EXPERIENCE NOW, BUY LATER
INSTEAD OF ENDLESS NEW PRODUCTS, MANY SHOPPERS ARE LOOKING FOR AN EXPERIENCE. MILLENNIALS IN PARTICULAR WANT TO BE ENTERTAINED. WeAr INVESTIGATES HOW RETAILERS ARE RESPONDING TO THIS
REPORT
‘Experiential Retail’ is the new buzzword. This was one of the takeaways from the ‘Future Stores’ conference, which took place in Miami in February: experiences linger longer in our memories than purchases, they make it possible to create a community around a store and they are a way to cement customers’ loyalty. Millennials in particular seem to love events and post reports on Instagram, ergo even more exposure for the store. If it all goes to plan, that is. The sector is still experimenting with the concept and there is no surefire recipe for success yet. Different approaches are being trialled: offers range from garment repair workshops, exhibitions and readings to sports classes and virtual cycling tours. These experiences often take place in pop-up locations or in an additional section of the store so that they don’t look too much like a sales event.
In 2018, Hermès organized a pop-up event in five cities called the ‘Carré Club’ where artists created new scarf designs live. There was also a café, karaoke and talks – shopping was incidental. In 2019, the ‘Art Tank’ at The Selfridges
Corner Shop in London served up art performances and workshops for customers. In February, British retailer MatchesFashion launched a collaboration with the Frieze art fair. Recreating the experience of its store at London’s Carlos Place – the entire fifth floor is used for events – MatchesFashion now presents talks and events at the Frieze fairs “to have conversations that create a sense of community and inspire our customers,” explains CEO of MatchesFashion Ulric Jerome.
While MatchesFashion also features fashion at its events, there was not a single Coach bag in sight at the six-day ‘Life Coach’ pop-up held by the US label in New York in June. Interactive rooms based on the theme of ‘mystery’ heightened visitors’ senses. But will the experience influence their next choice of bag? There was absolutely nothing on display at the showcase of Lego Wear’s first collection for adults: visitors could only see and buy the looks virtually via Snapchat and augmented reality. More of a PR stunt than a jaw-dropping experience.
Not every event will deliver the desired marketing effect. But retailers usually have a feel for which experiences best suit their target group: they know their customers – and events give them an opportunity to get to know them even better.