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Reasons to Read

Each year, the IRS (Internal Revenue Service) reports tax return filings and refunds on a weekly basis. This year, the filing deadline was on April 18. Wrapping up our US Tax Tracker series, we look at what happened in the 2023 tax-filing season, as of April 21, 2023.

We also discuss consumers’ plans for their tax refunds, based on proprietary survey data.

Data in this research report include:

US consumer expectations to receive tax refunds
US consumers’ plans to use their tax refunds, including the categories that they expect to spend on
Number of returns filed and processed, and total and average refunds returned to date
Total annual refunds disbursed, 2015–2023YTD

Other relevant research:

Our wrap-up report on the 2022 filing season

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Our Weekly US and UK Store Openings and Closures Tracker reports on store closures, openings and bankruptcies.

Data in this research report include:

2023 week-by-week comparisons of announced store closures and openings in the US and the UK
2022 week-by-week comparisons of announced store closures and openings in the US and the UK
2023 major US store closures and openings
2023 major UK store closures and openings

Companies mentioned in this research report include: Christmas Tree Shop and Mango

Other relevant research:

Weekly US and UK Store Openings and Closures Tracker 2023, Week 17: Bed Bath & Beyond Drives US Closures
The full collection of Weekly US and UK Store Openings and Closures Tracker reports

Complementing our weekly report, the Coresight Research US Store Tracker Databank offers our premium subscribers access to openings and closures data from 2012 to 2023 year to date, filterable by sector and year—now including retailer-level data.

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Reasons to Read

Coresight Research is a research partner of Shoptalk Europe 2023, which took place May 9–11 in Barcelona, Spain. Shoptalk Europe is an annual retail conference focusing on retail innovation.

We present key insights from day three of Shoptalk Europe 2023.

Companies covered in this research report include: Ahold Delhaize, Alibaba, Amazon, Carrefour, Chalhoub Group, ChatGPT, Endeavour Group, Farfetch, Mytheresa, TikTok and Unilever

Other relevant research:

More Coresight Research reports on emerging technology, physical retail and retail media
Your Strategic Guide to Shoptalk Europe 2023: Our Pick of the Agenda
Do not miss all our coverage of Shoptalk Europe 2023, including Innovator Profiles, our Startup Pitch preview, daily insights and a wrap-up of the event.

Executive Summary

Coresight Research Insights

Key sessions during day three at Shoptalk Europe 2023 covered the following major themes: shopper engagement, emerging channels, store experience, technology and organizational changes.
Retail media took center stage at Shoptalk Europe 2023 today, with a particular emphasis on personalization in retail media. Personalization in retail media is important in a world in which consumers are overwhelmed with messages; however, personalization requires data, and data requires consumers’ trust. If companies can create trust with customers, they will share their data and keep coming back.
In the post-pandemic world, in-store experiences are more important than ever—new store formats, experiences and services are just some of the methods companies can use to make in-store shopping seamless, convenient, entertaining and even inspirational.
To obtain and maintain a high-quality frontline workforce, companies must adopt flexible hiring and development processes, utilize emerging technologies to provide employees with the information they need, and create new, fulfilling roles and opportunities.

Introduction

Coresight Research is a research partner of Shoptalk Europe 2023, which took place May 9–11 in Barcelona, Spain. Shoptalk Europe is an annual retail conference focusing on retail innovation.

We present our top insights from day three of Shoptalk Europe 2023.

Shoptalk Europe 2023 Day Three: Coresight Research Insights

Emerging Channels: Retail Media and Personalization

Emerging Channels Outside of Europe

In the “Leading-Edge Retail Innovations from Outside of Europe: China, US and Beyond” session, Marie Driscoll, CFA, Managing Director of Beauty and Luxury at Coresight Research, interviewed Benjamin Thompson, Head of Digital Innovation at Endeavour Group, the owner of Mixin by Endeavor, a retail media group. Endeavor has been experimenting with retail media since 2017, using personalization to provide relevant discovery and experimentation with a regional twist. Recently, Endeavour invested in Fortress, “the Southern Hemisphere’s largest video gaming and esports entertainment franchise,” to enter the gaming and entertainment business. Over the next two years, Endeavour’s top priority is to partner with technology providers to enhance their customer experience, create content at scale and further personalize their content.

During the session, Driscoll also interviewed Gareth Locke, Chief Growth Officer at Mytheresa, and Joaquín Mencía, Chief Innovation Officer at Chalhoub Group, about recent innovations at their companies, emphasizing new consumer opportunities and emerging channels. At Mytheresa, an online fashion and luxury retailer, the company has launched four exclusive designer capsule collections from Didu, Jacques Wei, Susan Fang and Xu Zhi, showcasing their commitment to the Chinese luxury ecosystem. According to Locke, China provides a serious luxury opportunity. For more on the Chinese luxury ecosystem, read the Coresight Research report, Consumers’ Appetite For Luxury in a Post-Zero-Covid China.

Chalhoub Group, a luxury retailer in the Gulf Cooperation Council (GCC), is also looking for new regions for growth, especially where it sees similarities in consumer behavior to regions where it is already operating. Likewise, it is remaining opportunistic and creating owned brands to leverage white spaces it sees in the market. Meanwhile, it is also meeting consumer demand for sustainability by investing in recyclable packaging, reselling pre-owned merchandise and offering made-to-order sneakers. Specifically, the “pre-loved” merchandise creates a flywheel effect via the buy-back program, enhancing customer loyalty.

Driscoll during the “Leading-Edge Retail Innovations” session
Source: Shoptalk Europe

During the “Raising the Bar in Retail Media” session, Wouter Kolk, CEO, Europe and Indonesia, at Ahold Delhaize (Ahold; a Netherlands-based multi-sector retailer), alongside Selma Postma, Chief Digital Officer, Europe and Indonesia, at Ahold, announced that their company’s European retail media program—AD Retail Media—will focus on the Netherlands and Belgium and non-endemic advertisers (i.e., products and brands not sold in Ahold’s stores), creating a highly personalized experience. Postma underscored the importance of personalization in a world in which consumers are overwhelmed with messages; however, personalization requires data, and data requires consumers’ trust. To this end, Postma revealed a “simple truth:” If a customer trusts you, they will keep doing business with you and share their data.

Ahold’s CFO previously targeted €1 billion ($1.1 billion) in revenue from complementary revenue streams, and Postma noted that this income stream is needed for the company to invest in personalization and the omnichannel journey. Later, Kolk discussed how industry collaboration is required to address fragmentation in retail media, a subject we heard much about on day two of Shoptalk Europe 2023.

The “Raising the Bar in Retail Media” session: Kolk (left), Postma (center) and Ben Miller, Director of Original Content at Shoptalk (right)
Source: Shoptalk Europe

We heard more on retail media from Stephanie Phair, Group President at Farfetch. While discussing retail media, Phair stated, “there is a playbook for that,” pointing to Amazon and Alibaba’s Tmall as go-to examples of monetizing large-scale audiences. In retail media—as in retail more generally—processes need to be adapted for the luxury sector. Phair noted that Farfetch has built its Media Solutions business through brand-building partnerships, including telling stories for Valentino and Ferragamo through various livestreams, product shoots and generative AI initiatives.

Phair of Farfetch
Source: Shoptalk Europe

Retail Media Partnerships

Retail media was further discussed in the “The Retail Zeitgeist: Four Trends Transforming Retail’s Playground” session, which featured Shoptalk’s Krystina Gustafson, SVP of Content, and Ben Miller, Director of Original Content. There, Miller discussed seeing traditional retail relationships change due to the evolving retail media landscape. Now, it is the retailers have an advertisement-related product as well: their audience. According to Miller, there are three main criteria brands should use to assess if a retail media partnership is successful:

The size, characteristics and uniqueness of the intended audience
The availability, timeliness, accuracy and source of the data obtained
The ability to deliver great content through the formats available

“Retailers must be prepared to demonstrate the value of their networks to prospective advertisers to avoid this just becoming a new cost of doing business,” he explained.

