All About Experiential Retail? Here’s What You Need to Know
Is experiential retail the future of shopping?
Technology has modified the means folks look. With a number of clicks, we will purchase no matter what we would like and have it delivered to our threshold.
Retail stores aren’t any longer simply places to shop for things. the aim of a store has been modified and therefore the focus is currently on client expertise instead of exclusively merchandising products.
Retailers are realizing that ancient retail isn’t enough to stay up with the e-commerce trade. they have the expertise to draw in customers and build them wish quite simply a product. Click To Tweet
What Is Experiential Retail and How Does It Work?
Retailers are always looking for new ways to draw customers in and keep them shopping. One effective way to do this is through experiential retail, which focuses on engaging the customers instead of just offering products. Click To Tweet
Experiential retail is different from traditional retail because it:
- Prioritizes customer engagement, not sales;
- Experience-based retail focusing on the consumer needs;
- Creates a shareable and immersive experience;
- Leverages in-store engagement (events and services);
- Stimulates customers’ senses;
- Defies customer expectations.
Experiential Retail Strategies: Shareable and Immersive
Big-name brands like “Levi’s” and “Roots” have invested heavily into creating experiential flagship stores in metropolitan hubs. These are not just product shops; they create an immersive experience that highlights what makes the brand unique. These stores are filled with designer goods that have been carefully curated and this is exactly the reason why people visit these shops- they want an Instagram-worthy photo.
Experiential Retail Top Trick: Create organic opportunities for customers
Store style that permits the taking of authentic, organic photos is vital. Remember, user-generated content may be a really cost-efficient method of promoting and fascinating with customers.
The “Casper” style team, for instance, contains a nice understanding of the way to create retail expertise over almost commercialism. They concentrate on serving customers relish their time in-store and leave with the sensation of fulfillment.
“We try and create the stores and area stunning,” they said.
“Casper’s” newest store, “The Dreamery” in big apple town is another of their not-your-average retail area.
The big apple City-based pad company, “Casper,” is making an attempt to assist folks to sleep higher by making expertise in their stores that there’s some way for purchasers to induce better rest. The goal of this effort is not solely to extend sales but additionally to vary people’s usual perception of the merchandise that they’re commercialism.
“Casper’s” revolutionary selling is to ask customers to expertise forty-five minutes of personal sleep in one in all their sleeping pods. The pod includes the pad, sheets, and pillows that likewise as an on-the-spot lavatory in order that once it is time to induce up once more, you are feeling fresh.
Experiential Retail’s Priority Is Customer Engagement, Not Sales
At an experiential retail store, the goal is not sales per se. The objective of a retailer should be to provide customers with a memorable experience from start to finish.
Customers’ Senses are Stimulated by Experiential Retail
Physical stores provide a more personal and engaging experience than other channels. They appeal to all five senses, these environments can forge emotional connections with customers.
The key to success is engagement and personalization. Companies that embrace this concept are 3 times more successful than other brands. Click To Tweet
“Lush’s” approach to retail is different than many other companies. Rather than simply selling products, “Lush” personnel will take a bath bomb from the display and demonstrate it in one of their sinks for you.
Because they give clients color, fragrance, and sound stimulation, all “Lush” stores are exceptionally busy and dynamic locations. This is one of the reasons why Lush charges more for soap than most other average pharmacies.
“Apple”, on the other hand, heightened the sense of touch. Their tactile approach to products was ground-breaking when it first came out. In a time when people are used to opening boxes and not touching the product, “Apple” invited customers in by letting them touch the product all they want. The sense of ownership can intensify someone’s desire for that specific object because there is a feeling of achievement after going through all this trouble just for one thing.
Shopping has dramatically changed. People no longer go to stores for necessities. Now consumers also go for the experience and discovery.
Customer experience with the brand, either in-store or online, is so much more than just seeing a product. When your efforts are towards activating customer senses and making them draw personal emotions and memories, you are on the right track. Leverage on that; create a personal experience.
Experiential Retail Goes Above and Beyond Customers’ Expectations
When we go shopping, we’ve all been trained to expect certain features, such as product displays and a payment register. But, more and more brands are opening stores that don’t just sell products. They’re selling experiences too! One example is L’Occitane’s 555 shops in New York City, which opened flexible areas to keep things appearing new.
Other retailers, meanwhile, take advantage of the technology to create new spaces that don’t function like traditional stores. The eyeglasses company “Gentle Monster” is well-known for its lavish stores that resemble art galleries rather than ordinary opticians. Every location has a unique aesthetic and customers are not just coming in to buy something, they’re getting an experience.
Experiential Retail Top Trick: Make a well-curated experience.
The shoppable flat is one of the most popular experiential retail innovations. This makes it more of an experience than just a store and can give people new ways to live.
The “Line” is a store that focuses on the idea of selling spaces, rather than items. It uses furniture and home decor to create intimate living room settings for customers who come in. Seeing all of the products together in one space is a great way to inspire customers. Dream-like show homes are also an effective sales tool because they often look like someone’s perfect home and make them want to buy furniture pieces so their own home will look just as good.
The retail industry is changing. Brands are understanding that the old retail model no longer works for customers and that they must provide an experience that goes above and beyond what a standard brick-and-mortar provides.
Events and Services are leveraged by experiential retail.
In-store events are a great way to have face-to-face conversations with your customers and allow them an inside look at what makes you unique. Your business is the ideal setting for displaying all of this.
So, in reality, the best events are tied to a company’s identity. For example, if you have an author signing at your bookshop or top players showing up for autographs at your sports store, because there was no “staged” event, your customers will feel more connected to your company.
The “Nike” flagship shop in SoHo features a basketball court, a number of treadmills, and a soccer trial area, allowing consumers to test the equipment in their intended setting. It also gives them more personalized advice based on how they move around these areas.
Holding in-store events helps create stronger bonds with customers and keeps your brand top of mind.
Experiential Retail Addresses the Needs of Customers
The other aspect of experiential retail is service. While some retailers focus on the production side, it’s important to remember that there are many ways you can create an experience for your customers without breaking a sweat.
The only difference between “Amazon” and the other stores is that it doesn’t have any physical shop. But most of the 100 million shoppers in America think that shopping with Amazon is quick and convenient. This means that customers are more likely to keep coming back.
A recent study by Forrester found that 66% of consumers think that the most important thing a company can do is to value their time. Click To Tweet
This might imply looking for ways to eliminate the need for customers to queue, such as employing current technology or buying things that are no longer accessible at retail locations and sending them directly to customers’ homes.
Experiential Retail Top Trick: Provide services that are focused on the customer.
There are some brands that now offer services outside of the purchase and it is important because most people don’t buy new items every single day, especially if it’s a long-lasting product like electronics or clothes. “Apple” has discovered a means to circumvent the average 2.9-year lifespan of its gadgets by providing in-store repairs and servicing at their Genius Bar.
In the past, retailers have been used to getting a sale and then walking away. However, with online shopping, it is more important than ever for service providers to stay in touch with their customers post-purchase.
A good way to increase customer satisfaction is by adding complementary services. This will make the experience more attractive for customers.
Final Thoughts on Experiential Retail
The best way to make a sale is not always through the product itself. Retailers, these days, can already create an environment that will encourage customers to both buy the product and experience it beyond what it’s supposed to offer.
If your in-store experience is able to provide more than just the product, it will create a powerful relationship with customers. And if you are successful at providing “an experience,” then people will spend more money on your brand.
Customers are eager to visit establishments, especially when there is something to be excited about. So ask yourself each time, without an engaging in-store environment, what would make them want to leave their house?