What Just Happened

Christine Russo hosts "What Just Happened" and welcomes Eric Schoch from NCR Voyix, who oversees the retail business. Schoch emphasizes the importance of the checkout experience in stores, highlighting the role of point-of-sale (POS) systems in enhancing customer interactions and operational efficiency. He discusses how data and insights derived from POS systems are crucial for retailers to make informed decisions regarding inventory, pricing, marketing, and overall store management. Schock further elaborates on the "upgrade imperative" facing retailers, driven by the need for modernized store systems that can handle contemporary challenges such as inventory management, labor issues, and shifting consumer demands. He explains NCR Voyix's approach to transforming their business model to a platform-based software and services model, which includes next-generation POS and self-checkout software. This transformation aims to provide enhanced capabilities, streamline operations, and support retailers through their digital transformation journey. Schock underscores the importance of continuous operation, advising a pragmatic path to upgrades that minimizes risk while delivering tangible benefits. The discussion also delves into the technological advancements NCR Voyix has made, particularly in self-checkout systems. Schoch highlights three core principles: speed, intelligence, and innovation. These principles drive the development of self-checkout systems that are future-compatible, leveraging artificial intelligence, computer vision, and other advanced technologies. He describes how the company's edge software enhances store operations by providing real-time insights and enabling rapid deployment of new features. This edge capability serves as a critical differentiator, allowing NCR Voyix to support both in-house and third-party applications, ultimately aiming to redefine the retail store architecture and deliver superior consumer engagement and operational efficiency.

Sit Down with Christine Russo as she hosts a key technology provider in the ever-evolving ways Gen AI will help retailers and brands. Eric Best, CEO of SoundCommerce, explains the challenges of measuring order profitability due to dispersed data sources. In his experience with Richer Poorer, he found that while they could measure site traffic, conversion rates, and ad campaign performance, they struggled to answer basic questions about profitability after converting a shopper. This issue drove the creation of SoundCommerce to address the industry problem with a commercial product. Eric describes the complexity of calculating profitability by accounting for various costs: the cost of goods sold, acquisition discounts, digital marketing expenses, and variable costs like storage, fulfillment, and shipping. With data scattered across different systems, such as digital marketing platforms and parcel carriers, it becomes difficult to consolidate and analyze this information effectively. Brands may use systems like NetSuite ERP to integrate data, but more detailed calculations, like customer lifetime value, require tracking shopper identity and purchase history over time. Understanding order profitability offers a clearer picture of business performance compared to customer lifetime value. Eric points out that repeatability in customer behavior indicates successful customer service. However, many businesses fail to identify why some customers are not loyal, potentially due to pricing or return issues. Comprehensive data analysis of orders, including hidden costs like returns processed through different platforms, provides retailers with crucial insights for making informed decisions and improving overall profitability.

Russo sits down with Simon Langevin of Coveo and here are some hightlights Introduction and Background: Simon Langevin, VP of product at Coveo, manages the e-commerce side of the business, which includes B2C and B2B search engine functions. The conversation covers the impact of generative AI on search and Coveo's approach to using large language models for content summarization and smart snippets. Challenges in Search and AI: The interview discusses the conflict between algorithmic product recommendations and business concerns, emphasizing the need for balance. The future of AI is highlighted as becoming more personalized, transparent, and controlled by humans. Intent Detection: Simon explains that intent detection involves understanding user behavior and language. Coveo uses product embeddings and tracks user interactions to predict intent, aiming to create a more refined and personalized search experience over time. Future of AI in E-commerce: The vision for AI includes integrating product discovery with expert guidance and support. This would create a seamless experience akin to a brick-and-mortar store, providing holistic support and advice to customers. Simon stresses the importance of investing in effective search technology to enhance the overall user experience.

In a lively exchange, Christine Russo, host of What Just Happened, Kristi Argyilan SVP Retail Media Albertsons, and Brian Gleason CRO Criteo discuss the evolution and potential of retail media networks. Kristi, with a background in media strategy and experience at Target and Albertsons, highlights the transformative impact of recognizing the value of retailer-owned assets, particularly first-party data. She emphasizes the shift towards proving outcomes rather than just impressions. Brian, drawing from his diverse career spanning publishing, technology, and agencies, underscores key moments that illuminated the growing significance of retail media, such as the revelation of Amazon's ad revenue and Walmart's projected profits from retail media surpassing those from physical goods.The discussion delves into the challenges and opportunities of integrating digital experiences seamlessly into physical stores, emphasizing the importance of enhancing customer experience while balancing monetization efforts. Both Kristi and Brian stress the necessity of maintaining trust and alignment with customer expectations in navigating the expansion of retail media networks. They also touch upon the role of platforms like Criteo in facilitating this evolution, offering scalable solutions for both established retailers and emerging networks, thus contributing to the ongoing rise of retail media.

