DailyPay is excited to have been a premier sponsor at NRF 2022: Retail’s Big Show. The show was a big success with nearly 20,000 retailers, vendors and industry experts present throughout the three-day event.
NRF Big Event Sessions and More
NRF 2022: Retail’s Big Show had dozens of information presentations and sessions for attendees to learn from and network at. The show also had an Innovation Lab that included a Startup Zone.
Key Takeaways from NRF Sessions
The show had various presentations and sessions of different sizes over the course of three days. These sessions gave various vendors the opportunity to promote themselves and some of the important technology retail companies should be on the lookout for. While there were a various number of ideas shared at NRF, DailyPay had three key takeaways:
Emphasize company culture
In a keynote session on January 16th, panelists spoke about culture being about care, growth and winning together. They emphsized how success often comes from team culture, something that was especially important during the height of the pandemic. Many sessions throughout the course of the three-day event focus on improving company culture, especially in a hybrid working environment.
Make DE&I personal
Retail’s Big Show had multiple aspects focused on Diversity, Equity and Inclusion (DE&I) with many sessions and opportunities to get involved with DE&I initiatives. From all of these sessions, one of the major takeaways was that DE&I needs to be made personal for employees.
One of these sessions was a session called “The Achievable How Implementing DE&I learnings inside your business” featuring a diverse panel of C-Suite executives from five large and successful companies. This session discussed fostering a more diverse workforce and learning how to nurture and unlock a diverse workforce’s true potential. The speakers discussed everything from inclusion in the virtual workforce to the need for DE&I efforts to be a team effort.
In this session, the panelists discussed the importance of everyone playing a role in the organization you want. They pointed out that you can’t have successful DE&I initiatives alone and that it is important to find the right talent to supplement what you do.
They also spoke about the virtual work environment and how it has actually helped improve DE&I efforts because it allowed for BIPOC to feel more included. When it came time for virtual work, one of the large companies represented had to reevaluate their benefits to help those under duress.
In a keynote session entitled “Recruit, advance, and retain: Scaling SEI efforts in today’s talent landscape,” panelists spoke about the importance of staying relevant and how it leads to success when it comes tacking DE&I. They spoke about needing to have everyone involved in DE&I, not just one subset of a company.
Retail’s Big Show had an entire stage, called their FQ Equality Lounge, dedicated to DE&I related sessions. There were product showcases of black and Latinx brands along with a roundtable discussion and other presentations.
Increase Efficiency with ML and Data
AI and ML are transforming retail and influencing efficiency. On day 2 of the show, an entire session was dedicated to this topic, with discussions of it across the entire span of the show. This particular session, entitled, “Carter’s and Vera Bradley: Increasing efficiency throughout retail and wholesale with ML,” discussed the idea of leveraging machine learning to help make data-driven decisions and increase efficiency. Technology is changing the retail landscape, and many retailers, including some present at NRF, have already tapped into the power of technology in retail by partnering with DailyPay.
Similar topics were discussed across many other sessions. During day 2, in a session called “What do consumers want from today’s store associates?” one company spoke about the importance of making sure the right data is in the hands of employees to improve the customer experience. Another session entitled, “Between a rock and hard place: Customer success and employee retention in 2022,” discussed how retention and customer success can be improved by providing a consistent mobile platform.
How DailyPay helps retail in the war for talent
“Throughout the pandemic reliance on retailers (shipping to homes, pick-up outside of stores and in-store shopping) continued to grow. With the incredible increases in sales, the need for employees has never been higher,” Jeanniey Walden, Chief Innovation and Marketing Officer at DailyPay said. “We were thrilled to be part of NRF 2022: Retail’s Big Show for the first time and show retailers support. Operations leaders drive value within their organization and HR leaders support DE&I for everyone with DailyPay’s on-demand pay solution.”
At Retail’s Big Show, DailyPay heard from people who visited the booth that they were not only looking to attract new talent, but remain competitive while also offering something that helps reduce the need for predatory loan options. These are all things DailyPay has proven to help retailers and other clients with.
DailyPay has proven to help retailers improve their bottom line by:
- Reducing cash shrinkage
- Improving turnover by more than 20% (According to DailyPay commissioned research by Mercator Advisory Group)
- Avoiding predatory loan options
- Increase job applications by more than 50% (According to DailyPay commissioned research)
DailyPay is thankful to NRF for putting on an amazing show and looks forward to being back at Retail’s Big Show in 2023!