cannes_2024_TUESDAY_ISSUE

Personalising the travel journey through technology “Technology has an increasingly critical role to play in determining the industry’s future” This morning’s Reimagining Travel Retail Workshop will feature insight fromMarie Isquenderian, Senior Consultant, Innovation, Euromonitor International, on the impact of digital trends in daily consumption. Ahead of the event, she spoke with the TFWA Daily. In this morning’s Reimagining Travel Retail Workshop, Alex Liu, Partner and Chairman Emeritus, Kearney, will share studies and analysis of innovative strategies that every stakeholder can adopt to thrive in this dynamic environment. He shared a previewwith the TFWA Daily. T he Reimagining Travel Retail Workshop will highlight how digital living is reshaping the travel retail landscape because consumers want to personalise their travel journey through technology. Key themes will include the rise of mobile commerce (m-commerce), the ‘phygital’ journey (the seamless blend of physical and digital experiences), and the evolving nature of the Metaverse. “By integrating these innovative solutions, travel retail can create emotionally engaging and convenient experiences that meet the evolving expectations of modern travellers, particularly Gen Z and Gen Alpha, who set new standards for convenience in various aspects of our daily life,” says Marie Isquenderian, Senior Consultant, Innovation, Euromonitor International. Isquenderian will share details regarding Euromonitor International’s studies and analysis of innovative strategies that every stakeholder can adopt to thrive in the dynamic travel retail environment. “The workshop aims to inspire travel retail stakeholders to rethink how they engage with consumers, particularly digitally savvy ones,” she explains. “I hope delegates will leave inspired with many ideas to research, brainstorm and test. I also hope they will have a deeper understanding of how to leverage the latest technology like Artificial Intelligence (AI) and virtual experiences to create a personalised, memorable, and seamless shopping experience.” I n the post-Covid recovery era, the historic pattern of travel retail sales rising or falling in direct parallel with air passenger volume has been disrupted. “Today, passenger growth is up 30%, far outpacing travel retail sales’ 18% recovery: spend per traveller has declined,” explains Alex Liu, Partner and Chairman Emeritus, Kearney. “Next, the organised tourist flier is an endangered species and is rapidly being replaced by new, younger, passengers who are seeking authentic local products, immersive experiences, and who are increasingly entertaining themselves with their own personal digital devices and opting out of the shopping experience.” Another key message that Liu will share is that the “new” passengers have a price comparison tool in their hands at all times so they can independently verify whether a “deal” is really a deal, further challenging the image of cost competitiveness. He adds that technology has an increasingly critical role to play in determining the industry’s future, but alone isn’t the answer. “We need new collaborations and business models, more disruptive thinking, and upgrading of the personalised end-to-end, in-store experience,” says Liu. “I would like to say how happy we are to be back in Cannes among all those delegates, as this event is, above all, an incredible opportunity of sharing expertise and experience – we are eager to listen to them and learn a lot. Travel retail faces a critical juncture and must find new ways to unlock value. Well, there is no other place like TFWA World Exhibition & Conference to start this exciting journey.” Marie Isquenderian, Senior Consultant, Innovation, Euromonitor International: “The workshop aims to inspire travel retail stakeholders to rethink how they engage with consumers, particularly digitally savvy ones.” Alex Liu, Partner and Chairman Emeritus, Kearney: “Travel retail faces a critical juncture and must find newways to unlock value. Well, there is no other place like TFWA World Exhibition & Conference to start this exciting journey.” Tuesday 1 Oc tobe r 2024 18 T F W A D A I L Y