VTEX DAY 2024, one of the biggest digital commerce events in the world, was once again held at São Paulo Expo, drawing over 20,000 attendees each day. This year’s event, held on April 11 and 12, was a dynamic gathering of top tech players, industry leaders, and innovative brands. The event was supported by more than 230 sponsors, facilitating rich insights presented across 120 hours of engaging content by over 260 speakers. Notable figures like Nobel laureate Malala Yousafzai, digital marketing expert Neil Patel, and tech pioneers Uri Levine and Zack Kass, brought insightful perspectives on the future of digital commerce.
Here are the top seven takeaways from VTEX DAY 2024:
1. Embracing AI: Prioritization versus Reality
AI emerged as a dominant theme, underlining its potential to revolutionize business landscapes. However, as noted by industry leaders, its widespread adoption remains a work in progress. Despite being a must-have in today’s accelerated landscape, AI’s integration into company operations still faces hurdles. People don’t seem ready to accept AI as part of their daily jobs. But as professor Karim Lakhani, from Harvard Business School, said, “AI won’t replace humans—but humans with AI will replace humans without AI.” That means a shift in corporate culture needs to take place—and fast.
2. Humans and AI: A Symbiotic Future
In a thought-provoking panel discussion, Uri Levine, co-founder of Waze and author of the best-seller Fall in Love with the Problem, Not the Solution, and Zack Kass, former director of GTM at OpenAI, emphasized the symbiotic relationship between humans and AI. Contrary to fears of displacement, they posited that AI’s true power lies in augmenting human potential. By removing mundane tasks, AI frees us to focus on pursuits that bring genuine fulfillment—that is, spending time with family and friends.
3. Retail’s Evolution: Personalization, Immersion, Unity
The future of retail was painted as a tapestry of personalization, immersion, and customer-centricity. The consensus among experts is clear: success hinges on the ability to create unified, tailored experiences that resonate with individual preferences. In that sense, retail media and conversational commerce are the superstars that all companies should be leveraging.
4. Composable Commerce: A Mandate for Adaptation
With market dynamics evolving at breakneck speed, investment in composable commerce technology emerges as non-negotiable. This modular approach allows businesses to adapt to changing demands swiftly, ensuring agility and resilience in an ever-shifting landscape. But it’s not just any composable commerce. A pragmatic approach to composability will ensure you have all the flexibility you want to test out new and best-of-breed resources while keeping architectural complexity and maintenance costs in check.
5. Earning Customer Attention: A Strategic Imperative
Renowned marketer Neil Patel underscored the significance of earning, rather than expecting, customer attention. Through insightful strategies and compelling narratives, businesses can forge meaningful connections that foster loyalty and longevity. And the companies that overlook that truth will most likely lose customers to those that take it seriously.
6. The Power of Storytelling: From Activism to Advocacy
If there’s one thing that Nobel Prize laureate Malala Yousafzai taught us at VTEX DAY, it’s that storytelling is a potent force for driving change. In her own words, “My storytelling is the basis of my activism. I started by telling my story to local newspapers. Every opportunity I had to make my voice heard, I took it. I had no idea I would get this far.” In other words, start small, but start somewhere.
7. Retail Media: Unlocking the Path to Qualified Consumers
In a digital ecosystem inundated with noise, retail media emerges as the key to reaching qualified consumers. By leveraging targeted advertising and strategic partnerships, businesses can cut through the clutter and establish meaningful connections with their desired audience. Recent researches show that over 70% of consumers expect companies to understand their needs and expectations. If you want to keep your business on the path to success, you can’t afford to disappoint those customers.
Whether it be AI acceptance, personalized retail, or innovation in composable commerce, these changes are coming, and companies must cultivate resilience and adaptability to stay competitive. VTEX DAY 2024 served as a crucial eye-opener to the opportunities and challenges shaping the future of digital commerce and beyond.
