After attending very successful NRF 2023, we would like to share the following three key insights:
- Sustainability interpretations vary by continent.
- Store-to-store redistribution is becoming a popular supply chain strategy.
- Networking is still crucial for success.
"Sustainability is an important concept in both the USA and the EU. However, there are some notable differences in the way the two regions approach sustainability."
Roland Dzogan, CEO of Ydistri
In the USA, sustainability is most often viewed from an economic perspective. Efforts to promote sustainability often focus on increasing efficiency and reducing waste to maximize profits. This approach is often focused on short-term gains and does not consider the long-term effects of sustainability initiatives.
In the EU, sustainability is viewed from a more holistic perspective. It is seen as a social responsibility and efforts to promote sustainability often focus on the well-being of people, the environment, and the economy. This approach often considers the long-term effects of sustainability initiatives and focuses on creating sustainable solutions that are beneficial for all stakeholders.
Overall, the USA and the EU have different approaches to understanding and promoting sustainability. While the USA tends to focus on short-term economic gains, the EU considers the long-term effects of sustainability initiatives and focuses on creating sustainable solutions that benefit all stakeholders.
"In light of the looming economic recession and persistent problems in disrupted supply chains, the previously heavily promoted trend of ground-breaking innovation and fundamental retail transformation is now significantly overshadowed by scepticism and concerns about future developments in markets around the world."
Tomáš Rendl, CDO of Ydistri
Due to this, the theme of RESILIENT SUPPLY CHAIN quickly emerged and is being strongly emphasized, particularly in the USA over Europe. Although there are many systems that offer optimization of the supply chain, there are only a few that provide comprehensive solutions with tools that support the achievement of certain goals. Additionally, most of these systems focus only on "forward optimization" and do not primarily consider the potential of already existing sources of inventory at the end points of sales.
Ydistri offers a great solution for retailers who wish to optimise their inventory. The platform facilitates the redistribution of existing inventory items at the endpoints of the supply chain, allowing them to be resold at standard prices. By connecting companies with surplus stock to those in need, Ydistri reduces the cost and time of moving products, thus increasing the availability of goods.
"Exploring the networking opportunities of the NRF is a great way to expand your professional reach and stay abreast of the latest industry developments and trends."
Peter Hanko, CCO of Ydistri
The National Retail Federation (NRF) 2023 hosted an impressive line-up of networking events to support the retail industry. Industry professionals gathered in New York for three days of collaborative discussions and knowledge-sharing. The event began with a kick-off reception, where attendees could mingle and meet potential business partners. The following day, a panel of industry experts shared their insights on retail trends and best practices.
The panel was followed by a series of workshops and seminars, where attendees could learn more about the current landscape of the retail sector. In addition to the formal learning sessions, NRF 2023 held a series of networking events. These social events allowed attendees to share ideas and learn from each other in an informal setting.