Elodie Perthuisot, Chief E-Commerce, Data and Digital Transformation Officer at Carrefour, also spoke on retail media. She stated that retailers’ abundance of real shopper data means they can be better than a traditional advertising network—retailers can now know what happens after the advertising impression, whether or not consumers complete their purchases, and what customers do the rest of the time—i.e., before the advertising impression. Still, Perthuisot remarked that a retailer is not traditionally a good advertiser, so Carrefour has partnered with Epsilon and Publicis to create a hybrid company, somewhere between a retailer and an ad agency.

Data, Opt-Ins and Expansion

Separately, Carrefour’s Perthuisot discussed:

Consumers’ willingness to share data with retailers—Carrefour found that some 80% of shoppers will share their data as they like having personalized information, while 20% do not agree to data opt-ins.
Omnichannel customers are better customers—At Carrefour, shoppers purchase an average of 20% more after they become omnichannel shoppers. Perthuisot said that is because shoppers like the omnichannel experience more and so become more frequent purchasers. In turn, greater frequency means more data, which feeds into a more personalized experience, creating a virtuous cycle.
The Israeli ecosystem—Carrefour announced this week a tranche of store openings in Israel, a new country for the company, according to Perthuisot. The retailer also announced six partnerships with startups in the Israeli ecosystem. Perthuisot said this will give Carrefour a head start, as the Israel startup ecosystem tends to be one to two years ahead of other countries’ startup ecosystems.

Perthuisot of Carrefour (left) and Miller of Shoptalk (right)
Source: Shoptalk Europe

Shopper Engagement: Frictionless, Seamless and Continuous

While e-commerce has undoubtedly improved the buying experience, many brands and retailers are still looking for ways to make their online shopping journeys fun and engaging. In the “Retail Zeitgeist” session, Gustafson and Miller discussed four ways in which brands and retailers can better engage with shoppers: social media, video, the metaverse and generative AI (artificial intelligence).

Gustafson warned that social media and video growth could slow in Europe and the US if “government scrutiny” of TikTok becomes legislation. However, such legislation could lead to an increase in traffic for other social media platforms, including Facebook and Instagram. Gustafson also pointed out that video is a meaningful way to engage with consumers, stating that live shopping can help drive awareness, discovery and interact with consumers seamlessly. Ultimately, efficiency and engagement are not mutually exclusive. The retailers who invest in technologies that tick both boxes will place themselves in a stronger position to win.

When discussing the metaverse and Web3, Gustafson explained that she understands how it can be “ tempting to dismiss an emerging technology after it’s gone through a massive hype cycle;” however, retailers need to keep their finger on the pulse of the modern shoppers. Gustafson pointed out that Roblox, a non-blockchain game with an emphasis on content creation, has nearly 60 million daily active users, more than half of whom are over the age of 13, and has started partnering with fashion brands. Shoptalk also expects many other Web3 technologies, such as augmented reality (AR), virtual product try-ons and NFT (non-fungible token)-based loyalty programs, to remain as they “offer innovative ways to make retail fun and interactive.”

As it was at Shoptalk 2023 in Las Vegas, generative AI was a topic of much conversation at Shoptalk Europe 2023. Gustafson stated that since ChatGPT’s public launch in November 2022, mainstream and investor interest has grown rapidly, “with funding to generative AI companies jumping to €2.4 billion last year.” This is likely because generative AI hits the “sweet spot” for brands and retailers: it allows them to personalize content and boost shopper engagement, all while cutting costs. While personalization has been a retail buzzword for years, the maturation and adoption of generative AI will bring retail into a new era of personalization at a scale that was not previously possible. This will be even more critical as shoppers look to engage with retailers across many platforms, and retailers need the content to support their engagement.

Gustafson and Miller during the “Retail Zeitgeist” session
Source: Shoptalk Europe

Store Experience: In-Store Shopping—Easy, Entertaining and Inspirational

In the post-pandemic world, in-store experiences are more important than ever as consumers place a greater emphasis on in-store shopping. During the “Providing Inspiration and Ease with Innovative Store Designs and Technologies” session, panel members from a variety of companies—COS (H&M Group), Frasers Group and Rituals Cosmetics—discussed how new store formats, experiences and services can make in-store shopping easy, entertaining and even inspirational.

Rituals Cosmetics is a “continually evolving” company, according to Richard Lems, Director of Format and Design at Rituals. It does so by using laboratory stores to test new ideas, such as its Mind Oasis concept. At the company’s first Mind Oasis location, it sells no products. Instead, the Mind Spa is intended to relieve stress, using a combination of modern science and meditation. Services offered at the Mind Spa include breathing sessions and “brain massages.”

COS, a fashion brand owned by H&M, is utilizing smart stores, which include digital overhead radio frequency identification (RFID) readers in all rooms, allowing employees to instantly know if an item is in stock. These RFID readers also provide a constant view of where garments are, creating an up-to-date store map that new employees can use to better clientele. Meanwhile, at Flannels, a luxury retailer owned by Frasers Group, has reimaged its flagship destinations to bring in younger shoppers, according to Lauren Barrie, Group Head of Luxury Retail at Frasers Group. The company’s new flagships offer food and fitness services, as well as trade-up programs, which keep customers coming back.

The “Providing Inspiration and Ease with Innovative Store Designs and Technologies” session
Source: Coresight Research

In the “The Retail Zeitgeist” session, Gustafson stated that we are entering a “renaissance in physical retail” and reiterated that companies are looking to provide shopping experiences that are both convenient and entertaining. Gustafson also remarked on how consumers expect seamless shopping experiences, meaning they are “underpinned by technology.” When creating a seamless in-store experience, she advised that companies try and make “continuous” journeys where customers can easily switch from channel to channel without interruption or losing their place. For example, stores can have dedicated spaces where customers can pick up online orders. Gustafson also recommended that all shopping journeys be frictionless, meaning customer pain points are eliminated wherever possible.

While delivering continuous, frictionless journeys—while remaining engaging and convenient—will be challenging for most companies, the effort promises great rewards. According to Gustafson, “this type of unified retail experience represents the next wave of omnichannel, as consumers will not only expect to be able to shop where they want when they want, but demand that their experience move flawlessly between channels.”

Technology: Emerging Tech and the Grocery Sector

In a session on grocery technologies, we heard from Bruno Mourão, Head of IT Transformation and IT Strategy and Experimentation at Sonae MC; Oli Baggaley, Program Director, Group Mechanization, at Ahold; and Ozenc Okyay, Digital Commerce Director at Unilever. During the discussion, they covered a variety of emerging technologies that are now being implemented in the grocery sector.

Automated checkout—Sonae MC, a food retailer in Portugal, deployed its first autonomous store two years ago—and has not opened another autonomous store since then, which “speaks for itself,” according to Mourão. He noted that “frictionless stores” have moved the friction from checkout to check-in, making it more difficult to enter the store. Baggaley pointed to the binary nature of fully autonomous stores—no app, no entry—which will likely present problems for grocery retailers seeking to cater to all shoppers. Sonae’s autonomous store has added self-checkouts to help resolve this exclusionary challenge. Baggaley emphasized that retailers should approach autonomous stores and other checkout technologies by reviewing what problem they are trying to solve.
Metaverse—Unilever, a CPG company, is currently present in the metaverse to learn and connect with a subset of consumers, rather than for commerce, according to Okyay—the commerce stage will likely come later. On the other hand, Baggaley argued that there are currently no clear use cases for the metaverse in grocery. Instead, Ahold is more focused on augmenting stores with technologies such as AR, which could, for example, offer a personalized route through a store based on a digital shopping list.
Robotics—Mourão and Baggaley both emphasized that automation in warehouses is not binary like fully autonomous stores, but can be incrementally adopted. Baggaley noted that it can be challenging to integrate robotics into existing business processes and link robots up to other technology stacks; Ahold’s strategy is to test robotics in regional banners and share learnings groupwide. To this end, the company is soon launching a new AutoStore-powered site in the Netherlands after working with AutoStore, a robotics company, in the US. Sonae MC has trialed both AR and automated warehouse forklifts, but Mourão stated the latter’s efficiency did not compensate for the investment needed. Mourão noted that retailers should try different combinations of tools to see what works for them.

