Luxebook November 2022

The Era Of Experiential Stores Retailers are creatively thinking about physical spaces to ensure the best customer experience BY ARUSHI SAKHUJA The way commercial real estate is utilised has changed drastically over the years. Earlier, the shopping experience was a conventional source of investment for brands and retailers. But since the pandemic, the change in consumer behaviour with the rise of online platforms has given birth to newer kinds of shopper experiences — and ushered in the era experiential retail stores. Going beyond just a regular store, retail stores have started leveraging experiences to customers rather than products. The old model of in-store (and even online) retail strictly focused on products being sold is giving way to a more engaging Serendity, Delhi experience that allows patrons to not just touch, feel and experience the product, but also the process by which it is made, the materials used, to better appreciate the techique and skill that goes into it. Customers now look for a combination of both entertainment and retail in a store. Being creative with the use of one’s physical retail store not only generates profit but creates experiences that adds to brand value. According to a study conducted by Forbes in 2019, “The trend has been largely driven by millennials and their preference for experiences over things.” A study from Harris Group found that 72% of millennials prefer to spend money on experiences rather than materialthings. Experiences over things However, the real magic behind retail stores, is that these stores allow their customers to connect with them in a more immersive manner. By connecting with the consumers at all touch points, the technologies that promote experiential retail also enable retailers to influence consumer behaviour. A notable example is Samsung’s $43 million pop-up that features its products but does not have any for sale. Serendity, Delhi 8|L U X E B O O K|N O V E MB E R 2 0 2 2 N O V E MB E R 2 0 2 2 |L U X E B O O K| 9 THE PHYSICAL TOUCH

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