On November 13 and 14, 2024, the Nordic Initiative hosted its second annual Summit in Malmö, bringing together Tier 1 retailers, suppliers, central banks, and retail associations to shape the future of Nordic commerce. The event was a cornerstone of innovation, featuring two days of forward-thinking insights, cutting-edge advancements, and impactful discussions on retail, payments, loyalty, and cross-industry partnerships. Below is a recap of the Summit's key highlights:
Day 1
Opening Session: Norwegian and Strawberry Unveil Spenn
The Summit kicked off with an exciting introduction by Christoffer Sundby, CEO of Spenn, unveiling the new Nordic loyalty currency. Sundby shared strategies for creating loyalty programs that deliver value to both businesses and consumers, setting a dynamic tone for the event.
Session 1: The Shopping Experience of the Future
This session highlighted the innovative frameworks shaping the Nordic retail landscape. The Nordic Merchant Service Framework and Nordic Payment Initiative are gaining momentum as essential tools for modern commerce. Industry leaders Kai Lindstrøm (S Group), Erik Marcus Torkildsen (Rema 1000), and Kristian Bjørseth (Coop) shared their insights on these groundbreaking frameworks. Following this, a fireside chat between Erik Marcus Torkildsen and Santiago Cabeza from Nexo Standards focused on the evolving role of Nordic retailers in shaping global payment standards. A significant milestone in 2025 could see the Nordic Initiative join the Nexo Standards Board, further enhancing the region’s influence on global payment standards.
Session 2: Enhancing Global Payment Performance
This session featured key industry insights from Dagfinn Misund of Norwegian Air Shuttle, who shared the company’s transformative payment journey. Lars Erik Tellmann, Chief Regional Officer at Nexi Group, and James Fry, Senior Vice President at Worldpay, presented customer-first payment strategies. The session concluded with a dynamic panel discussion featuring Philip Konopik, Regional Managing Director, Nordics & Baltics at Visa, and Peter Olbing, Head of Retail & Commerce, Northern Europe at Mastercard. They debated the growing need for uniting merchants and suppliers to address evolving consumer expectations, expertly moderated by Birgitta Søderlund Rietz, Global Product Owner – Payments at H&M.
Automotive Innovation Keynote
Kristian Elvefors captivated the audience with insights into how shifting customer expectations are transforming the automotive industry, offering inspiration on how to navigate disruptive trends.
Session 3: Increasing Customer Engagement
Kristin Bigseth, CEO of Trumf AS, introduced Trumf Pay, a successful loyalty initiative, showcasing the power of loyalty programs to deepen customer relationships. This was followed by a panel discussion on Strengthening Nordic Collaboration to Boost Customer Engagement, which featured insights from key specialists like Odd Birkenes, NorgesGruppen,Per Harald Strøm, DNB,Vegard Heir, Vipps, Anders Mölgaard Pedersen, Sveriges Riksbank
The panel discussed the status of TIPS Cross Currency and explored how collaboration across sectors and borders is essential for driving innovation, enhancing customer experiences, and fostering regional connectivity. The session emphasized that the future of customer engagement hinges on a unified approach, with industry players coming together to address common challenges and unlock new opportunities for growth.
Day 2: AI, Retail Media, and Nordic Supply Chains
Keynote: Bengt Wessborg on Generative AI
Bengt Wessborg delivered a forward-thinking keynote on the practical applications of generative AI in retail, offering actionable insights aligned with the Summit’s core themes of innovation and collaboration.
Session 4: Retail Media – A New Profit Driver
A brilliant introduction by Johan Thorbjørnsson on how retail media has emerged as a transformative force, now accounting for over 5% of EBIT for leading European retailers. This session equipped Nordic retailers with strategies to harness retail media’s potential as a key growth driver.
Session 5: Disruption in Nordic Supply Chains
Erling Ølstad, CEO of Mester Grønn, addressed the challenges faced by Nordic flower importers amidst Temu’s rapid expansion. A panel discussion followed by Erling Ølstad, Marius Parmann CEO at Storm Communication and Bengt Wessborg Co-founder of Ghostar Agency, how this global disruptor is reshaping supply chains and impacting regional businesses.
Visa’s AI Solutions
Anil Toraty from Visa presented cutting-edge AI-driven fraud prevention strategies, equipping attendees with practical tools to enhance payment security.
Reflections and Future Outlook
The 2024 Nordic Initiative Summit was a resounding success, fostering dialogue, sharing innovations, and strengthening the Nordic retail ecosystem. The insights and discussions from this year’s event will undoubtedly guide the future of Nordic commerce.
A heartfelt thank-you to all participants for contributing to this vibrant and forward-thinking community. Together, we are shaping the future of retail in the Nordic region.
Special Thanks
A special thank you to our incredible Master of Ceremonies, Lars Erik Fjørtoft, whose expertise helped guide the event, and to our Platinum Partner, Visa, along with our Gold Partners Elavon, WorldPay, Market Pay, and Nexi/Nets for their vital support in shaping the success of this Summit.