Retail has progressed from a traditional form of Buy & Sell to creating an experience for the customers. Its a process thereby allowing the customer to experience the journey called “Experiential Retail”.

Experiential retail is a retail strategy that focuses on creating engaging and memorable experiences for customers in order to increase brand loyalty and drive sales. Rather than just selling products, experiential retail seeks to create an emotional connection between the customer and the brand.

A thumb rule question that every retailer is trying to answer to the customers “WHY SHOULD THEY BUY FROM YOU?” The customers of today are fragmented and so are the channels of retail, be it inventories, policies or pricing. Therefore it becomes imperative for brands to ensure that they lay emphasis on the customer centricity form of retail whereby offering experience which are beyond traditional buying. It’s like connecting the customers with meaningful experiences appealing to both their rational and emotional behaviour.

According to a study, about 93% of customers who have experience the Brand Service & Loved their offerings are expected to make a repeat purchases which makes their effective lifetime value at 300% higher than the regular customers. Experiential Retail is not a tactic but a methodology. Retailment is a derivation from Experiential Retail, which is from Experiential Commerce created via Experiential Marketing.

Some references to Retailment could be through stimulation of customer sensories (visual / audio or smell);

• Quick Service
• Immersive, Sharable Experience
• Convenience
• Personalisation
• Nurturing Communities
• Purpose Driven Actionables

The customers are fast evolving so much so that today’s millennials spend about 52% of their spends on experiences. The purchase decision are not basis what the brand has to offer but basis what the consumers wants to buy. The perception lead buying of a Marlboro man is not applicable at large today.

At the end of it all it is the customer who matters, therefore most brands must focus on listening to what it’s customers are saying and they must act upon their feedback accordingly. If done right, there’s just one way forward which is Up-Up-Up.