The ”New Grocery Technologies Worth the Hype” session
Source: Shoptalk Europe

Organizational Changes: Obtaining a Modern, High-Quality Workforce

During the “Transforming the Store Workforce with New Roles and Capabilities” panel, members used a live polling system to interact with the audience. When asked, “How much has your company’s approach to hiring and managing more staff changed in the past three years,” 70% of the audience stated that their company’s approach had “changed a lot.” Isabelle Aberman, Global Retail Director at Camper, a shoe brand, stated that to enhance its hiring process, the company needed to create a safe space where employees felt engaged and part of something “bigger.” Jasmin Mathäss, VP of Tech Efficiency and HR at Hornbach Baumarkt AG, a German home-improvement chain, agreed with Aberman’s assessment. He stated that Hornbach’s low employee turnover rate is, in part, due to employees “feel[ing] like they are part of a family even though [it] is a public company.”

Live poll conducted during the “Transforming the Store Workforce with New Roles and Capabilities” session
Source: Coresight Research

Panel members also asked the audience about their biggest priorities for frontline store employees, with 39% of the audience stating that “training and development” was most important. Both Aberman and Mathäss agreed that training and career goals are essential in creating a strong, happy team—increased efficiency means staff spends less time on unpleasant tasks and more time on the work they want to do. At Camper, specifically, the company has developed a strong training program that allows employees to see their careers, helping foster long-term relationships with its employees.

Aberman during the “Transforming the Store Workforce with New Roles and Capabilities” panel
Source: Shoptalk Europe

As Miller stated in the “Zeitgeist” session, “frontline workers power the industry.” Currently, many companies are realizing the challenges of maintaining a high-quality frontline workforce. While unemployment rates in the European Union are at a decade low, the job vacancy rate is near a decade high and wage inflation has increased.

To address this labor gap, some companies are automating manual tasks with technologies such as RFID and robotics, as previously discussed. However, as Miller discussed, this can create tension between “attracting and retaining the frontline workforce [a business] need[s], while also transforming their roles to deliver the future needs of [the] business.” To lessen this tension, Miller recommended three solutions:

Create more flexible hiring and development processes—Companies who want to compete and attract high-quality talent must keep their employees happy and engaged by increasingly adopting new, flexible models. For example, some companies use technologies to allow employees to schedule their tasks, while others are changing their training programs to “enhance flexibility, engagement and improve productivity.”
Adopt better information sources—Mobile apps and RFID systems can help store associates recommend products, know what is in stock and personalize the shopping experience. For instance, at Best Buy, the company uses an app called “Solution Sidekick,” which provides store associates with real-time customer profile and engagement data, stock levels and product recommendations when something is out of stock. These types of tools create a better customer service experience and enable continuous shopping experiences.
Create new roles and opportunities—Technology and a seamless shopping experience can also help create new roles and opportunities for frontline workers. In one example, Miller discussed how video-enhanced shopping can provide engaging workers a chance to share their passion and knowledge with new consumers.

The “Zeitgeist” session
Source: Shoptalk Europe

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The Coresight Research team attended (virtually) this year’s RSA Conference, hosted by cybersecurity solution provider RSA on April 24–27, 2023. We cover the insights and topics discussed at this year’s event, which focused on artificial intelligence (AI), the types of cyberattacks launched by criminals and the ways companies can prevent these attacks.

Companies mentioned in this report include: ChatGPT, Cisco, CrowdStrike, Microsoft and RSA

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Singles’ Day, the largest online shopping festival globally, is six months away! We discuss what brands and retailers need to know to prepare for the festival in China, covering the macroeconomic context and leveraging proprietary survey analysis to explore Chinese consumer behavior and preferences.

Data in this report include:

Singles’ Day GMV by Alibaba and JD.com, 2018–2022E
Total China retail sales growth, October 2022–March 2023
Proprietary survey data—where Chinese consumers prefer to shop in general and during shopping festivals, when consumers make discretionary purchases, the importance of discounts/deals when shopping and reasons for participating in shopping festivals

Companies mentioned in this report include: Adidas, Alibaba (Taobao/Tmall), Douyin, JD.com, Kuaishou, NARS Cosmetics, Pinduoduo, WeChat

Other relevant research:

All Coresight Research coverage of Singles’ Day in 2023 and prior years
Retail 2023: 10 Trends in China E-Commerce
The Coresight Research China Consumer Tracker presents our weekly survey findings, providing a detailed update on Chinese consumers’ behaviors and sentiment.
All Coresight Research coverage of China retail

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Coresight Research is a research partner of Shoptalk Europe 2023, which is taking place during May 9–11 in Barcelona, Spain. Shoptalk Europe is an annual retail conference focusing on retail innovation.

We present key insights from day two of Shoptalk Europe 2023.

Companies covered in this research report include: BP, The Coca-Cola Company, Decathlon, Google Cloud, Haut.AI, John Lewis Partnership, Mars Wrigley, Mimeda, Pernod Ricard, Printemps Group, SES-Imagotag, Trigo, Uber Eats

Other relevant research:

More Coresight Research reports on emerging technology, supply chain and retail media
Your Strategic Guide to Shoptalk Europe 2023: Our Pick of the Agenda
Don’t miss all our coverage of Shoptalk Europe 2023, including Innovator Profiles, our Startup Pitch preview, daily insights and a wrap-up of the event.

Executive Summary

Coresight Research Insights

Key sessions during the second day of Shoptalk Europe 2023 covered the following major themes: technology, emerging channels, store experience and organizational changes.
Web3 will help change the retail landscape, including optimizing supply chains and enhancing customer engagement. Deborah Weinswig, CEO and Founder of Coresight Research, introduced a framework for Web3 in supply chains.
A new customer segment has emerged: the EV (electric vehicle) driver. EV charging stations present an opportunity for forecourt retailers to differentiate on experience and convenience, with digital services likely to come into play.
Retail media teams need to overcome hurdles for the industry to flourish. Brands and retailers can rewrite marketing history with retail media, but they need to stop talking about the profit retail media can make and focus on the brilliant campaigns it can create.
In-store “wow” moments in stores will be one of the biggest changes to the retail experience within the next couple of years. Such moments can be created through personalization, experiential retail or services, and are likely to be increasingly powered by technology such as AI (artificial intelligence) and automation.

Introduction

We present our top insights from the second day of the event.

Shoptalk Europe 2023 Day Two: Coresight Research Insights

Technology: Web3 and AI

Macroeconomic headwinds, raised expectations and heightened competition mean that strong technology investment plans will be crucial in enhancing productivity, improving experiences and driving growth.

Web3 and the Retail Landscape

Deborah Weinswig, CEO and Founder of Coresight Research, took to the stage for the “Web3 and the Supply Chain: Blockchain, Digital Twins and More” session to present on how Web3 (sometimes styled Web 3 or Web 3.0) can help brands and retailers across their supply chains. Coresight Research has been involved in supply chains for many years: first as part of the world’s largest supply chain company, Li & Fung, and then as a partner following our spin-out in 2018. We first envisioned a modern, connected supply chain in 2019. Since then, our coverage of the topic has continued, including research on how emerging technologies can help optimize companies’ supply chains.

Weinswig discusses how Web3 can create optimal supply chains
Source: Coresight Research

Retailers face several challenges and limitations in managing their supply chains. Web3 technology can help boost supply chain traceability, transparency, intelligence and automation, helping to mitigate those challenges. As Weinswig explained, there are many benefits to using intelligent, connected supply chains, including:

Better demand forecasting
Faster product design and on-demand manufacturing, as well as consumer-to-manufacturer abilities
Greater traceability, compliance and circularity
Enhanced labor efficiencies and cost savings
Increased last-mile speed

During the presentation, Weinswig introduced a framework for adding Web3 to supply chains, allowing companies to add end-to-end visibility, automation and cost savings. With this framework, and through smart contracts and decentralized ledgers, brands and retailers can enjoy a host of benefits, as seen in the image below.

The impacts of Web3 on supply chains
Source: Coresight Research

Weinswig remarked on what could be holding retailers back from utilizing Web3 in their supply chains, such as their software not being Web3-compatible and the innovator landscape remaining in its infancy. She also highlighted the recent lack of transparency across the disrupted global supply chain, with components and products still sitting in containers and factories, and supply chain projects remain a difficult topic. “There are disconnected systems and no consistency of data,” she said.

