Long gone are the days in which retailers are offering consumers either a product or service, to stay competitive and up to date with the current market trends, retailers must offer consumers an entire experience.
Retailers are now investing large sums of money, in a bid to differentiate their brands from competitor’s brands and delve deeper into personalization. With further advancement in technology bridging the gap between the digital and physical worlds, companies are now bringing to life next-level retail concepts in an omnichannel fashion. Both the evolution of the consumer and deeper integration with technology has created a portal to the future for retailers who dare to step outside their comfort zone.
This is the future of retail and it is already picking up momentum as retailers are eager to adapt their current business models and practices around creating an experiential customer experience – which is focusing on the experience at hand rather than solely focusing on the transaction of the consumer.
An example of a stuggling retailer who has managed to complete a full resurgence is the toy retailer ‘Toys R Us’ – which made its way back by successfully launching an experiential omnichannel concept. The toy retailer is now powered through Target’s website, which offers customer’s a truly immersive experience.
Pop-up shops are on the rise – with the rising costs of renting traditional brick-and-mortar stores, coupled with the fact that long-term lease contracts must be signed, the pop-up concept has seen a dramatic increase in recent months, which goes to show that retailers are innovating and not going out without a fight.
Whilst these innovations offer a fun and exciting glimpse at the potential of experiential shopping, retailers must not lose sight of the most important factor in retail, which is of course, the customer. Hence, retailers are now taking full advantage of omnichannel and experiential retail, meaning that the primary focus is driving consumer engagement and creating loyalty towards the brand.