secondhand discoveries and its role in supporting sustainable retail, Winmark franchises five retail resale brands. With a diversified portfolio, Winmark focuses on musical instruments, kids’ clothes and toys, sports equipment. and women’s apparel. Learn how they mastered the resale market, developed niche customer bases, and are on a growth trajectory for 2024.
  • And veteran Trader Joe’s, a Californian pioneer in alternative grocery when Joe Colombe named his new venture as a riff of Trader Vic’s, is on a roll with a new generation of savvy customers. With a stake in social and sustainable responsibility, Trader Joe’s feeds into the sweet spot of next gen consumers.
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Placer.AI’s Top Retail Brands to Watch In 2024

Download your complimentary copy of Placer’s 10 Top Brands to Watch in 2024 to learn about the macro trends influencing retail as it continues to evolve in a disruptive, digital marketplace. You’ll get insights and information you can apply to your own brand to fuel high performance in 2024.

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