Demonstrating that sustainability is top of mind at Shoptalk Europe and in retail today generally, Weinswig highlighted sustainability as a key driver of change in the retail supply chain. She described effective sustainability practices in retail as “using less and saving money while you do.”

AI

Sports equipment retailer Decathlon is using AI (artificial intelligence) to support its goal of driving sustainability, according to Jérôme Dubreuil, Chief Digital Officer at the company. The company uses the technology to prompt sustainable behavior among customers, such as offering long-term bicycle rental versus a purchase. Echoing Weinswig (above), Dubreuil emphasized that “cost and carbon footprint savings go hand in hand.”

Dubreuil confirmed that AI is also enabling the company to optimize many of its business processes as it “shapes the world of sports.” AI helps provide a 360-degree view of the consumer—for example, what sports customers are involved and/or interested in—to provide personalized recommendations and help customers lead active lives. However, Decathlon is keen to keep its customers at the center when using AI, with trust and responsibility as key priorities, Dubreuil said.

Dubreuil discusses how AI provides business optimization

Source: Shoptalk Europe

AI can also support sales and business optimization by empowering store associates. Pierre-Yves Calloc’h, Chief Digital Officer at liqueur company Pernod Ricard, explained that one big challenge for the company is the “busy shelf,” presenting shoppers with an abundance of choice. Using cluster data from stores and strategic priorities per brand supports sales staff with recommendations, enabling them to better connect shoppers with relevant products and therefore increasing the likelihood of a sale.

In using AI in retail, Calloc’h advised that retailers “identify problems, focus on limited solutions and be bold.” He warned that companies must look to select use cases that are business- and industry-relevant.

Emerging Channels: Electric Vehicles, Quick Commerce and Retail Media

Continued macroeconomic uncertainty is driving more retailers to new and emerging channels to generate alternative revenue streams.

Electric Vehicles and the Future of Convenience Retail

A new customer segment has emerged: the EV (electric vehicle) driver. Tracey Clements, SVP CEO Europe – Mobility & Convenience at BP, told Shoptalk Europe that BP believes that forecourts of the future will be dominated by EVs. According to Clements, today, the average visit to a forecourt/gas station is three to four minutes; in future, it could be 20 minutes due to EV charging time, driving a need for cool retail offerings to attract these consumers.

EV charging stations present an opportunity for forecourt retailers, which cannot differentiate on fuel but can differentiate on experience, Clements explained. Convenience is a huge factor in enhancing any shopping experience, but to provide convenience on the forecourt, digital services are likely to come into play—for example, a consumer could select a charging bay and order coffee to have while they wait, both from the same in-car app. Retailers need to create a journey that is seamless and personalized, with relevant promotions and recommendations, Clements said. BP has already launched in-car payment in Germany.

Clements highlights EVs as a key opportunity to provide retail differentiation

Source: Shoptalk Europe

Another technology-powered convenience concept is quick commerce, also known as instant needs or rapid home delivery. Matt Price, General Manager at Uber Eats (UK & Ireland, Uber), said that consumer demand for quick commerce has reached such levels that “same-day delivery is the new next-day delivery.” According to Uber, 45% of consumers do not convert because delivery is too long or not transparent. Although quick commerce originated in grocery, venturing into new segments will be the next big step for the model: Price highlighted electronics, beauty and fashion as being “ripe for the change” to quick commerce. He said that merchants are increasingly embracing the model because it drives incrementality, and consumers buy more from a retailer if it offers quick commerce.

Overcoming Hurdles in Retail Media

Retail media networks (RMNs) provide brands with highly personalized targeting capabilities and an effective way to measure their advertising return on investment (ROI) and SKU (stock keeping unit) level. The desire to monetize shopper data and increase profit margins has driven many retailers to build their own RMNs or enter strategic partnerships with technology providers to set up RMNs, and Coresight Research expects more to follow suit in 2023 and beyond.

Day two at Shoptalk Europe saw further discussion on retail media, between Simon Miles, VP, Global OmniChannel Commercial Strategy, The Coca-Cola Company; Tom Langley, Head of Personalisation & Retail Media, John Lewis Partnership; and Kina Demirel, Managing Director, Mimeda (established by Turkey’s Migros Group); and was hosted by Ana Paula Guimarães, Partner, McKinsey & Company. Some discussion focused on the hurdles that retail media teams need to overcome for the industry to flourish.

Demirel noted that, because of the impact of Amazon, many people assume that retail media means only online advertising. However, Migros started with in-store advertising many years ago—via screens, print ads and shopping trolleys—and can tell brands which stores to advertise in to reach a different consumer segment. Langley noted that in-store advertising can create tension with that space that brands expect for promotions and said that there is a gray area between “negotiated space” as part of placing a product in-store and marketing messages—for example, whether a branded promotional space in a grocery store a part of a trade agreement or media agreement.
Miles said that various parties—brands and retailers—are “trying to figure it out” and that clarity on objectives is not evident yet. More consistency is needed in the retail media space, Miles argued, a point that Langley echoed: with around 600 retail media networks in the US, will brands want to purchase across networks or select key retailers, and companies in the space will need to make it easier to purchase across a landscape where there is currently little standardization.
Langley pointed to issues around hiring for retail media capabilities. At John Lewis, retail media started life in the commercial teams—but buyers don’t have experience of media. Customer teams may be good at building brands but tend to be best at building their own brands rather than selling other companies’ brands. Hiring for retail media involves creating a new job family, Langley said: retailers need specialists who understand retail but act more like a media owner and operate to provide advertising and data services.

Demirel was bullish that brands and retailers “will rewrite marketing history” with retail media. Langley argued that companies should stop talking about the profit retail media can make and focus on the brilliant campaigns it can create—echoing thoughts we heard on day one of Shoptalk Europe.

The panel during the “Developing an Effective Retail Media Network Strategy” session at Shoptalk Europe

Source: Shoptalk Europe

Store Experience: Tech-Enabled Services and E-Commerce Integration

Creating Data-Powered “Wow” Moments To Delight Shoppers

Greater usage of online shopping in the past few years has focused minds on role of the retail store. Consumers and retailers alike are placing greater emphasis on the in-store shopping experience.

Michael Gabay, Co-Founder and CEO of Israeli technology startup Trigo, pointed to the need for “wow” moments in stores, which he believes will be one of the biggest changes to the retail experience within the next couple of years. Such moments can be created through personalization, experiential retail or services, and are likely to be increasingly powered by technology.

This means that the physical store will be more reliant on customer data. Eric Chemouny, MD of Retail and CPG Industries at Google Cloud, said that getting to know consumers as individuals is imperative for retailers to propose services and ensure that stores meet shopper demand in terms of product assortment and availability.

Anastasia Georgievskaya, Founder of CEO of Haut.AI, a SaaS (software-as-a-service) platform serving the skincare category, emphasized that “wow” moments are created when retailers think about how to make each shopper’s next purchase experience better than before, rather than focusing now on transactional relationships. She also highlighted generative AI, such as ChatGPT, as a future enabler of “wow” experiences in physical retail (we saw generative AI feature prominently during day one of Shoptalk Europe).

Enhancing the store experience through technologies such as AI has seen many retailers experiment with autonomous store concepts—and Gabay expects this trend to extend beyond the grocery sector (much like the potential expansion of quick commerce, as discussed earlier). For example, Trigo is opening stores for telecoms, he said.

The panel at the “Groundbreaking Physical Retail Technologies” session discusses in-store “wow” moments

Source: Shoptalk Europe

The Future of the Store

In terms of the future role of the store, Thierry Gadou, Chairman and CEO of electronic shelf labelling specialist SES-Imagotag, believes that physical stores “are the future of e-commerce,” as they will increasingly provide local fulfillment for online orders. “Local e-commerce” (fulfilling from stores) provides efficiency and sustainability benefits: “local e-commerce is low-carbon e-commerce,” Gadou said.

SES-Imagotag has already seen its customers, such as Walmart, put stores at the center of their omnichannel strategies. Local e-commerce is set to grow at a fast pace, with Gadou estimating that in the coming five to seven years, more than 50% of online orders will be delivered out of physical stores.