In a dynamic discussion on the evolving landscape of retail, Liza Amlani and Roz Griner shed light on the pressing challenges and opportunities facing the retail brands. Liza emphasizes the importance of organizational effectiveness and increasing profitability through better go-to-market strategies, assortment planning, and reducing overdevelopment, while Roz pivots towards leveraging social media and content creation for branding and consulting. Both agree that the retail sector is navigating uncharted waters, with traditional retail fundamentals lagging the rapid evolution of consumer preferences. A key issue identified is the industry's reactive nature, relying on band-aid solutions rather than proactively addressing the core needs and desires of their customers. The conversation also touches on the shift back to physical stores amidst the collapse of direct-to-consumer brands, highlighting Nike's reversal from a DTC-only approach as a notable example. The dialogue underscores the importance of engaging directly with customers, utilizing social listening, and integrating feedback throughout the product creation and go-to-market processes. Furthermore, it calls for retail teams to reconnect with fundamental practices, like engaging with customers on the shop floor, to better understand and adapt to the rapidly changing retail environment, emphasizing the need for a more responsive, customer-focused approach in contrast to the traditional, inventory-heavy strategies of the past. The conversation goes on to highlight brand strategic missteps in marketing and product development, such as heavy discounts and a lack of alignment with the preferences and shopping habits of Gen Z. The critique notes that Gen Z's aversion to shopping in physical stores, particularly malls, exacerbates the brand's challenges in engaging with this demographic. The conversation critically examines the identity and market positioning challenges faced by Gap and Banana Republic, two prominent retail brands. For Gap, the core issue highlighted is its ambiguous brand identity and unclear customer demographic, a problem exacerbated by inconsistent strategies and a failure to reclaim dominance in categories such as denim and basic colorful apparel, which were once synonymous with the brand. The discussion suggests that Gap's attempt to cater to a broad audience without a defined focus or updated assortments has led to a dilution of its brand identity. This challenge is compounded by seemingly misaligned collaborations and an unfocused expansion into various categories, such as intimate apparel, without first solidifying its core product offerings. The conversation underscores the need for Gap to revisit and clarify its brand identity, potentially by leveraging its historical strengths in offering generational and colorful clothing options, to regain relevance and market share.

Possible Miami 2024 https://possibleevent.com/ In a dynamic exchange, Christian Muche, co-founder and CEO of Beyond Ordinary Events and one of the architects behind the event Possible, introduces his venture to host Christine Russo, host and creator of What Just Happened. Launched in Miami, this event was designed to address the contemporary challenges and agendas facing the marketing industry, a multi-billion dollar realm poised for innovation and growth. Muche emphasizes the importance of creating an event that merges technology, marketing, and culture into an immersive experience, diverging from traditional conferences by engaging thousands of industry leaders, celebrities, and talents in a business-to-business environment. This initiative aims to redefine networking and professional development in the marketing sector by fostering a platform for significant industry advancement. Russo outlines the event’s three critical pillars: consumer marketing and communication, business and society, and technology and innovation. According to Muche, these pillars were crafted after extensive deliberation to encapsulate the essence of current consumer behaviors, societal impacts, and technological advancements, thereby offering a comprehensive overview of the industry's landscape. The inclusion of e-commerce, augmented and virtual reality, retail within gaming, and AI showcases an ambitious attempt to cover the vast scope of modern marketing tactics and strategies. The event stands out as a testament to the power of collaboration, innovation, and forward-thinking in the face of marketing's fast-paced evolution. By prioritizing content that looks ahead rather than dwelling on past case studies, Muche and his team aim to inspire and equip participants with the knowledge and tools needed for future success. The event's focus on consumer perspectives, coupled with its inclusive approach to both established brands and startups, fosters a rich environment for creativity and innovation. Muche's passion for the potential of the marketing industry is palpable, as he emphasizes the importance of curating a diverse and impactful agenda that challenges the status quo and encourages a collective push towards a more dynamic and inclusive future. Through The Event Possible, Muche aspires to cultivate a community where the power of possibility is not just a concept, but a driving force for tangible change and growth. Further, the conversation touches on the critical role of startups and the broader spectrum of marketing, with AI being a part, but not the sole focus. This inclusive approach facilitates networking, learning, and the initiation of substantial business opportunities among participants. Emphasis is placed on the e-commerce and retail media components, acknowledging their significance within the marketing ecosystem and the diverse perspectives and innovations brought in by various partners. The event's structure is designed to cater to the evolving expectations of today's attendees, offering a multifaceted experience that spans beyond traditional conferences or networking sessions. This approach not only sets a new standard for future events but also reflects the dynamic nature of the industry, where flexibility and comprehensive engagement are key to staying ahead.

In this insightful discussion with Joe Corbin, CEO and founder of Jumpmind, Christine Russo explores the evolution of retail technology and its impact on both customer experience (CX) and associate experience (AX). Corbin's extensive background in retail, including his time at Abercrombie & Fitch during its international expansion, informs Jumpmind's approach to addressing the complexities of modern retail operations. Reflecting on the challenges faced during the heyday of brick-and-mortar retail, Corbin emphasizes the importance of understanding the distinct needs of large enterprise merchants with multinational deployments. The conversation delves into the transformation of point-of-sale (POS) systems into point-of-service solutions, highlighting the shift towards enhancing associate-customer interactions. Corbin introduces the concept of AX (Associate Experience), emphasizing the pivotal role of associates in bridging the gap between digital and physical retail experiences. By empowering associates with intuitive and seamless technology solutions, such as tablets or handheld devices, retailers can streamline operations, improve customer engagement, and drive sales. Additionally, Corbin discusses the significance of data synchronization in the context of cloud migration and AI adoption. Through Jump Mind's Symmetric DS platform, retailers can efficiently move and synchronize data across various environments, enabling agility and scalability in today's data-driven landscape. Furthermore, Corbin shares insights into innovative initiatives, such as CX Connect, which enhances the checkout experience by integrating personalized recommendations and loyalty programs. Overall, the conversation underscores the critical role of human-centric design in shaping the future of retail technology and driving meaningful outcomes for both retailers and customers alike.

