experiential retail can range from selfie booths and live events to digital touch points like app-based payment or virtual-reality and augmented-reality content.
It’s one way retailers are working to keep shoppers visiting their brick-and-mortars. An estimated 8,000 retail store locations will close this year, according to Credit Suisse. Increasingly, that means retailers must use their physical stores as marketing opportunities where they can form deeper connections with consumers.
It seems that retailers are willing to invest in experiential marketing. PSFK’s “Future of Retail 2018” report from November found that 55 percent of the 400 retail executives surveyed will spend part of their marketing budgets on in-store experiences by 2020. In-store experiences took second priority to investing in data collection and tracking, with 68 percent of retailers saying they are making investments in that area for 2020.
To discover what type of in-store experiences drove purchases, public relations and digital marketing agency Walker Sands surveyed 1,622 consumers across the U.S. in March 2017 for its “2017 Future of Retail” study. When asked what would cause them to shop more in physical stores, those polled pointed to personalized and unique experiences, including food and beverage offerings, live product demonstrations and special events. Smart dressing rooms and VR experiences also appeared on the list.