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1、/PitchBookPitchBookData,Inc.JohnGabbertFounder,CEONizarTarhuniVicePresident,InstitutionalResearchandEditorialPaulCondraHeadofEmergingTechnologyResearchEMERGINGTECHRESEARCHTakeawaysFromNRF2024Areviewofkeytrends,opportunities,andoutlooksPitchBookisaMorningstarcompanyprovidingthemostcomprehensive,mosta
2、ccurate,andInstitutionalResearchGroupAnalysishard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.EricBellomoAnalyst.EmergingTechnologyeric.beltomoKeytakeawaysfromNRF2024pbinstilutionalresearchAlubiquity:DiscussionofAlwasunavoidableatNRF2024asretailerstestedvarioususecasesandplannedformu
3、ltiyearexperimentation.VendorswerePublishingDesignedbyJuliaMidkiffsimilarlyquicktotoutinnovativeusecases.Significantfuturevaluewilllikelyconcentrateinback-endusecases,andretailerscannotaffordtoslowpedalinnovation.PublishedonJanuary23,2024Channelstrategiescomeintofocus:Retailersrecognizetheneedtomeet
4、customersacrosspreferredchannelsandareinvestinginchanneloptimization.RepresentativesContentsfrombrandslikeLevis,Glossier,ALDO,andChewydiscussedtheirstrategiesandKeytakeawaysfromNRF2024requisitetechnologyinvestments.Introduction2Vendorsdisplayinterestinthemiddlemarket:Vendorsaretargetingmiddle-Confer
5、enceoverviewandobservations3marketretailersfollowingShopifysmoveupstreamandgrowthheadwindswithSMBs.2023dealrecap6Somedigital-nativebrandsarealsoprioritizingagilityafteraccumulatingbloatwithintheirtechstacks.Companyhighlights7 Traceabilityusecasesarenascent:BlockchainandWeb3usecasesremainnascentforre
6、tailers,thoughstartupsdemonstratepotentialindigitalpassports,supplychaintransparency,andluxuryresalemarkets.Keytailwindsincludeupcomingdigitalproductpassportregulationsandgrowthininternationalmarkets,butusabilityanduserexperienceremainbarrierstomainstreamadoption. Profitabilityreturnstothefore:Allli
7、nksintheretailvaluechain,fromtechnologyvendorstoretailers,aregrapplingwithhowtoimproveprofitabilityafteryearsofrapidexpansion.ThistransitionwilltaketimeandVCsextenddiligencecycles.Asstartupfundraisingcycleskickoff,strongbusinessfundamentalswillbeaprerequisiteforsecuringfunding. Dataenrichmentisastra
8、tegicimperative:360-degreeviewsofcustomersremaincriticalbutelusiveduetosystemcomplexityandinternaldatasilos.Ase-commerceinchesfurtherintoAl-poweredoperations,cleandataisstrategicallycritical. Inventorymanagement,shrinkage,andsecurityremainpressing:Real-timeinventorymanagement,shrinkage,andsecurityis
9、suesaregrowinginsignificance.Retailersdiscussedanextendingdigitalriskvectorandtheassociatedrevenueheadwinds.IntroductionMomentumremainstepid,withgreenshootsofoptimismFollowingrobustholidayspending,NRFattendeeswespokewithexpressedcautiousoptimismaboutthenear-termoutlookasmacroeconomicindicatorsremain
10、positiveandbrandsareinvestingintechnologytodriveoperationalefficiency.AtpastannualNRFevents,thetechnologydialoguehastoutedthesimplicityofdifferentservicesgiventhecomplexityoflegacysystemsandhybridcloudenvironmentsutilizedbyretailers.Wenoticedashiftinbrandandvendorsentimentthisyearthatfocusedonthespe
11、edofimplementation,decisionmaking,andreturnoninvestedcapital.Despiteeconomicgreenshootsemergingduring2023inflationfell,theeconomyaddedjobs,ande-commercesportionofretailspendingresumedgrowingsteadily-theriskremainsforthedelayedonsetofconsumerspendingheadwindsfollowingarapidincreaseininterestrates.For
12、e-commerceenablementstartups,technologybuyersaredemonstratingcautionwhenspending,withheightenedexpectationsforimplementationtimelinesandprofitabilitylift.Investorshavesimilarlyextendeddiligencecycleswithadistasteforthegrowth-at-all-costsmentality.Whileweareoptimisticaboutthelong-termoutlkfore-commer
