The Entrepreneur’s Guide to Experiential Retail
If you’re of a certain age, you might have noticed how much the basic retail experience has changed in the past couple of decades. To compete in today’s hyper-competitive omnichannel environment, retailers are not only offering products or services but also experiences meant to delight and win over loyal customers.
This trend of retailers offering unique experiences isn’t just some flash in the pan, either. Even major international brands like Ikea have embraced experiential retail as a key component of their marketing mix. And in an unexpected twist, real-world pop-up events have also become increasingly common among online retailers as a way to provide customers with a tangible shopping experience.
If you’re new to experiential retail, we’re here to help. Here are some tips and pointers for making this type of multisensory marketing work for your store:
1) Invest in a Portable POS System
Portable point-of-sale (POS) devices like the Maya Terminal Lite are essential for accepting card and e-wallet payments at pop-up events where larger previous-generation machines may be impractical. Portable POS devices can also be used to facilitate contactless transactions anywhere within your store premises, allowing for a more dynamic payment experience that isn’t anchored to any one store location.
By using a POS terminal appropriate for the local context, retailers based in the Philippines will enhance their ability to deliver a seamless shopping experience. Since e-wallets like Maya and GCash are now commonly used in the Philippine market, you’ll want to make sure that your POS terminal facilitates these payment types. Look into popular choices for POS Philippines’ startups and SMEs use, like the aforementioned Maya Terminal Lite and its fully featured counterpart, the Maya Terminal.
2) Create Interactive Store Layouts
Experiential retail begins with a properly designed physical space. The final goal of shaping your retail space is to make the shopping journey an immersive and memorable experience.
To that end, design your store layout to encourage the kind of exploration and engagement that appeals to your target customers. Consider interactive displays, strategically placed product demos, and hands-on activities that invite customers to interact with your merchandise.
3) Incorporate Technology for Engagement
While not strictly necessary, leveraging novel technology can give your retail area a “wow factor” that enhances the overall customer experience. The use of technology is especially useful if, for some reason, you cannot directly display the product in your show area.
With augmented reality (AR) and virtual reality (VR) applications, you can offer virtual try-ons, interactive product showcases, or even gamified experiences within the store. For a more rounded experience, you can implement user-friendly mobile apps that provide additional information, discounts, or personalized recommendations.
4) Offer In-Depth Customization
The 21st century has seen the decline of mass manufacturing and the rise of mass customization. Even retail customers now expect to be able to receive goods that fit into their unique needs. If you can offer a tailored shopping experience, you will be well ahead of your competition.
Investment in technologies that allow customers to customize products to their preferences at scale can be expensive, but it may be worthwhile if you’re in the right niche. By offering in-depth customization services, you can help delight customers and give them strong positive associations with your brand.
5) Host Events and Workshops
As mentioned earlier, you don’t need cutting-edge tech to offer a multisensory retail experience. You can do that simply by transforming your retail space into a community hub.
This can be done by hosting events that appeal to the customer demographic that you’re trying to reach. Possible event types include product launches or previews, DIY workshops, and expert-led demonstrations. By creating a space where customers can learn, connect, and participate, you not only drive foot traffic but also build a community around your brand.
6) Emphasize Social Media-Worthy Moments
In the age of social media, creating shareable moments is a powerful way to extend the reach of your brand. To do this, you want to offer remarkable visuals that encourage visitors to share their experiences.
The most straightforward way to do this is to incorporate interactive installations that align with your brand identity. Make sure that these elements are high-quality and professionally put together so that they stand out and are safe to interact with. To maximize the utility of these spaces, encourage customers to use a dedicated hashtag when posting about their in-store experiences.
If you’re looking to make your retail business stand out among the tens of thousands that are entering the market each year, investing in your customers’ experiences can be a solid bet. At a time when consumers are becoming increasingly jaded with traditional retail, experiential retail has emerged as a vetted strategy for gaining attention and earning lifelong customer loyalty.
The key to experiential retail is to offer customers an interesting way to fully engage their senses. Experiential marketing also goes beyond the simple transactional nature of traditional retail to create an environment that stimulates customers at a baser sensory level. By offering the kinds of stimuli your customers want, you can craft a multi-dimensional experience that drives sales and cultivates loyalty over the long term.
