Experiential Retail: It’s What’s in Store

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Experiential Retail Its Whats in Store
https//katalysttech.com/
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While e-commerce continues to grow and absorb an
increasing percentage of retail sales,
traditional brick and mortar stores can still
thrive. Its impossible to compete with the ease
and convenience online shopping offers, so
retailers are focusing on an area that e-commerce
cant match creating an innovative and immersive
experience. When customers can purchase nearly
everything they need with the click of a button,
there must be a reason to drive them into a
store. Offering something entertaining,
educational, or otherwise engaging is the key to
attracting shoppers. Technology can be an
extraordinary asset in this process.
With the advent of e-commerce and the
accessibility of shopping becoming easier, retail
locations have to capitalize on what they have
and what they do best, which is that theyre a
destination, says Mark Matthews, a digital
strategist at NEXT/NOW. Giving an original
unique experience that you cannot get online, a
tangible experience that you can then share with
others is something that I think all
forward-thinking retailers are looking at. The
strategy has proved successful enough that its
actually inspired digital retailers like Warby
Parker to create physical locations to promote
their products as well.
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Experiential Retail in Action  Many retailers in
multiple industries, such as Ikea, Apple,
and Ulta, have created experiences to draw
customers to their brick and mortar locations.
Socially conscious apparel brand TOMS, which
matches each purchase of a pair of shoes with one
for a child in developing countries, realized
that technology could play a role in helping its
customers see the impact of their business.
People wanted to see us walk the walk, says a
TOMS spokesperson. Since it would have been
impossible to bring each customer with us on our
giving trips, we decided to bring the giving
trips to them.  The brand experimented with
videos on iPads, but soon came up with a more
innovative concept VR headsets using footage
from a giving trip in Peru. People loved
experiencing what it was like to travel, to meet
these kids, to personally measure their shoe
size, and to see the pure joy on their faces
after receiving a new pair of TOMS, says the
spokesperson. At the time, VR was gaining a
reputation as an empathy machine, and the
experience we created in our stores really
touched peoples hearts. 
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Some companies have expressed concern that retail
experiences may attract crowds, but they wouldnt
translate to increased sales. Fortunately, TOMS
discovered that there is a value even in
customers who dont make purchases themselves.
Initially, we were worried that the coffee shop
aspect would make people too comfortable, says
the spokesperson. We learned very quickly that
even if people came to work and didnt buy
anything, their presence created a vibe and an
energy that attracted others into the store that
did buy product.  B2B Experiential
Retail  While the most prominent examples are
the ones found in retail outlets themselves,
suppliers can actually create an experience in
a B2B context as well. That means showcasing
product lines in an appealing and distinct way.
If Im a buyerI want to be able to have as much
accessibility to your products as I could
possibly have, says Robert Greenberg, Sales
Manager at Katalyst Technologies. However, it is
simply impractical for buyers to review every
piece of merchandise. Thats why Greenberg
suggests suppliers create digital look books
that display products in a more engaging way than
a straightforward catalog.  In addition to
providing a B2B experience of sorts, the
economic value is also staggering. You used to
receive these 500-page Sears catalogs, Greenberg
says. They would mail those out to hundreds of
thousands of people. The cost of that was
enormous. But if I can make that by way of a
business-to-business website, think of how much
money I just saved. The process will reach
a larger audience, boost earnings, and increase
productivity. 
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Ways to Use Technology in Experiential
Retail  Augmented reality  Anyone who has ever
lugged a sofa up three flights of stairs only to
discover it clashes with the color scheme of your
apartment probably wishes there were a way to
preview it before making the purchase. Augmented
reality and product visualization make that
possibleapps like Ikea Place allow you to find
the perfect coffee table without having to wonder
if it matches your aesthetic.  Social
media  Millennials, who grew up with online
shopping and have less of an attachment to
traditional retail, particularly value
experiences. They also value the ability to
showcase their experiences on social media
channels. Pop-up stores often feature
Instagram-ready attractions, and promoting these
is a great way to bring in customers.  Virtual
experiences and entertainment  Take a test drive
in a luxury car. Tour a national park. Walk the
runway in Milanall without leaving the store.
These are just some of the virtual reality
experiences retailers have offered. These unique
opportunities allow customers to (vicariously)
cross entries off their bucket lists and once
again might inspire people who otherwise might
not enter a store to come inand possibly make a
purchase. 
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• Katalyst Technologies is a leading IT services
  and solutions company servicing clients in the
  manufacturing, wholesale distribution, life
  sciences, e-commerce, logistics, and retail
  sectors. We provide industry specific IT
  products, strategies and solutions for companies
  implementing large-scale and transformational
  projects. Our business and technology experts are
  highly-skilled and work seamlessly across
  multiple geographies, with a global footprint in
  the U.S, U.K, India, and Germany. We specialize
  in the areas of Digital e Commerce,
  Enterprise Resource Planning, Supply Chain
  Management, Engineering and Manufacturing,
  Professional Services and e Publishing.

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