13、ce,weexpectthetrendofventuredollarsshiftingtoIate-StagestartupsanddepressedfundraisingactivitytocontinueintoH22024.Long-termindustrydriversincludetheincreasingportionoftransactionsoccurringonline,thegrowthoftheinternationale-commercemarket,andtheimpendingwealthtransferfromthebabyboomergenerationtoyo
14、ungerdigitalconsumers.Thisnotehighlightsseveraltrendsimpactingthecommercelandscape,keyemergingtechnologies,andouroutlookfor2024.Additionalinformationone-commerceenablementtrendscanbefoundinourQ32023E-CommerCeReDOrtConferenceoverviewandobservationsAlubiquityMoving forward, significant value will stem
15、 from back-end applications like inventory forecasting, data enrichment, and other forms of automation.DiscussionofAlwasomnipresentatNRF.Weobservedusecasesspanningcustomerservice,searchanddisvery,autonomousrobots,agents,checkout,dataanalysis,andmore.Inpresentationsandkeynoteaddresses,retailerswerequ
16、icktoacknowledgetheyaretestinggenerativeAl(GenAI)functionality,butalsoquicktoaddtheyhavebeenexperimentingwithAl&machinelearningovertheprecedingthreetofiveyears.Thisundersrestheincentiveretailershavetointegrateemergingtechnologiesduetorazor-thinmarginsandthehighlycompetitivenatureofretail.QUrresearch
17、intoGenAldemonstratedthatmostapplicationspresentlytargetmarketingandcustomersupportusecases.Thissentimentwascorroboratedinourconversationsattheevent,whileunderscoringthat,movingforward,significantvaluewillstemfromback-endapplicationslikeinventoryforecasting,dataenrichment,andotherformsofautomation.E
18、nterprisesremainhighlyprotectiveofinternalandproprietarydata,andmaybehesitanttodeployback-endoperations.Acomplimentarythemethroughouttheeventwasaneedtomaintaintechnologyinvestmentstodriveoperationalefficiency,lestbrandsfallbehindcompetitors.Multiplevendorsmentionedthatlargermerchantswereinclinedtosl
19、owtechnologyinvestmentsin2023duetothebreak-neckpaceofinnovationduringtheprecedingtwoyears,butlikelycannotaffordanotheryearofslowpedalinginnovation.Fromaventurecapitalandstartupstandpoint,thisaccelerationcouldspurfurtherstrategicCVCactivity(whichincreasedYoYin2023)andfacilitatestartupgrowththatfacedh
20、eadwindsin2023.ChannelstrategiescomeintofocusOptimizingomnichannelexperienceswasanoverarchingthemeatNRF2024.Retailersincreasinglyrecognizetheimportanceofmeetingcustomersatthecustomerspreferredchannelwhilestrategicallyinvestinginmediumsthatelevateeachbrandsuniquestory.Nevertheless,duringthepandemic,s
21、hoppersgrewtoexpectconvenient,personalizedtransactions,whichnowextendbeyonddigitalexperiencesintophysicalretail.Inapaneldiscussion,LeviStrauss&Co.,sCFOandChiefGrowthOfficerHarmitSinghdiscussedtheimportanceofthebranddevelopingamorerobustdirect-to-consumrstrategyoverthelastdecade,whichledtothehiringof
22、ChiefDigitalOfficerJasonGowansinearly2023.Similarly,inapanelmoderatedbyShopifyPresidentHarleyFinkelstein,GlossierCEOKyleLeahydiscussedtheoppositemotion,whereinthebrandmovedintowholesaleanddevelopedaretailfootprint.OthernotablediscussionsincludedtheALDOGroupsharingtheoperationalnuancesofits-store-as-
23、a-fulfillment-centerstrategyandChewysmoveintoveterinarycare.Fundamentally,brandsarethinkingstrategicallyabouttheirchannelmixandlookingfortechnologytosupportthesemotions.Specifically,productinformationmanagement(PIM)andordermanagementsystems(OMS)areemergingaskeygsinthisengine.Vendorsdisplayinterestin
24、themiddlemarketIn a slower-growth environment, brands are attempting to shed this bloat and pivot to lower-overhead technology operations.TheNRFconferencetraditionallyskewstowardenterpriseapplications,butaninterestinmiddle-marketusecasesisemerging.Therearelikelymultipledriversofthistrend.First,Shopi