Gadou explains that physical stores have a key role to play in the future of e-commerce

Source: Shoptalk Europe

The positive view of the brick-and-mortar channel as complementary—perhaps even necessary—to the future of e-commerce is a good sign for store-dominant retailers, such as department stores, which were heavily impacted by the widespread pandemic-led shift to e-commerce.

The department store model has been challenged since mass merchants, hypermarkets and discount stores came on the retail scene in the 1960s and 1970s. In a keynote session on day two, Jean-Marc Bellaiche, CEO of French department store chain Printemps Group, explained that Covid-19 further exacerbated challenges for a sector that is reliant on tourism. Bellaiche confirmed that, unsurprisingly, the immediate priority for Printemps in the fall of 2020 was to differentiate its offerings and marketing to remain competitive amid shifting consumer demand and shopping preferences.

Printemps took action across all consumer touchpoints, “from shopping bags to dotcom,” Bellaiche said. To create a fear of missing out among consumers, the company hosted weekly events in every store, which drove traffic, created buzz and deepened shopper engagement. Bellaiche also highlighted other key differentiators for Printemps that it continues to strategize around to ensure its status as a department store for the 21st century:

Dedication to circularity
Adding dotcom to the store
Moving the company to Web3
Launching product exclusives with desirable brands
Hosting weekly livestreaming events

Bellaiche discusses how Printemps is reinventing the department store format for the 21st century

Source: Shoptalk Europe

Organizational Changes: Breaking Down Silos

Retail companies recognize the need to adapt their organizational structures and practices to adapt to today’s consumer and macroeconomic environment. Clements (BP) said that traditional organizational structures in retail/consumer goods that are sometimes reflected in stores are “not going to work.” Consumers’ lives are “totally different” now to before the pandemic, she emphasized, and there is more change happening at a more rapid rate in today’s retail landscape. This drives the importance of customer foresight and insight for retailers. Clements suggests the companies look to adopt practices such as reverse mentoring; they “cannot assume they know the answer.”

Reiterating that breaking down silos within companies is necessary, Neil Reynolds, VP Global Digital Commerce at Mars Wrigley, added that it presents a huge challenge—across marketing, sales and supply. Recognizing this, Mars no longer has a CMO (chief marketing officer); it instead has a chief growth officer.

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The Coresight Research weekly China Consumer Tracker takes a regular temperature check on Chinese consumers’ behaviors and sentiment, based on exclusive proprietary survey data.

In this research report, we present findings from our survey conducted on April 24, 2023.

Data in this research report are:

Avoidance of public places, by type of public place—latest data and one-and four-week PPT changes
Activities that consumers have done in the past two weeks
What products consumers have bought in-store and online in the last two weeks
Expectations for economic conditions and personal finances in the next 12 months
A timeline of selected Covid-19 policy changes in China

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We present key insights from day one of Shoptalk Europe 2023.

Companies covered in this research report include: Adidas, Amazon, Bubble Skincare, Danone, M&S, Persado, Zalando

Other relevant research:

More Coresight Research reports on sustainability and retail media
Your Strategic Guide to Shoptalk Europe 2023: Our Pick of the Agenda
Don’t miss all our coverage of Shoptalk Europe 2023, including Innovator Profiles, our Startup Pitch preview, daily insights and a wrap-up of the event.

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On May 9, 2023, Coresight Research hosted the Startup Pitch competition, which saw 10 early-stage retail-technology innovators compete to win the Judges’ Choice and Audience Choice awards.

Deborah Weinswig, CEO and Founder of Coresight Research, moderated and featured on the judging panel. The innovators spanned three areas of retail disruption, and key themes included sustainability, artificial intelligence (AI), supply chain, customer experience, logistics and more.

We present highlights from each startup’s presentation and reveal the winners of the competition.

Coresight Research is a research partner of Shoptalk Europe 2023.

Other relevant research:

In advance of the startup pitch competition at Shoptalk 2023, we profiled each of the participating innovators in detail. Click the links in this report to access those Innovator Profiles.
Your Strategic Guide to Shoptalk Europe 2023: Our Pick of the Agenda
All Coresight Research coverage of emerging technology
2023 Retail and Technology Outlook: Facing into the Headwinds
Look out for our daily insights from Shoptalk Europe 2023

Executive Summary

The Shoptalk Europe Startup Pitch event, moderated by Deborah Weinswig, CEO and Founder of Coresight Research, saw 10 early-stage startups present on their innovative technologies that are solving important challenges in retail.
Coresight Research categorizes the participating innovators into three areas of innovation in retail: marketing and new business models; new ways to engage consumers; and optimizing operations and sustainability.
The participating innovators were Hyran Technologies, Inoqo, Metav.rs, Primis, Quiver, Radd., Rentle, SegmentStream, Sociate,ai and Syrup Tech.
An expert panel of judges selected Hyran Technologies as the Judges’ Choice winner, while the audience voted for Sociate.ai as the Audience Choice winner.

Introduction

On May 9, 2023, Coresight Research hosted the Startup Pitch competition, which saw 10 early-stage retail-technology innovators compete to win the Judges’ Choice and Audience Choice awards. We provide a recap of the pitch competition, with key insights from the startup presentations.

Shoptalk Europe 2023—Startup Pitch Competition: Coresight Research Insights

Event Format and Judging Panel

The Shoptalk Europe 2023 startup pitch competition comprised two rounds across two sessions:

Round 1. All competitors presented for three minutes on their innovative technologies that are solving important challenges in retail. The expert panel of judges led a short Q&A session following each presentation, before selecting a shortlist of companies to progress to the next round.
Round 2. The five finalists each participated in a more in-depth Q&A session.

Deborah Weinswig, CEO and Founder of Coresight Research, moderated the competition and participated as one of the judging panel. Two expert judges joined Weinswig:

Carolin Wais, Partner EMEA Ventures at Plug and Play
Carles Ferrer Roqueta, General Partner at Nauta Capital

Left to right: Weinswig, Wais and Ferrer Roqueta, the Startup Pitch judging panel
Source: Coresight Research

Innovative Solutions Across Three Areas of Retail Disruption

Coresight Research categorizes the 10 startups into three areas of disruption in retail, as defined below.

1. Marketing and New Business Models

As consumer shopping habits and channels continue to evolve, innovators are creating solutions to help brands and retailers sell in new channels and in a more efficient manner.

Companies: Rentle, SegmentStream

2. New Ways To Engage Consumers

Retailers are embracing new technologies such as video, AI (artificial intelligence) and Web3 to go where consumers are, engage them there and generate loyalty.

Companies: Metav.rs, Primis, Radd., Sociate.ai

3. Optimizing Operations and Sustainability

To meet consumer and regulatory demand for greater sustainability, retailers are adopting tools to analyze and help reduce the environmental impacts of their operations (including in last-mile delivery) and improve efficiency through more accurate forecasting.

Companies: Hyran Technologies, Inoqo, Quiver, Syrup Tech

The Winners

The five finalists that made it to the second round were Hyran Technologies, Inoqo, Quiver, Sociate.ai and Syrup Tech.

Of these five, the expert panel of judges selected the Judges’ Choice winner as Hyran Technologies.

Left to right: Weinswig, Wais, Zaidi (from Hyran Technologies), Ferrer Roqueta and Zahra Mohamed (Senior Content Producer at Shoptalk Europe)
Source: Coresight Research

The audience-voted Audience Choice winner was Sociate.ai.

Left to right: Wais, Weinswig, Topia (from Sociate.ai) and Ferrer Roqueta
Source: Coresight Research

The Competing Innovators: Pitch Highlights

Below, we detail highlights from each of the innovators’ presentations, in alphabetical order.

The speakers and judges that participated in the Startup Pitch at Shoptalk Europe 2023
Source: Coresight Research

Hyran Technologies

Speaker: Dr Ahmed Zaidi, Co-Founder & CEO
Area of disruption: Optimizing Operations and Sustainability
Read the full Innovator Profile for Hyran Technologies.

