As part of a seminar at the National Retail Federation’s Big Show Chapter 1, an ongoing virtual event to be followed in June by a now virtual Chapter 2, Marvin Ellison, president and CEO of Lowe’s and Niraj Shah, co-founder and CEO of Wayfair, discussed the development of their companies before and through the COVID-19 pandemic. The retail executives then looked beyond at a future when the application of technology will improve and simplify the consumer shopping journeys and purchase decisions.
The COVID-19 pandemic has driven Bed Bath & Beyond to adopt and advance initiatives quicker than it ever intended. However, that has helped the retailer boost its proficiency in developing and applying data and exercising its operational flexibility in application in ways that the company expects has better prepared it to thrive in the year ahead.
Walmart’s Janey Whiteside, the retailer’s evp and first chief customer officer, said the year ahead continues its trend to make shopper lives easier, which means delivering core purchases to consumers as they need them and, so, gradually changing how they relate to retailers.
In the opening keynote address kicking off the virtual Chapter 1 of the National Retail Federation Big Show, Mike George, president and CEO of Qurate Retail Group and NRF chairman, spotlighted how the retail sector reacted to the COVID-19 pandemic and social turbulence over the past year, emphasizing how the industry worked to improve conditions in communities around the United States.
The recently enacted federal income tax cut is likely to benefit an already strong economy this year and into 2019, but there could be variations on its impact regionally and uncertain long-term effects, economists said during a roundtable event at the National Retail Federation’s Big Show in New York.
Kohl’s is taking the broad view of omnichannel retailing as it is working on new ways to make the customer’s shopping experience as hassle free as possible online and on the sales floor, Ratnakar Lavu, the company’s chief technology officer, stated in a presentation at the National Retail Federation Big Show in New York.
Target has turned around its digital operations by streamlining the company’s e-commerce infrastructure, said Mike McNamara, the company’s evp/chief information and digital officer, at the National Retail Federation’s Big Show in New York, saving hundreds of millions of dollars while increasing effectiveness.