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NRF 2023 Retail’s Big Show is all set to offer in-store experiences

The NRF, or National Retail Federation, is very focused on offering in-store experiences. However, it is not that eCommerce will not feature. But the show of this year is focusing on physical retail’s digital transformation. Customer experience is a very big buzzword for the show.

In 2021, the show took place online. But in 2022, the dynamics changed, and it went to in-person attendance. According to Matt Shay, the president and CEO of NRF, the show attracted 20,000 people. And this year, the team is expecting about 35,000 people. This elevates physical experiences. The official theme of this year is ‘Break Through’.

Payment orchestration plays a crucial role. However, all the technology related to payments will not solve all problems. More solutions are what we need.

The top payment priority of retailers is to address credit card swipe fees. These fees are uncontrollable because of insufficient competition. It is essential to pass the Credit Card Competition Act to fix the problems. The policymakers are trying to control inflation, and thus it is very important for this year. Prices are going up, and with this, the percentage of the sweep fees is going up. It acts as the multiplier of inflation.

The debit cards need to recalculate their capital on the debit card swipe. We need to do it at a proportional and reasonable level. The current capital is incorrect and giving the banks a heavy windfall.

NRF is talking about in-store experiences. This will drive sales. The experiences of the customers have changed. And the customers want to go back to the stores. People want to experience the product in a different way.

Digital transformation is the heart of everything. However, there is a spotlight on in-store attendance. It does not matter if it is a restaurant or an online store; customer needs physical experiences. The future holds a lot of things for retailers.

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