Founded in 2022, Hyran Technologies is an AI-powered platform for supply chain management in the fashion industry. Zaidi explained that a key problem is that fashion trends are changing rapidly, but the fashion supply chain is slow, suffering from long lead times and delaying brand responses to trends. He emphasized three negative impacts of this problem, based on data from Hyran Technologies:

$1 trillion is lost per year in markdowns and stockouts.
$120 billion in dead stock sits in warehouses worldwide.
Suppliers are exposed to financial risk from late changes to forecasts.

Zaidi discusses the impacts of the slow fashion supply chain
Source: Coresight Research

Hyran Technologies therefore aims to transform the slow and rigid supply chain into an AI-driven fast and flexible one, which Zaidi claims can increase revenue by 7% and gross profit by 17%, as well as reducing markdowns by 16% and inventory waste by 21%, based on a United Nations study run by Hyran Technologies with a large, multinational retail brand.

The Hyran platform is collaborative and enables suppliers to leverage supply chain data in real time, improving production visibility and planning to effectively respond to consumer demand and reduce waste. The AI-driven planning solution helps brands to work out what materials to hold and reduces lead times from nine months down to 45 days (in some cases, two weeks), according to Zaidi.

Source: Hyran Technologies

Inoqo

Speaker: Markus Linder, Co-Founder & CEO
Area of disruption: Optimizing Operations and Sustainability
Read the full Innovator Profile for Inoqo.

Inoqo is a software-as-a-service (SaaS) platform that combines public and private data alongside an AI-powered algorithm to help grocery retailers, food and beverage brands and suppliers assess, communicate and action the socio-environmental impacts of their products and ingredients.

Linder explained that food consumption has major impacts on the planet, responsible for 70% of biodiversity loss on land and 34% of global greenhouse-gas emissions. In addition, unhealthy food shortens people’s life span. To combat these impacts, customers and governments are pushing retail companies to take action. For example, 75% of customer say they want labels that explain the impact of their food, according to Inoqo, and the EU (European Union) is planning to introduce “mandatory sustainability labeling.”

Linder highlights the impacts of food consumption on the planet
Source: Coresight Research

Inoqo aims to help consumers make healthier, more environmentally and socially conscious choices through clear product labeling and retailer transparency around their environmental impact. The platform assesses thousands of food and beverage products for carbon emissions and seven additional impact dimensions, beginning with publicly available product information and allowing producer to provide more primary data over time to increase accuracy. The Inoqo platform then enables retail companies to share the multidimensional impact of products with consumers through product labeling at the point-of-sale level as well as providing insights and recommendations for sustainable alternatives online, Linder said.

Summarizing the benefits of the Inoqo platform, Linder emphasized that it is highly scalable, measures eight impact dimensions, has optimization capabilities tailored to grocery, undergoes ongoing data maintenance, offers a unique customer engagement solution and provides flexibility for dynamic regulatory change.

Source: Inoqo

Metav.rs

Speaker: Simon Foucher, Co-Founder & CEO
Area of disruption: New Ways To Engage Consumers
Read the full Innovator Profile for Metav.rs.

Web3 is offering new relationships between brands and customers, Foucher highlighted during his presentation. Web 2.0 was social, but Web3 is enabling the customer to become and own part of the brand.

Metav.rs describes itself as a “next-gen customer experience platform, powered by Web3.” The no-code content management platform has integrated apps to help brands and retailers operate in the metaverse in a centralized manner, enabling them to better manage Web3 assets, websites and virtual worlds. Through Metav.rs, brands can connect with, engage and empower consumers (see image below).

Source: Metav.rs

The company aims to democratize access to the metaverse and enable Web3 brands and retailers to integrate content into virtual worlds more easily. Through Metav.rs, retail companies can sell and distribute NFTs (non-fungible tokens), link immersive experiences, monitor their performance and assign rewards and utilities, Foucher explained. Metav.rs is interoperable between major metaverse platforms and social media networks, and is compatible with major e-commerce platforms and payment systems.

Foucher discusses the aims and benefits of Metav.rs
Source: Coresight Research

Primis

Speaker: Rebecca Griffiths, Founder & CEO
Area of disruption: New Ways To Engage Consumers
Read the full Innovator Profile for Primis.

Griffiths told the audience that Primis is powering the next generation of customer experience (CX) in the logistics and final-mile space. The company is “on a mission to reduce WISMO (where is my order) churn whilst increasing customer loyalty through the branding and personalization of the customer’s post-purchase shopping experience,” she said.

Griffiths highlights the need for the Primis next-generation CX solution in the last mile
Source: Coresight Research

Primis Track is a digital-first CX solution that focuses on enhancing post-purchase interactions between consumers and retailers. It offers visually engaging formats and live updates, with features including personalized, event-driven emails, order recaps and product recommendations. Primis provides data analytics that helps retailers understand the entire consumer journey. The solution can be integrated into a Shopify store, for example, to build full customized profiles in a tracking page.

Griffiths highlighted that the company’s key differentiators are that it offers full customization of both email and tracking pages, and it provides omnichannel communications, through email, SMS, WhatsApp, Facebook and Instagram, thereby supporting emerging social shopping.

Source: Primis

Quiver

Speaker: Matthew Barrie, Co-Founder & CEO
Area of disruption: Optimizing Operations and Sustainability
Read the full Innovator Profile for Quiver.

Quiver is a logistics technology provider that enables online retailers to offer different fulfillment options, such as same-day delivery, scheduled delivery or in-store pickup. The central dashboard allows retailers to monitor inventory levels, combining fulfillment preferences with Quiver’s location prioritization algorithm to embed delivery options at checkout and deliver orders as fast as possible to the customer.

Quiver describes itself as a “climate first” company; it enables retailers to track and reduce their impact on the environment, saving carbon-dioxide emissions through more efficient, AI-powered routing as well as by using electric- or human-powered vehicles for deliveries. Barrie said that Quiver offers “100% emissionless” deliveries that are “ridiculously fast”—within an hour. Brands can ship from stores—leveraging omnichannel assets—or stock products in Quiver stores (there are two in London, UK), which currently stock 45,000 items for clients, according to Barrie.

Barrie discusses the benefits of Quiver’s emissionless, fast delivery solution
Source: Coresight Research

Quiver puts the customer first, allowing them to select delivery slots, save delivery instructions and access real-time tracking for 100% transparency, Barrie explained. He said that the Quiver solution has a positive impact on return rate, as customers that get deliveries faster tend to return less. Quiver claims that it drives a reduction of 8.4% in returns as well as a conversion-rate increase of 12.2%.

Since January 2023, Quiver enables returns to be collected from the customer’s address, driving faster returns for improved inventory velocity. However, the company also incentivizes customers to make returns in-store in order to support the return to physical retail.

Source: Quiver

Radd.

Speaker: Sivan Baram, Co-Founder & CEO
Area of disruption: New Ways To Engage Consumers
Read the full Innovator Profile for Radd..

Radd. is an e-commerce intelligence platform that provides video-marketing software for online brands and retailers, enabling them to host customer and influencer UGC (user-generated content)—including livestreams and shoppable story-like video reviews—on their websites, to drive traffic, engagement and conversion. According to Baram, the Radd. platform allows brands to boost the customer voice with video reviews, “bringing trust to the e-commerce space.” She explained that all of us rely on online reviews for at least one product purchase, but one of the biggest challenges to online brands in maintaining product reviews.

Baram outlines the importance of trust in e-commerce, highlighting the Radd. intelligence platform}
Source: Coresight Research

Radd. leverages generative AI technology to personalize the curation of story review videos displayed based on each website visitor’s shopping history, in order to enhance engagement and drive sales. Radd.’s platform also enables brands and retailers to access analytics to monitor video performance.

According to Baram, Radd. customers are seeing a 15% increase in monthly conversion rates and a 25% increase in engagement.

Radd. identifies a total addressable market of $15 billion by 2031 (i.e., e-commerce platform sales) and expects to reach over 100 Shopify brands by the end of 2023.

Source: Radd.

Rentle

Speaker: Tuomo Laine, Co-Founder & CEO
Area of disruption: Marketing and New Business Models
Read the full Innovator Profile for Rentle.

