Held between May 9 and 11, this event was organized by Shoptalk and brought together industry experts in retail and technology, entrepreneurs, and academics from across the globe. The event took place in the bustling city of Barcelona, which provided the perfect backdrop for this inspiring and informative event.

About the Event

With a focus on the future of retail and innovations in technology, Shoptalk Barcelona provided a platform for discussing the latest trends, challenges, and opportunities in the retail landscape. Alongside retail giants and innovative startups, we had the chance to explore topics that are on our agenda, such as circular economy, digital twins, blockchain and sustainability in retail.

Top Speakers and their Insights

The star-studded lineup of speakers at Shoptalk Barcelona did not disappoint. The insights they provided were on point and got our minds racing with possibilities.

As consumers gravitate toward recommerce to save money and address growing concerns about pollution, the secondhand market is expected to reach astonishing new heights over the next few years. The pre-loved market is expanding in scope all around the world.

Recent research conducted by thredUP indicates that the global market for used goods is expected to reach a value of $350 billion by the year 2027.

It is anticipated that online resale would expand by an average of 21% yearly over the next five years, reaching $38 billion by 2027, making it the segment of the secondhand market in the United States that is seeing the most rapid expansion.

In addition to product resale, businesses are providing product restorations and devising novel and ingenious methods to promote the circular economy.

Kirsty Keoghan, General Manager of Global Fashion, eBay stated that there have been major changes in consumer behavior, mainly due to recognition and stigma in relation to second-hand products. According to the last study of eBay, 90% of the consumers inquired bought a product second hand and 95% of millennials buy pre-loved.

“ It’s not just a young person’s game, people are much more aware of the effect of their purchasing decisions,” she says.

Web 3 technology can improve supply chain operations inside and between enterprises. Companies are leveraging blockchain for supply chain visibility and computer vision, augmented reality, and linked IoT devices to build "digital twins" of retail infrastructure.

Deborah Weinswig, Founder & CEO, Coresight Research, on Web 3 and the Supply Chain: Blockchain, Digital Twins and More, emphasized sustainability as a major force behind transformation in the supply chain for retail. According to her, 66% of supply chain executives intend to make investments in the circular economy.

Most merchants and companies focus on Gen Z, the largest generation. This digitally-native population prioritizes sustainability, authenticity, and shopping on new platforms.

According to Jason Crawford, who is the Vice President of Digital Growth at Hype for Adidas, the two most significant qualities that customers look for in brands and shops are authenticity and transparency. Retail companies must place "social responsibility" at the core of their marketing and then show their commitment to that cause.

Key Takeaways

The Shoptalk Barcelona 3-day event was filled with insight and actionable takeaways for retailers worldwide. Here are the top three key takeaways from the event:

1. Customer loyalty through personalized experiences

One of the major themes from the event was the importance of building customer loyalty through unique and memorable experiences. Retailers need to rethink their traditional advertising methods and prioritize prioritizing individualized interaction with the customers. By offering personalized customer experiences through online and offline channels, retailers will create an emotional connection with their brand, driving long-term customer engagement and loyalty.

2. Importance of Sustainability and Ethical Practices

It's becoming increasingly important for brands to embrace sustainability and ethical practices. From a global focus on reducing waste to ensuring suppliers are treating employees fairly, companies can make a real impact by showing their commitment to ethical sourcing and sustainable practices. Shoppers will choose to buy from brands that align with their values and beliefs, making it more important now than ever before for brands to make a stand.

3. Tech's Impact on Customer Engagement

Technology is reshaping customer engagement strategies, and retailers who aren’t embracing it will fall behind. From augmented reality to chatbots, retailers can deliver quick, responsive, and personalized experiences which can capture customer attention and convert them into loyal customers. By investing in new technologies that can help personalize customer experiences, retailers can future-proof themselves against whatever challenges the future may hold.

LOANA GRAUR

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