I was recently on vacation with my family and while out shopping, we passed a Build A Bear store. My twenty-something year old daughter fondly stated that she loved going as a child and wanted to go in. While I was not about to spend $50 on a stuffed animal that would eventually be tossed in the back of the closet (been there and done that too many times in the past), it did strike me to how important the experiential side of retail is to the consumer. I have no idea how successful Build A Bear is (there was a line of about 50 kids and parents waiting to get in), but there is a clear lesson for retailers today…engage the customer in a meaningful kind of way and you can create loyal and repeat customers for an extended period. People can buy basically anything, any time online, so why would they go to a physical store? It’s the experience.
In a recent The Business of Fashion podcast, they said, “The role of physical retail has changed drastically over the past few years — particularly amid the pandemic — as customers turned to digital channels and brands sharpened their focus on e-commerce. But, physical stores remain an important touchpoint.” During a July podcast, “What’s a Store For?” Nikhil, chief merchandising officer & chief marketing officer of Ssense, and Web Smith, founder of 2PM, unpacked the different ways brands are transforming their stores to be more than just a place to conduct transactions. That means thinking about a physical retail space as a means to provide experiences and entertainment that are relevant to their audiences and continue to prioritize service.
- As the line between media and commerce increasingly intersects, brands need to present a specific vision of their point of view to the audience they want to attract. “Products are almost commoditized at this point: anyone can make anything. What makes a product unique right now is the person that’s selling it and the audience that they’re selling it to,” said Smith.
The fashion industry excels at making market weeks interesting, exciting…the place to interact with the products, designers…it’s all about the experience. Now I’m showing my age, but remember the scene in Pretty Woman where Julia Roberts’ character buys all the outfits? It was a fun shopping experience where she tried on multiple outfits and was being catered to by the staff at the particular store. Of course it did help that she had unlimited funds, but the point remains, she was buying because of the great experience. It is clearly a difficult time for the retail world, but enhancing the experience while in the store may be a way of keeping the consumer coming.
About AKCEL Partners: AKCEL Partners is a sales consultancy founded by three executives with strong bonds throughout the textile, apparel, brand and retail industries. AKCEL Partners offers strategic sales planning combined with experienced, highly networked sales professionals who give clients immediate access to targeted decision-makers. We are dedicated to meeting or exceeding our clients’ short- and long-term revenue goals. To learn more, go to www.AKCELPartners.com.