How Innovation is Driving the Retailtainment Industry

Through 'retailtainment', retailers are trying to engage with the customer by satisfying their all sensory elements and encouraging them to build a relationship in the world ruled by 'social media'.
How Innovation is Driving the Retailtainment Industry

Innovation is an important aspect of this fast-changing retail landscape. Technology is ruling the game and has made retailers innovate in terms to adapt and gel well with the tech-savvy consumer of today. 

The retail industry has seen an unprecedented shift in consumer behavior and it was felt that being agile is the key to meet new consumers' demand and deliver an excellent customer experience. In this world of ‘too many choices’ and ‘click and collect’, retailers are trying to deliver an unforgettable experience with the fusion of retail and entertainment. 

Through ‘retailtainment’, retailers are trying to engage with the customer by satisfying their all sensory elements and encouraging them to build a relationship in the world ruled by ‘social media’. 

American Sociologist, George Ritzer defined retailtainment in 1999 as, “the use of sound, ambiance, emotion, and activity to get customers interested in the merchandise and in the mood to buy.”

Retailers should focus on creating an experience to differentiate themselves from the competition, it’s not just about creating memories, it’s about providing benefits, convenience, education, services and encourage them to come back. 

Winning Your Customer 

To strengthen customer loyalty and retaining the customer for a long time, retailtainment is a promising way towards success. Increasing expectations of the customer are making brands promote their brands being ‘Instagram/ Pinterest-worthy’ and when pooled with technologies retailtainment can provide infinite possibilities to deliver. 

Retailtainment aims to make customer perform actions, by delivering authentic and original trend which is unpredictable and trustworthy. Today’s consumer takes informed decisions. 

RajatWahi, Partner Deloitte in one of the studies said, “A new dimension in the world of retail known as retailtainment is also emerging, where shopper/ consumer experience (CX) has become a key factor for consumers to differentiate between retailers – this implies that retailers and brands need to mine the consumer and shopper data better to provide best-in-class CX to their online and offline shoppers.”

Retail has shifted from product benefit to immersive shopping and rich customer experience, experiential POS, and excellent brand experience make customers curious which helps in driving sales. 

Disruption in Retail 

There is no end to innovation, the development of technology has extended the boundaries of imagination resulting shopping experience full of entertainment and fulfilling all leisure needs.

Customers can now conveniently interact with brands and place orders with smart assistants like Cortona, Alexa, or Siri. With augmented and virtual reality retailers are bringing reality and the digital world together to enhance customer experience. Many brands are creating a variety of experiences using technology holographic solutions as per the demand of brands, like Nike, Louis Vuitton, and others displaying visuals to attract the customers. 

Many start-ups like ‘Caper’, ‘FLEXE’, ‘ZigZag Global’ are providing convenience to customers within the store, commercial warehouse space with ‘on-demand storage space’, and mapping product return portal with warehouse network. Innovations in retail are not only managing the front-end retail but a plethora of innovations are happening keeping sustainability as the goal and transforming entire supply chain management too. 

Here Lies the Future

The pandemic which has accelerated the behavioral trends signifies a dramatic and historic shift in consumer behavior. 

As per the statistics shared by PwC, there is a growing trend of ‘social commerce’, Facebook shops, Instagram, and Snapchat Native Checkout and they are going to become the native part of the e-commerce experience from now.

Greg Chapman, SVP Business Development, Avalara mentioned that “We’ll continue to see marketplaces and traditional retailers converge. It’s happening both ways, where marketplaces like Amazon are moving to forms of traditional retail, and traditional retailers like Albertsons are making the move to marketplaces to stay relevant in the digital economy.” 

Amazon Fresh grocery store is one such example of creating an offline experience by leveraging technology and convenience for e-commerce users. Perfect delivery is no more a ‘fast delivery’, it's beyond same-day delivery. Customers expect to have their products available with options like BOPIS, Curbside, and even retail lockers. 

The last-mile software is saving a significant amount of time and energy and achieving operational efficiency with real-time tracking. Time is to embrace the change by being innovative and be consistent with your customer in terms of delivering quality and experience.    
 

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