With the increasing popularity of online shopping, brick-and-mortar retail stores are now faced with the dilemma of how to compete. One such strategy is to engage in experiential retail.
The basic premise of experiential retail is that customers these days prefer an immersive retail experience rather than simply looking at products on display. This benefits businesses by:
1. Increasing store traffic
Most consumers these days love opportunities that will allow them to engage with a brand. Creating these events will entice consumers to pay a visit to the store and try out a lifestyle instead of just looking at the products.
2. Boosting retail sales
Studies show that consumers are more likely to purchase a product after engaging in a branded event marketing experience. Since they are able to try out the lifestyle that the brand is trying to portray, it is a lot easier to convince them to buy into it and therefore, make a purchase.
3. Engaging customers
Giving customers a memorable experience will not only help them remember the brand but also stay connected to it. It encourages customer loyalty, which again helps increase sales.
4. Driving word-of-mouth marketing
Most consumers capture and share content during these events. Photos are the most popular type of content created while videos come in second. A lot of these are shared on social media, which will not only increase awareness but most importantly, drive even more traffic and sales for the brand.
5. Providing customer insights
These experiences also give the brand an opportunity to acquire more information about their target audience which they can use to further connect with them.
Experiential retail can benefit brands in many ways. It’s a strategy that brands these days need to focus on in order to increase social engagement and improve overall brand performance.