25、fyannouncedmiddle-marketandenterprisefunctionalityatNRF2023anddrewrenewedattentiontothiscohort.Sincethen,Shopifyhaswonahandfulofnotablepartnershipsandopeneditsapplicationecosystemtoabroadermarket.Second,althoughtargetingsmallandmedium-sizebusinesses(SMBs)hasbeenvalidatedasaviablestrategyforventurein
26、vestments,thismerchantprofilechurnsatahigherrateandhasfacedgrowthheadwindsaftertheCOVID-19pandemic.Consequently,vendorstargetingSMBsarelikelylookingupmarketforgrowth.Lastly,manydigital-nativebrandsthroughoutthelastdecadedifferentiatedtheirserviceswithtechnology-forwardstrategies.Inaslower-growthenvi
27、ronment,brandsareattemptingtoshedthisbloatandpivottolower-overheadtechnologyoperations.SeveralstartupswemetwithdiscussedinitialtractionwithintheShopifymarketplaceandaresketchingoutplanstotargetlargerbusinesses.TraceabilityusecasesarenascentWeb3technologieshavecertainlyreachedtheproverbialtroughofdis
28、illusionmentwithretailers.Althoughnosessionswereheldonthistopic,multiplestartupsintheconferencesInnovationZonedemonstratedapplicationsthatincorporateblockchain,namelydigitalpassportsandaccesstosendarymarketsforluxurybrands.StartupArianeeoffersdigitalidentifiersthatshopperscanusetoseetransparencydeta
29、ils,supplychaininformation,andmore.Solairesapplicationenablesbrandstocollectroyaltiesandproductinsightsfollowingpeer-to-peersales.Luxuryresaleisanover$40.0billionmarketthatbrandspresentlyhaveminimalaccessto.Despiteconcernsaroundusabilityanduserexperience,twokeytailwindsexistforstartupsinthiscategory
30、.First,startingin2026,theEuropeanCommissionwillrequiregoodstohaveadigitalproductpassport(DPP).Second,internationalmarketsexhibitstronginterestinmarketslikeJapanorSouthKorea,whichremainimportanttoluxurybrands.ProfitabilityreturnstotheforeVendorsandbrandsalikefacepressuretoprioritizeprofitabilityoverg
31、rowthatallcostsfollowingarapidexpansionindigitalcommercethroughoutthepandemic.Facingrisingcustomeracquisitioncosts,slowedVCinvestments,andintensempetition,retailersandstartupsalikewerequicktoinvokeanethosofprofitabilitythroughouttheevent.Detailswereoftensparse,buttherhetoricofChewysCEOstoodoutwendis
32、cussingtheretailersforayintophysicalretailandveterinarycare,recappingitsannouncementinlate2023.ForChewy,theplaybookinvolvedrecognizingcustomerdemandforpetcare,butprioritizingnondilutivebusinessmodelsthatwouldbuilddurablemoats.Tactically,thisalsoincludedbundlingvalueaddservices,suchasprovidingfreetel
33、ehealthtocustomers.Theexpansionrequiredextendingatechstackthatvetclinicscouldpluginto.Thoughchallenging,itispossiblewewillseebrandsthatsimilarlyinvestinbuildingouttheirowntechnologytomaketheirplatformsavailableasaservicetootherbusinesses.heHardLuXUfVResaleRaCeHeatSUDjVOQUCBusiness.MitenaLaZazZera.Ja
34、nUarY4.2023.OnlineretailerABOUTYOUfollowedasimilarplaybook.WhenscalingthroughouttheEuropeanUnion,thecompanyenunteredsignificantpaymentandorderfulfillmentmplexitygiventhedivergentpreferencesofnsumersinvariousstates.Thecomposablestacknowoperatesasacomplimentarysoftware-as-a-servicebusinessunitviaSCAYL
35、E.DataenrichmentisastrategicimperativeA360-degreeviewofnsumersremainsacritical,albeitwell-established,objectiveforretailerstosupportdeeperpersonalizationandactionablelifetime-valueinsights.Thisremainstechnicallychallenging.SalesforceshareddatafromitsStateoftheConnectedConsumerreport,whichfoundretail
36、ersuseanestimated44systemstoengagecustomersacrosstouchpoints,andthemajorityofthesesystemsaredisnnected,2Ase-commercepushesfurtherintoAl-poweredoperationswhereinmodelsareonlyaseffectiveastheirinputs,ensuringdataisclean,accessible,andactionablewillbeastrategicimperative.Thissentimentwascapturedduringa
37、panelofretailCFOs.AdrianMitchell,COOandCFOofMacys,discussedthecompanyskeymetrics.Manywerestandard,likechannelandstoregrowthYoY1butMacysisincreasinglyfocusingongrowthpercustomerinordertounderstandhowagiveninvestmentwilldrivegreatercustomervalue.Inventorymanagement,shrinkage,andsecurityremainpressingP
