The Retail Outlook Event 2024, organized by Q&A Insights & Consultancy , took place on June 20th and brought together hundreds of retail experts to share insights and their experiences.
The Speakap team (see our lovely faces in the image above) had a blast meeting partners and retail professionals from across the Netherlands. Here are the highlights and takeaways from the event.
The 16th Edition of the Retail Outlook Event: Main Insights
This year's event was a huge hit. Industry leaders from everywhere came together to share the latest trends and insights shaping the future of retail. Our team was there, soaking it all in. Let’s break down some of the key moments.
Maximilien Lambertson (Mastercard): Shopping Trends and Retail Productivity
Maximilien Lambertson from Mastercard kicked off the event with an eye-opening revelation: our Monday morning retail therapy trend is more than just a hashtag. With more people working from home, retail therapy at the start of the week has become a genuine phenomenon.
Who knew a little Monday shopping could become such a staple? 😳
He also presented compelling data on retail productivity in the Netherlands, demonstrating that the retail sector has significantly outpaced the whole economy in terms of productivity gains. This increase in productivity, driven by technological advancements, means retailers can offer more for less, which has profound implications for the future of the industry.
Lorenzo van Galen (WEAR): Tax Challenges for Second-Hand Goods
Lorenzo van Galen from WEAR shared an inspiring story of transformation. WEAR is not just about selling sneakers; it’s about creating a movement. They breathe new life into pre-loved kicks and have cultivated a vibrant community through podcasts, an active social media presence, and monthly meet-ups. It’s a testament to how brands can build strong, engaged communities.
He also highlighted a significant issue with taxation: when a consumer buys the original shoes, the state charges 21% VAT. Then, when WEAR buys second-hand shoes, another 21% VAT is charged. Finally, when WEAR sells these second-hand shoes to customers, yet another 21% VAT is applied. This results in a total of 63% tax on the same product, which is quite excessive..
Thera Strietman-Stein (Pink Gellac): Building a Loyal Customer Community
Thera Strietman - Stein discussed the success of Pink Gellac’s omnichannel strategy and how it contributes to building brand loyalty. She delved into why omnichannel works so well for them, how they build brand loyalty, and the challenges they face in their ambition to conquer the world with their brand.
One notable aspect of their strategy is the Pink Gellac app, where users can upload images and/or videos of their nail polish designs, fostering a community of creativity and inspiration among users.Additionally, Pink Gellac has a Facebook group with 64.0K members, which serves as a platform for customers to share their experiences, designs, and connect with the brand and each other.
Julie Munneke-Tromp (Tiny Library): Smart Solutions for Parents
Julie Munneke-Tromp presented a smart solution for parents on a budget. Tiny Library offers a rental service for high-quality baby essentials such as cribs and strollers, allowing parents to manage their finances without compromising on quality. This platform also promotes sustainability through its fully circular business model, where products go through multiple use cycles, including refurbishment and recycling, thus reducing environmental impact and raw material scarcity. By collaborating with brands that retain product ownership, Tiny Library incentivizes sustainable design while collecting platform fees and sharing revenue. This service targets various parent demographics, from those seeking flexibility and sustainability to those needing essential items but lacking funds for purchases. Tiny Library aims to reduce the number of products needed by 50%, addressing both consumer and environmental issues.
The company's business model is designed to support a shift from ownership to usage, aligning with the growing market trend of product-as-a-service. Julie Munneke-Tromp emphasized the significant environmental benefits, including substantial CO2 reductions, and highlighted the platform's role in extending product lifespans and creating awareness about circular economy practices.
She also introduced Tiny Library's fully circular business model, which redefines the traditional linear supply chain. In this model, products go through multiple use cycles, from the first use to refurbishment and remanufacturing, ultimately being recycled. This approach allows brands to keep ownership of their products while receiving a revenue share. Tiny Library collects a platform fee and receives a revenue share, while consumers pay per use, typically 30%-50% of the retail price.
Jan-Willem Boerhout (Marie-Stella-Maris): Modernizing Communication
Jan-Willem Boerhout delivered a powerful message on the importance of modernizing communication methods for frontline staff. He urged retailers to prioritize employee engagement and create a more connected workforce. It’s time to move past outdated communication tools and embrace solutions that foster connectivity and engagement. Jan-Willem for this suggests using a centralized employee experience platform (developed by Speakap) to bridge the gap between HQ and frontline workforce.
After why, why would we have this A instead of B for internal communications?
During the breakout session, the audience posed several insightful questions to Jan-Willem:
- Is the platform solely for communications, or does it offer additional functionalities like a knowledge base and document management?
- Does the platform integrate with learning tools to support employee training?
- Can messages be pinned to ensure critical information is seen and not overlooked?
- What is the best way to distinguish between 'nice to see' and 'must-see' messages for effective communication?
- Why choose Speakap over other tools? What are the differences in functionality and suitability for desk versus deskless workforces?
- Is it possible to manage users and set different permissions?
These questions highlight the growing need for education around internal communication platforms that support various functionalities, from knowledge management to training integration, ensuring critical information is communicated effectively.
The 16th edition of the Retail Outlook Event was full of insights and inspiration
From embracing sustainable practices to modernizing communication methods, the retail industry is evolving in exciting ways. A big thank you to Q&A Insights & Consultancy for hosting such a fantastic event, and to all the speakers who shared their wisdom.