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Retailers Reinventing the Customer Experience
From The Buxton Co
Despite a strong holiday season, many retailers are shuttering locations to compensate for overall decline in store sales. While both traditional and online retailers saw sales growth during the season, online sales growth outpaced physical store sales growth 2 to 1. As online shopping becomes more efficient and evermore convenient, shoppers will find less reason to visit a brick and mortar establishment unless retailers find a way to get them in the door.
For retail real estate to succeed, businesses will need to find ways to create unique and engaging space for customers to do more than just shop.
Experiential Retail in Action
Here are a few examples of retailers tapping into experiential business models to drive sales growth and increase foot traffic.
The opportunities to engage customers, no matter what product or services you offer, are endless. The key to unlocking how best to reach customers through retail experiences is with customer analytics. Analytics will provide the insights for you to better understand who your best customers are and their lifestyle characteristics – allowing you to identify what experiences may resonate best with their interests. Knowing your customer will help you keep them emotionally engaged throughout the shopping experience and bring them back for more.
If you have an opinion on the retailing or retail real estate industries, take this opportunity to share your thoughts. Articles should run between 400 and 800 words. Topics can, be general in nature, consumer observation or specific to retail concepts or practices.
Articles will be posted for at least one week and will then be placed in the Editorial Archives. All articles submitted will be read and considered but we cannot guarantee publication. Each published article will carry the submitters byline (if desired) and is a free service to our community.
Article ideas and suggestions are also always welcomed. Contact PVS@PlainVanillaShell.com
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