38、reciseinventorymanagementisalinchpintoeffectiveomnichanneloperations.Asdiscussedabove,manybrandsfindthemselvesstuckwithlegacyinventoryinfrastructurethatisdifficulttoreplace.Thisinhibitsreal-timeinsightsandopensthedoorforshrinkage.Wheninventorymanagementbecomesdisjoined,retailersfindthemselveswithfor
39、ceddiscounts,unmovableitems,anditemsticketedforlandfill.Closelycoupledwithshrinkage,thereisagrowingfocusonretailtheft,whichamountedtoover$100.0billionin2022.3Retailtheftisamultifacetedproblemspanninglocalregulationsandapreponderanceofdigitalplatformsthatcanbeusedtosellstolenproducts.Severalexhibitor
40、sshowcasedtheftpreventiontechnologies,butthisattackvectorextendstothedigitalrealmaswell.InasessionwithPaloAltoNetworks,Kroger,andUltaBeauty,theretailersdiscussedincreasesinacunttakeovers,fraudulentpaymentsvialoyaltypoints,theautomationthreatposedbyGenAI,andthechallengesoffittingsecurityworkintoproje
41、cttimelines.2:From SCraOpy to SCateShoODerS ReDOrt ReVeaIS Ihe EVOMng RUIeS Of COnSUmer EngagemenlJSalesforce,MiChelIeGranLNOVamber2021.3:SmkAccoungdfqrOVgf$112BiIgnInIrXRIrVLossesin2022,AC2023dealrecapNRFisnottraditionallyavenueforVCdealannouncements,sowhilenomajorfundraisingwasannounced,startupsan
42、dinvestorswespoketoexpressedoptimismthatfundraisinguldpickuparoundthemiddleof2024.2023provedtobeaverydifficultyearfore-commerceenablementfundraising.DealactivityhasdeceleratedQoQsincetheendof2021,butdoesappeartobeapproachinganadirasthelastthreequarterstotaledbetween$1.5billionand$2.0billioninvested.
43、Aconfluenceoffactorshascontributedtothisdeceleration,includinggrowthheadwindsamongSMBsasshoppersreturntostores,unfavorableuniteconomicsfollowingagrowth-at-all-costsmentality,andmacroeconomicuncertaintyfromshoppersnavigatinginflation,amongotherdynamics.In2024,weexpectdealactivitytoremainsubduedinH1wi
44、ththepotentialtorecoverandpotentiallytrendupwardinH2.E-commerceVCdealactivitybyquarter*$14300$12$10$8$6$4$2$0Q1 Q2 Q3 Q4 Q1 Q2 Q3 04 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q325020015010050020192020202120222023Dealvalue($B)DealuntSource:PitcBookGeography:GlobalwAsofJanuary17,2024CompanyhighlightsAkeneoakeneoA
45、keneoisaleadingPIMplatformthatenablesretailerstoingest,enrich,andcentralizeproductdata.Akeneoapproaches-personalizationfromaproduct-datastandpoint.Totalraised:$207.7millionratherthanamarketing-datastandpoint.Marketing-basedpersonalizationhasemergedasachallengedcategoryduetoashiftingprivacylandscape.
46、PIMsareemergingasakeycoginproductexperiencesthatareincreasinglyomnichannel.Kevel:kevelKevelisanadtechplatformofferingAPIstobuildadvertisingnetworksintomarketplaceofferings.Amazonsover$40.0billionretailmedianetwork(RMN)hasencouragedseveralTotalraised:$39.2millionhigh-visibilitybrandstobuildtheirownne
47、tworks,includingWalmart,Uber1Instacart,DollarGeneral,andmanyothers.4Razor-thinmarginscontinuetoenticeretailersandRMNsaremostvaluableforlargemarketplacesorotherwisehard-to-reachcustomerprofiles.Headwindsdoexistviadisaggregatedpurchasingandchallengeswithcross-networkperformancemparisons.FluentCommerce
48、fluentcommerce=FluentCommerceisacomposableOMS.OMSsenableretailerstotrackshipments,inventory,andordersacrosschannels.TheseplatformscanalsogobeyondtrackingandTotalraised:$27.9millionprovideoptimizedorderrouting,inventorypredictions,andmore.Inventoryvisibilityisincreasinglyimportantandmovingforwardintheproductdiscoveryjourney.Forlargeretailers,real-timeomnichannelvisibilityishighlychallenging.Fluentsservicesarehighlyconfigurable,andthestartup,basedinNewSouthWales,targetslargeretailerswithsignificanttechnicalresources.Treet沌reetTreetisabrandedresaleplatformpoweringend-to
