The new modus operandi of the retail brands is to let the products speak for themselves. This might sound a little awkward but it is the most trending factor that is transforming the entire industry. Retail experiential stores are the new concept that allows a customer to try a product and enjoy an immersive experience on the platform.
‘Retailtainment’ is a new term coined to describe this new concept. So far, the big retail brands have predicted that this new concept will be ruling the industry in the upcoming years. The consumers are redirecting their expectations towards a desire to experience more rather than shopping online. The perfect conglomeration of entertainment and retail business will create a new platform where the consumers will be able to immerse themselves in a new world.
Current stage of Indian retail industry
The Indian market is witnessing a huge boom in the retail sector. All the brands and shops present in India comprises of 10% of the entire GDP of the country. In fact, this industry employs more than 8% of the entire workforce. From retail outlets to shopping malls, departmental stores to entertainment centers, everything falls under this category. The advent of new players in this market has increased its estimated value to INR 9 Lakh Crore. The organized sector, in this aspect, is only 9% of the mass.
Retail Experiential Marketing: Tips to create a perfect experiential platform
- Creating informational display
The installation of informational displays like Asian Paints has done in its experiential store will create a new paradigm where the customers will be able to find the latest products in the perfect arrangement. This arrangement will enable the customers to find the right design to choose for their home without guessing. The executives will be there to educate the customers about the new products in detail.
- Tech-savvy setup
The interactive experience can only be catered using the best technologies available. For an instance, IKEA, the world’s famous brand provides a Virtual Reality Platform where the customers can immerse themselves in a digital ground. They can use any furniture to create an ambiance suitable as per their need. Using great interior setup and mesmerizing touch screen panels, the retailers can easily engage the customers. The proper exhibition o the products via the technology will be a mind-blowing experience for the customers to get educated about the services.
- Engaging all the senses
The main motto of creating an experiential store is via engaging all the senses of the customers. Creativity is limitless in this aspect. Using sight, sound, and the smell will immerse the customers in a perfect ambiance. Currently, Fab India has launched an experiential unit named FabCafe where a plethora of lip-smacking dishes is catered to the customers. The dishes also represent various delectable cuisines of India from all the corners creating an amazing ambiance. Enjoying healthy food and trying ethnic wear is an ideal experience a customer will always seek.
- Sweepstakes and give-away
Organizing a competition live on the floor will also engage the customers. The questions are normally focused on the brand’s products. This is a very productive marketing tool and also engages the footfall in the retail store. The sweepstakes and give-away prizes will automatically increase the brand value of the retail store. When added with technology, it will make a remarkable impact on the visitor’s mind.
- Mixing the marketing mix
These days, the marketing mix is not only limited to the products you sell. You can concentrate on other grounds. As mentioned earlier, Fab India is a popular ethnic brand that has ventured into bringing the delectable cuisines from all corners of the country and displaying its traditional side. In this way, any brand can focus on other aspects that are related to its products and cater the service to the customers visiting the store.
E-commerce: The biggest challenge
Probably the biggest challenge is the growth of e-commerce platforms. The greater percentage of rebates and excellent discount offers are crunching the retail sector. The in-store experience is a must to create an ambiance where the customers will return on a regular basis. Defining the USPs and catering excellent experience will bear fruit.
Kabir Lumba, MD, Lifestyle International Private Limited, depicts that the contemporary customers are focusing on a seamless experience from the physical stores and the digital ones too. Vishwas Shringi, CEO, and Founder, Voylla Fashions Private Limited, emphasized the hands-on experience in the retail space where the attributes of the products will be demonstrated by the retail employees. The fashion, wellness, food, beverages, and other sectors can be well- benefitted. The experiential retail is the ideal strategy for the Indian retailers to flourish in the upcoming years and make a difference.