Everybody in retail is talking about the extraordinary experience that can both attract customers to your store and make them come back. But what is an extraordinary experience and how do you create it? We have been looking around and experiential retail could very well be the answer – now and in the future. But according to an article from Retail Dive a lot of retailers are still lagging behind in this game. Probably because they don’t know what to do, but that could end up being a costly affair:
“There’s a much greater cost to doing nothing at all, than trying things that fail,” says Kambiz Hemati, Vice President of Global Retail Design at Foot Locker.
Luckily, it seems that at least some retailers have now realized that they need to take action according to this article from CMO:
“Overall, more than a third of CMO’s said they plan to spend 21% to 50% of their budgets on brand experiences during the next several years.”
Here are some of the findings about experiential retail:
It’s always an option to look at others for inspiration and sometimes it’s no problem to copy paste directly while other times it takes some adaption before getting it right. And in this case, it’s especially important to take local adaption into consideration to be able to put the nail on the head. The adaption can be both to a country, a region, a city, a language, etc. The important thing is that you keep it in mind.
“The key I think of being successful is taking that DNA and then localizing and adapting to each community or international,” says Kambiz Hemati, Vice President of Global Retail Design at Foot Locker, in the article from Retail Dive.
It’s obvious in these times that technology should play a big role in being experiential. And it does. But it is even more important to make sure that technology has a clear purpose and – of course – works. And this goes for both the technology that is meant for the customers to try or play with as well as the technology that serves as tools for the stores staff.
For more inspiration take a look at this article from CMO with examples of experiential retail from some of the biggest retailers as Amazon, Walmart, and Nike.
You can also read our blog post “Retailers need to think outside the box”.
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