Rentle is a circular-commerce software platform that supports new retailers looking to start a rental business or existing retailers looking to try out the rental business model. Rentle offers inventory management and digital catalog creation as well as a store management platform.

Source: Rentle

The company aims “to accelerate the sustainable consumption of durable goods.” Highlighting the growing importance of a circular economy, Laine cited McKinsey’s 2022 estimates that “portfolio transformation, green business building, green premiums and green operations focused on circularity can help European consumer goods companies shift to circular value pools of more than €500 billion [$548 billion] of annual revenues by 2030.” He added that among the drivers of circularity are higher costs of goods, greater demand for sustainable consumption and increased regulation.

Commerce wants to change, and circularity represents “the biggest paradigm shift since sales started to move from retail to online,” according to Laine. The challenge for brands and retailers is that software for commerce has been designed for linear sales, but circular is more complex and demands individual item tracking. Rentle believes that most commerce software is designed for selling ownership, not access. Through its platform, Rentle enables retailers of all sizes to explore the rental opportunity, selling access to shoppers while retaining control of the customer relationship.

Rentle provides circular product catalogs and inventory, white-label storefronts, payment processing, circular order fulfilment and customer data. The solution supports the alternative business models of subscriptions, rental, buybacks and resale. Laine explained that the company is shaping the future of retail by “uniting sustainability, convenience and profitability.”

Laine explains Rentle’s circular-commerce platform
Source: Coresight Research

SegmentStream

Speaker: Pavel Petrinich, Founder and Chief Revenue Officer
Area of disruption: Marketing and New Business Models
Read the full Innovator Profile for SegmentStream.

Petrinich told the audience that “marketing attribution is broken.” Analytics and ad platforms are not able to attribute conversions and value properly due to an inability to track a user’s complete path to purchase amid modern-day cookie restrictions, cross-device/browser interactions and short attribution windows. It is therefore impossible for brands and retailers to understand the true value of marketing channels and campaigns or to learn and optimize their campaigns effectively, Petrinich explained.

Petrinich highlights the problems in marketing attribution that SegmentStream aims to solve
Source: Coresight Research

Founded in 2018, SegmentStream is a conversion modeling platform that helps brand advertisers understand how ads are performing across different digital channels. Instead of waiting for conversion to happen and attributing it retrospectively, SegmentStream uses first-party data, AI and machine learning (ML) to project conversion in real time, tracking each unique visit on a retailer’s website and predicts the future chances of conversion for every shopper who views the ad. SegmentStream attributes the modeled conversion to the traffic source when the probability of purchase is high. This attribution helps advertisers quantify the impact of their marketing initiatives and efficiently allocate resources to relevant ad platforms.

SegmentStream currently works with 50+ leading DTC (direct-to-consumer) and e-commerce brands and agencies around the world, Petrinich confirmed. He said that one customer achieved a 57% sales uplift and a 41% increase in return on ad spend by leveraging the SegementStream solution.

Source: SegmentStream

Sociate.ai

Speaker: Yasmin Topia, CEO
Area of disruption: New Ways To Engage Consumers
Read the full Innovator Profile for Sociate.ai.

Sociate.ai is a creator of chat applications with built-in generative AI, providing interfaces that make it easier for people to interact with and train chat applications, enhancing the customer experience. With the ability to actively learn, Sociate.ai’s AI technologies generate and ask appropriate questions to encourage customers to share relevant information and to offer them good recommendations. In March 2023, Sociate.ai launched its MAIA generative AI chatbot, which can help fashion brands and retailers integrate generative AI into their websites.

Topia’s presentation at Shoptalk Europe focused on MAIA, which she described as “the world’s most engaging, fastest-learning shopping AI that can see and speak.” MAIA enables shoppers to search for products by specific search terms, without the retailer needing to tag items for them to be shortlisted in the search results. Topia claimed that Sociate.ai’s proprietary AI is 23% more likeable and 21% less frustrating than other AI, and can drive up to a 100% uplift in conversion.

The company outlined its roadmap for MAIA’s development, which will transform the AI from a text-based search tool to a text, voice and vision-powered advice bot (see image below). In addition to customer-facing applications, MAIA may also be used in stores to help customer assistants navigate large stock inventories.

Responding to the judges’ questions, Topia emphasized that MAIA serves marketplace customers, not just brands. There are more marketplaces emerging in the developing circular economy, but the problem of search functionality and the customer experience is worse for these platforms, as “for the customer, it feels like a jumble sale” because there is one of each product in resale and hundreds and thousands of sellers listing products—highlighting the need for the MAIA solution to make sense of unstructured data, according to Topia.

Topia outlines the future of the AI-powered MAIA chatbot
Source: Coresight Research

Syrup Tech

Speaker: James Theuerkauf, Co-Founder & CEO
Area of disruption: Optimizing Operations and Sustainability
Read the full Innovator Profile for Syrup Tech.

Founded in 2020, Syrup Tech offers an AI-powered platform that helps omnichannel brands and retailers optimize inventory management. The Syrup Tech platform uses ML algorithms to analyze historical sales data, market trends and other factors to provide accurate demand forecasts and inventory recommendations. It also offers tools for automating inventory allocation, managing purchase orders and optimizing inventory levels across multiple channels.

Source: Syrup Tech

According to Theuerkauf, the Syrup platform drives a 5%–10% gross margin increase, reduces excess inventory and waste by 10%–20% and achieves time savings of 60%–90% on manual workflows. Theuerkauf also stated that the platform drives “10X better inventory decisions.” For example, Syrup can correlate the impact of micro-influencers with point-of-sale data.

The company’s omnichannel retail clients include Desigual, Faherty, Reformation and Windsor.

Theuerkauf presents on how the AI-powered Syrup Tech platform positively impacts inventory decisions
Source: Coresight Research

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Our weekly Earnings Insights reports feature highlights from recent management commentary from major US retailers within our Coresight 100 coverage list as they report first-quarter 2023 earnings.

This week, there are highlights from companies that reported in the week ended May 7, 2023, across six sectors: apparel and footwear, consumer packaged goods (CPG), drugstores, e-commerce, food and grocery, and home and home improvement.

Data in this report are:

Quarterly data from companies, including gross margins and sales data by brand (where applicable), channel and geography

Companies mentioned in this report include: Carter’s, Clorox, Colgate-Palmolive, CVS Health, Estée Lauder, Floor & Decor Holdings, Gildan Activewear, Hanesbrands, Herbalife Nutrition, L’Oréal, Sprouts Farmers Market, Wayfair

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The Coresight Research weekly US Consumer Tracker takes a regular temperature check on US consumers’ behaviors and sentiment, based on exclusive proprietary survey data.

In this report, we present findings from our survey conducted on May 1, 2023.

Data in this report are our latest proprietary survey findings and four-week changes for:

Consumers’ perceptions of and reactions to inflation
Avoidance of public places, by type of public place
Activities that consumers have done in the past two weeks
Which retailers consumers have bought food and nonfood products from in the last two weeks
What products consumers have bought in-store and online in the last two weeks

Companies mentioned in this report include: Aldi, Amazon, Albertsons, Ahold Delhaize, Costco, Dollar General, Dollar Tree/Family Dollar, Kohl’s, Kroger, Macy’s, Target, Walmart

Other relevant research:

Read the full series of US Consumer Tracker and US Consumer Tracker Extra reports
The Coresight Research US Consumer Tracker Databank provides insight into US consumer behaviors from our weekly tracker surveys.

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Every year since 2018, we have conducted an annual survey of US consumers to shed light on their clothing and footwear shopping patterns and habits on Amazon.com. Our sixth annual survey of clothing and footwear shoppers was undertaken in March 2023 and featured 2,000 US consumers. We discuss our survey findings and offer key insights from cumulative data based on our six years of survey data.

