Essay- Global Trends in Experiential Retailing
Read the article, 7 Global Innovation Trends for Retailers to Watch, that is based on information presented by senior advisors from the J.C. Williams Group at the STORE 2015 conference. This company and their partner Ebeltoft Group have been tracking innovative trends in retail for the last decade.
The global trends identified in the article are repeated below. I have added some brief explanations w/sources however you need to do some additional searching—there is much more information available that will provide great retail examples to help you understand these concepts! The global trends from the above article are:
1. CURATED COLLECTIONS – Simply having a broad selection of products is no longer a differentiator, but creating an assortment of products that is both compelling and coherent in unique ways provides retailers ever-changing ways to entice their customers and clients. Retailers are using technology to gather information that enables them to present customers an assortment of merchandise they feel has been specially selected for them. The customer’s choices are more focused, narrowed, or personal to appeal to their preferences. Sources: InsideRetail; practicalecommerce.com
2. CUSTOMIZATION – Technology advances have made it easier for retailers to offer designtools that any consumer can understand, and to fulfill orders for customized goods in a timely, efficient manner. Customization is no longer about simply changing a fabric color or adding a monogram. The user-friendly design tools make unlimited options available to consumers in increasingly diverse product areas. Source: Bain and Company; entrepreneur.com
3. EXPERIENTIAL RETAILING – In-store shopping is enhanced and experiences are unique for each customer. Experiential retailers know that while an interactive kiosk or a product sample may appeal to one consumer it may take something entirely different to engage other consumers. Brick-and-Mortar retailers have the advantage of being able to engage consumers on a multi-sensory level that online retailers do not. Experiential retailing involves much more than being able to “see and touch” products. Source: TrendHunter
4. HYPERLOCAL – Existing network of independent businesses in a very specific location or community working together for the benefit of each. Businesses are able to support other businesses in different ways—through other retailers, manufacturers,sourcing, and others. Taking advantage of what is available locally or concentrating on what is unique to an area can benefit more than just the business offering the final product or service. Source: fierceretail.com
5. ONLINE OFFLINE MASHUP – Taking the best of what makes in-store AND online great; integrating online solutions for a seamless in-store experience; the advantage of using digital tools and current technology that is adapted for use in-store. Source:mcmillandoolittle.com
6. RETAILVENTION – Use of innovative qualities in retailing to create engaging andmemorable experiences for customers in-store; distinction from competitors is the main criteria for this global retail trend. Retailvention is about retailers that “lead” rather than waiting to follow in the competition’s footsteps. Retailvention is exemplified by retailers that are truly innovative—the pioneers of experiential retailers that offer customers memorable and unique experiences they will remember!
7. TECHNOLOGY INTERVENTION – manipulating technology to improve and accentuate the retail experience in imaginative ways rather than adding unnecessary and complex layers just for the sake of using technology. Eliminating or choosing not to use technology that serves no obvious purpose; it does little to engage or enhance the consumer’s experience; it makes no sense or is not complimentary to the products/services being offered. Source: InsideRetail
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