In this conversation between Christine Russo and Brandon Singer, CEO and founder of Retail by Mona, Singer discusses the inception of his company during the pandemic and its unique positioning in the real estate market, particularly in New York City. He highlights the resurgence of retail activity in the city, particularly among luxury brands, and delves into the trend of luxury brands purchasing their real estate rather than leasing, as a long-term investment strategy. The discussion also touches on the evolution of neighborhoods like Meatpacking District, driven by factors such as tourism, office presence (notably Google's), and the appeal to both locals and visitors. Singer further discusses Retail by Mona's innovative approaches, such as utilizing text messaging for communication and leveraging social media presence for property marketing. He emphasizes the company's collaborative internal structure, contrasting it with the traditional competitive model in the industry. Russo acknowledges the significance of Retail by Mona's approach, praising its ability to adapt to modern business practices and foster a more inclusive and effective work environment. Singer concludes by highlighting the practical success of these strategies and expressing gratitude for the insightful conversation. www.retailbymona.com

In this episode of "What Just Happened," Christine Russo interviews Pano Anthos, the Founder and Managing Director of XRC Ventures. Pano emphasizes the consumer-centric approach of their venture, highlighting their focus on startups at the intersection of consumer behavior and technological advancements. With a team of 12, they support around 140 startups across three funds, prioritizing innovations that directly impact consumers rather than enterprise-focused solutions. Pano discusses the current state of venture capital, noting the apprehension among VCs due to concerns about inflated valuations and market volatility. He emphasizes the importance of unique solutions addressing significant problems in today's market, as investors are becoming increasingly risk-averse. Despite the challenges, Pano remains active in early-stage investing, particularly in the retail sector, where he sees significant opportunities for technology-driven solutions. The conversation delves into various topics such as the evolution of AI, retail technology trends, and the importance of data-driven decision-making. Pano shares insights into the future of personalization, retail operations, and sustainability in commerce. He discusses the potential of AI-powered virtual assistants and the need for businesses to adapt to changing consumer behaviors and technological advancements. Additionally, Pano highlights innovative approaches to sustainability, including reusable packaging solutions and on-demand manufacturing, as part of their investment strategy in sustainable commerce.

Christine Russo hosts Cara Smyth, Global Senior Managing Director ESG, Responsible Retail at Accenture, on "What Just Happened." The conversation delves into the evolving landscape of sustainability terminology, such as ESG, corporate social responsibility, and sustainability itself. Cara highlights the risk of drifting away from profitability and stresses the importance of chasing waste out of the system to enhance efficiency and profitability. They also discuss the challenges and opportunities for businesses, especially in the retail sector, to align with changing regulatory landscapes and effectively engage with suppliers to drive positive change.   Cara addresses the challenges faced by small and large brands in navigating the sustainability journey. Larger companies, having already committed to science-based targets and ESG goals, are on the path to remediation and change. Smaller companies are encouraged to learn from the lessons of larger ones and leverage their agility to implement sustainable practices. The discussion underscores the necessity of collaboration, data-driven decision-making, and responsible retail practices for a more sustainable future in the retail industry. Christine raises concerns about the risks faced by smaller companies, particularly suppliers, in the evolving landscape of sustainability regulations. There is a perceived challenge for smaller suppliers to keep up with compliance requirements and sustainability standards, potentially putting them at a disadvantage compared to larger, more professionalized companies. The risk is accentuated by the possibility of bigger companies consolidating around suppliers that can efficiently manage data exchange and meet sustainability needs.   The conversation then shifts to the complexities of regulatory compliance, especially in the "messy middle" where the specifics of evidence and requirements for sustainability practices are not yet clear. The speaker emphasizes the need for a transparent and evidence-based approach to demonstrate compliance, particularly in areas such as labor conditions and environmental impact. The evolving regulatory landscape is noted, with government bodies, including the Securities and Exchange Commission, showing interest in sustainability reporting.   The emphasis is on the need for a multidisciplinary approach to drive responsible business practices across different sectors.   In the latter part of the conversation, the speaker reflects on the global landscape of sustainability, suggesting that Europe, driven by regulatory pressures, is ahead of the United States. The importance of a global baseline for sustainability practices is stressed, with the hope that European initiatives will catalyze change worldwide. The discussion concludes with insights into the Fashion Conveners report, which aims to address the fragmentation and lack of alignment within the non-profit sustainability community, ultimately working toward more effective collaboration and support for industry leaders.