{"id":11846,"date":"2020-01-24T16:06:55","date_gmt":"2020-01-24T05:06:55","guid":{"rendered":"https:\/\/roubler.com\/hk\/the-experience-economy-is-booming-heres-how-retailers-can-capitalise-on-it\/"},"modified":"2021-06-10T10:13:58","modified_gmt":"2021-06-10T00:13:58","slug":"the-experience-economy-is-booming-heres-how-retailers-can-capitalise-on-it","status":"publish","type":"post","link":"https:\/\/roubler.com\/hk\/resources\/blog\/the-experience-economy-is-booming-heres-how-retailers-can-capitalise-on-it\/","title":{"rendered":"The experience economy is booming: here&#8217;s how retailers can capitalise on it"},"content":{"rendered":"\n<p>Is the physical retail store in decline? Thanks to smartphones and e-commerce, it\u2019s never been easier to shop online with our favourite brands. The global e-commerce market <a href=\"https:\/\/www.digitalcommerce360.com\/article\/global-ecommerce-sales\/\">grew 17.9%<\/a> in 2019, compared to 3.4% for the retail overall. Even the biggest retailers have been hit hard, with challenging market conditions resulting in store closures and layoffs.<\/p>\n\n\n\n<p>Meanwhile, the experience economy is booming.\nA recent <a href=\"https:\/\/eventbrite-s3.s3.amazonaws.com\/marketing\/Millennials_Research\/Gen_PR_Final.pdf\">survey<\/a>\nby Eventbrite indicated that 78% of millennials choose to spend their money on\nexperiences rather than material items.<\/p>\n\n\n\n<p>If you look at these two trends together,\nyou might think the humble retail store has been served a death sentence, but\nyou\u2019d be wrong. In fact, physical stores are more important than ever, allowing\nbrands to create unforgettable experiences for customers in true omnichannel style.<\/p>\n\n\n\n<p>In a highly digital world, people value authentic, enriching experiences that enable them to connect with people or discover something new. Retailers can take advantage of this trend to create the ultimate physical retail experience, unlock new revenue streams and create sales growth. Here\u2019s how you can create the ultimate retail experience in-store.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Design epic spaces <\/h2>\n\n\n\n<p>The best experiences happen in beautiful (aka\nInstagrammable) spaces. A retail store should reflect your brand and be\nsomewhere that customers actually want to spend time. It should also be dynamic;\nwith new installations to create social media hype. Ultra Football\u2019s concept\nstore in Sydney includes an EA Sports lounge, a customisation zone and an\nindoor football pitch \u2013 a sure-fire way to excite their community and score\nsome social shares. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Experience before you buy<\/h2>\n\n\n\n<p>Let your customers try out your products in\ndifferent ways: doing so enables memorable, personalised experiences to boost\nsales. Take Audi, who have installed 1000+ virtual reality showrooms in their\nretail dealerships, allowing customers to \u2018step inside\u2019 their customised\nvehicle. Or brands like Seafolly, Farfetch, and L\u2019Or\u00e9al, who have all used smart mirrors to allow customers to virtually\ntry products and suggest complimentary items. Best of all, you can track data\nto measure conversions and product performance at a granular level. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Empower your team<\/h2>\n\n\n\n<p>Online shopping is super convenient, so it\u2019s important to offer visitors to your physical store something they can\u2019t experience online: the human touch. Enter, a new breed of retail worker \u2013 charming, customer-centric and highly knowledgeable about their product. For this, many retailers are recruiting staff from areas like luxury hospitality and offering great training. It\u2019s important to invest in existing employees too, and to make their life as smooth as possible. <a href=\"https:\/\/roubler.com\/hk\/features\/employee-self-service-payroll\/\">Roubler&#8217;s mobile app<\/a> makes it easy for your team to check their shifts, swap with their colleagues and manage their own leave. This means they don\u2019t have to stress about the small things, and can focus on providing an unforgettable customer experience. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Build community value<\/h2>\n\n\n\n<p>Retail stores today aren\u2019t just about encouraging customers to buy products. To truly capitalise on the experience economy, focus on using your space to create wider value for the community you serve \u2013 by providing a social space, holding community events, or investing in the arts. Vans\u2019 project, the \u2018House of Vans\u2019, is a great example of this. With locations in Chicago and London, and popups &nbsp;including Johannesburg, Sydney and Singapore, they\u2019ve created spaces with cinemas, caf\u00e9s and live music venues \u2013 plus several ramps where young skaters can meet, practice and socialise. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Live by \u201cBricks and clicks\u201d<\/h2>\n\n\n\n<p>The most successful retailers don\u2019t focus\nsolely on their online strategy or in-store experience. Instead, they combine\nboth of these essential elements, with integrated, omnichannel strategies backed\nup by the smart use of technology. This is where the wow factor really comes\ninto play: imagine real-life installations designed to embody even the most\nfantastical of digital campaigns, augmented reality cameras that take a selfie\nof you \u201cwearing\u201d the items in your online shopping cart to share with your\nfriends, and more.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is the physical retail store in decline? Thanks to smartphones and e-commerce, it\u2019s never been easier to shop online with our favourite brands. Even the biggest retailers have been hit hard, with challenging market conditions resulting in store closures and layoffs.<\/p>\n","protected":false},"author":17,"featured_media":11843,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[534,892,887],"tags":[629,989,990,15,16],"class_list":["post-11846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-innovation-technology","category-business-management","tag-customer-experience","tag-experience-economy","tag-retail-experience","tag-staff-engagement","tag-staff-performance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The experience economy is booming: here&#8217;s how retailers can capitalise on it Roubler Hong Kong<\/title>\n<meta name=\"description\" content=\"Is the physical retail store in decline? 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