Proprietary survey data in this research report include:

The proportion of US shoppers who have bought and expect to buy apparel from Amazon
The proportion of US apparel shoppers who made an apparel purchase via a Prime membership
Apparel shoppers’ reasons for shopping on Amazon.com
Purchases by category for Amazon apparel shoppers
Where US shoppers have purchased apparel from in the past 12 months (including Amazon)

Companies mentioned in this research report include: Amazon, NIKE, Macy’s Target, Temu and Walmart

Other relevant research:

Market Navigator: US Apparel and Footwear Retailing—After the Bounce, What’s Next?
The True Cost of Apparel Returns: Alarming Return Rates Require Loss-Minimization Solutions
US Apparel and Footwear Private Label: Consumer Attitudes and Inflation Present Opportunities
E-Commerce Outlook: US Apparel and Footwear Sector—Product, Experience and Cost Control Matter Amid Softer Demand
All our coverage of apparel and footwear retail and specialty apparel retail
The Coresight Research Amazon Databank brings together a range of proprietary data on Amazon, with a focus on its US retail operations.

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Each report in the Weinswig’s Weekly series reflects on a topical theme in retail. We also highlight our key research from the past week and upcoming reports to look out for, so you don’t miss out.

In the wake of Bed Bath & Beyond filing for bankruptcy protection, this week’s note, “From the Desk of Deborah Weinswig” (CEO and Founder of Coresight Research), reviews new data on US shopper preferences when selecting a home or home-improvement retailer.

Other relevant research:

Home and Home-Improvement Retail: Key Factors Influencing US Shoppers
Bed Bath & Beyond: Which Retailers Are Set To Capture Market Share?
Market Outlook: US Home-Improvement Retailing—Personalization and the Resurrection of In-Store Retail
The Coresight Research US Consumer Tracker Databank provides insight into US consumer behaviors from our weekly surveys.
Read last week’s Weinswig’s Weekly, which leverages proprietary survey findings to explore the wants and needs of women aged 50+ when it comes to beauty and wellness.

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Hong Kong has ambitions to become a global Web3 hub and financial center. The Coresight Research team attended the inaugural Hong Kong Web3 Festival in April 2023, which was jointly organized by the HashKey Group, Wanxiang Blockchain Labs and W3ME.

In this report, we present insights from the festival, covering the metaverse, Web3 developments, standardization and generative AI (artificial intelligence).

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Our Weekly US and UK Store Openings and Closures Tracker reports on store closures, openings and bankruptcies.

Data in this research report include:

2023 week-by-week comparisons of announced store closures and openings in the US and the UK
2022 week-by-week comparisons of announced store closures and openings in the US and the UK
2023 major US store closures and openings
2023 major UK store closures and openings

Companies mentioned in this report include: Tuesday Morning and Sainsbury’s

Other relevant research:

Weekly US and UK Store Openings and Closures Tracker 2023, Week 17: Bed Bath & Beyond Drives US Closures
The full collection of Weekly US and UK Store Openings and Closures Tracker reports

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Executive Summary

Coresight Research Insights

Introduction

Shoptalk Europe 2023 Day Three: Coresight Research Insights

Emerging Channels: Retail Media and Personalization

Emerging Channels Outside of Europe

Driscoll during the “Leading-Edge Retail Innovations” session Source: Shoptalk Europe

The “Raising the Bar in Retail Media” session: Kolk (left), Postma (center) and Ben Miller, Director of Original Content at Shoptalk (right) Source: Shoptalk Europe

Phair of Farfetch Source: Shoptalk Europe

Retail Media Partnerships

Data, Opt-Ins and Expansion

Perthuisot of Carrefour (left) and Miller of Shoptalk (right) Source: Shoptalk Europe

Shopper Engagement: Frictionless, Seamless and Continuous

Gustafson and Miller during the “Retail Zeitgeist” session Source: Shoptalk Europe

Store Experience: In-Store Shopping—Easy, Entertaining and Inspirational

The “Providing Inspiration and Ease with Innovative Store Designs and Technologies” session Source: Coresight Research

Technology: Emerging Tech and the Grocery Sector

The ”New Grocery Technologies Worth the Hype” session Source: Shoptalk Europe

Organizational Changes: Obtaining a Modern, High-Quality Workforce

Live poll conducted during the “Transforming the Store Workforce with New Roles and Capabilities” session Source: Coresight Research

Aberman during the “Transforming the Store Workforce with New Roles and Capabilities” panel Source: Shoptalk Europe

The “Zeitgeist” session Source: Shoptalk Europe

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Executive Summary

Coresight Research Insights

Introduction

Shoptalk Europe 2023 Day Two: Coresight Research Insights

Technology: Web3 and AI

Web3 and the Retail Landscape

Weinswig discusses how Web3 can create optimal supply chains Source: Coresight Research

The impacts of Web3 on supply chains Source: Coresight Research

AI

Dubreuil discusses how AI provides business optimization

Source: Shoptalk Europe

Emerging Channels: Electric Vehicles, Quick Commerce and Retail Media

Electric Vehicles and the Future of Convenience Retail

Clements highlights EVs as a key opportunity to provide retail differentiation

Source: Shoptalk Europe

Overcoming Hurdles in Retail Media

The panel during the “Developing an Effective Retail Media Network Strategy” session at Shoptalk Europe

Source: Shoptalk Europe

Store Experience: Tech-Enabled Services and E-Commerce Integration

Creating Data-Powered “Wow” Moments To Delight Shoppers

The panel at the “Groundbreaking Physical Retail Technologies” session discusses in-store “wow” moments

Source: Shoptalk Europe

The Future of the Store

Gadou explains that physical stores have a key role to play in the future of e-commerce

Source: Shoptalk Europe

Bellaiche discusses how Printemps is reinventing the department store format for the 21st century

Source: Shoptalk Europe

Organizational Changes: Breaking Down Silos

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Executive Summary

Introduction

Shoptalk Europe 2023—Startup Pitch Competition: Coresight Research Insights

Event Format and Judging Panel

Driscoll during the “Leading-Edge Retail Innovations” session
Source: Shoptalk Europe

The “Raising the Bar in Retail Media” session: Kolk (left), Postma (center) and Ben Miller, Director of Original Content at Shoptalk (right)
Source: Shoptalk Europe

Phair of Farfetch
Source: Shoptalk Europe

Perthuisot of Carrefour (left) and Miller of Shoptalk (right)
Source: Shoptalk Europe

Gustafson and Miller during the “Retail Zeitgeist” session
Source: Shoptalk Europe

The “Providing Inspiration and Ease with Innovative Store Designs and Technologies” session
Source: Coresight Research

The ”New Grocery Technologies Worth the Hype” session
Source: Shoptalk Europe

Live poll conducted during the “Transforming the Store Workforce with New Roles and Capabilities” session
Source: Coresight Research

Aberman during the “Transforming the Store Workforce with New Roles and Capabilities” panel
Source: Shoptalk Europe

The “Zeitgeist” session
Source: Shoptalk Europe

Weinswig discusses how Web3 can create optimal supply chains
Source: Coresight Research

The impacts of Web3 on supply chains
Source: Coresight Research

Left to right: Weinswig, Wais and Ferrer Roqueta, the Startup Pitch judging panel
Source: Coresight Research

Left to right: Weinswig, Wais, Zaidi (from Hyran Technologies), Ferrer Roqueta and Zahra Mohamed (Senior Content Producer at Shoptalk Europe)
Source: Coresight Research

Left to right: Wais, Weinswig, Topia (from Sociate.ai) and Ferrer Roqueta
Source: Coresight Research

The speakers and judges that participated in the Startup Pitch at Shoptalk Europe 2023
Source: Coresight Research

Zaidi discusses the impacts of the slow fashion supply chain
Source: Coresight Research

Linder highlights the impacts of food consumption on the planet
Source: Coresight Research

Foucher discusses the aims and benefits of Metav.rs
Source: Coresight Research

Griffiths highlights the need for the Primis next-generation CX solution in the last mile
Source: Coresight Research

Barrie discusses the benefits of Quiver’s emissionless, fast delivery solution
Source: Coresight Research

Baram outlines the importance of trust in e-commerce, highlighting the Radd. intelligence platform}
Source: Coresight Research

Laine explains Rentle’s circular-commerce platform
Source: Coresight Research

Petrinich highlights the problems in marketing attribution that SegmentStream aims to solve
Source: Coresight Research

Topia outlines the future of the AI-powered MAIA chatbot
Source: Coresight Research

Theuerkauf presents on how the AI-powered Syrup Tech platform positively impacts inventory decisions
Source: Coresight Research