The Impact of Experiential Retail on Market

Impact of Experiential Retail on the Market
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Impact of Experiential Retail on Market
Marketing is arguably the heart of any business. It helps get the word out regarding the products offered by the business which in turn translates to higher sales. Through marketing, a business can also successfully create a strong brand, a factor that is of utmost importance in the modern market characterized by cutthroat competition. These factors make marketing, though expensive, important for any business (Kasemsap, 2018). However, the business environment has undergone several changes in the recent past calling for a change in marketing strategies. Traditionally, advertising through magazines, newspapers, radio, telephone, and television were the major marketing strategies. In the past when the majority of the population read newspapers and listened to the radio, the strategies were solid and successful. However, this landscape completely changed with the advent of the internet. More and more people are relying on online sources for news, pushing the traditional modes of marketing lower in the logs.
Moreover, getting the customers to come to your well-stocked store is no longer enough. Customers are getting more concerned with the shopping experience. Owing to the existing stiff competition and the ease with which consumers can switch from one seller to another, modifying marketing strategies is necessary for all businesses. As the traditional marketing strategies fall, new ways of marketing are on the rise. Experiential retail is one of the emerging strategies and is largely considered to be the marketing strategy of the future. This paper seeks to explore the impact that experiential retail has had on the market and look at some brands that have profited from experiential retailing.
Experiential Retailing
Experiential retail seeks to maximize the consumer experience and make shopping more enjoyable and less tiring through the creation of attractive and delightful in-store spaces. It is also aimed at creating a connection between the brand and the consumer through interaction and making them feel as if they are part of the brand. It is also referred to as engagement or participation marketing. Unlike in the traditional marketing where only a single sense was involved at a time, experiential marketing targets multiple senses at the same time. Rather than just buying the service or the product, experiential retail aims at selling an unforgettable experience to the buyer (Kohler & Esch, 2018). The rise of experiential retail has been informed by various factors, especially technological changes and changing consumer mindsets. Creating customer loyalty has always been, and remains, one of the major goals of any organization. However, as the economy became more on-demand, securing customer loyalty became increasingly harder. Stocking quality products became an inadequate means of achieving this goal. Improving the in-store experience took over as the main way of creating customer loyalty, hence the concept of experiential retail gained ground. The shift has also been informed by changing customer needs. Owning a product become less important than the experience lived during the sh...