Retail Roundup | January 2023
As a retail technology company obsessed with data, we at Tillerman are constantly looking at the trends and forecasts shaping the retail industry broadly. The start of 2022 continued to bring challenges with supply chain issues, inflation and of course Omicron having an impact, but there were bright spots as well. Heres a roundup of some of the retail stories that caught our eye this month.
The first month of 2023 began with a reflection on Holiday 2022 and some predictions for what may lie ahead for the coming year. Nordstrom announced a softer than expected 2022 performance, and WWD reported a mixed bag of results. Lululemon's traffic was strong, but profit was off while American Eagle reported stronger than expected performance. Macy' came in at the low end of their projections, and offered a conservative outlook for 2023.
The predictions for 2023 were an extension of the latter half of 2022, and CNBC thinks January will be a critical month in determining what retail will face in the year ahead. With inventories still inflated, retailers' ability to attract the clearance customer will be a key factor in their 2023. As for more 2023 predictions, NRF called out several things to keep your eye on. No surprise that AI and Web3 lead the list!
On the topic of NRF, they held their Big Show about two weeks into the new year! Notably, it had a return to normal traffic and in person participation for the first time since 2020. Despite current business difficulties, this created a sense of optimism for both presenters and attendees. The takeaways from the show were focused on inventory health, increased customer engagement and using tech to streamline operations and increase the bottom line. Google was a hit, unveiling its new AI powered inventory management system.
With all the focus on machine learning, AI and data, we close out this month's round-up with a great conversation with Peter Fader about using data to drive customer acquisition, retention and growth. Some great insights and definitely worth a read!
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