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Experiential Retail Boosts Consumer Spend In-Store New Report from RetailEXPO Reveals

RetailEXPO Attracts Record Levels of Senior Retail Decision Makers to the 2019 Expo
Written by Amy
  • 73% of shoppers will spend more time and money in stores offering experiences and product
  • 63% of shoppers agree they want the places they shop to be inspiring

The role of the bricks and mortar store is changing and more than ever before store design and in-store experience have a crucial role to play in delivering retail performance, as the omnichannel model drives integration between physical retail and e-commerce, the latest research from RetailEXPO reveals.

Original research of over 2,000 UK consumers in the ‘One Vision: How To Re-Energise Retail In 2019 And Beyond’ Report, from RetailEXPO, outlines the challenges faced by retailers. When it comes to physical store estates 70% of shoppers say they would shop elsewhere – either online or with a competitor – if a retailer didn’t provide an exciting or engaging environment while 63% of shoppers also said they want the places they shop to be inspiring.

The ease of online shopping has elevated consumer expectations in-store, the report suggests, with 64% of shoppers saying that if they’d taken the effort to travel to a store, then retailer should make the effort to ensure the shopping environment is exciting and engaging.

Experiential activity identified as key in increasing average transaction value (ATV).  More than three-quarters of shoppers say they would spend more in stores that offer experience, inspiration and memorable interactions.

68% of consumers said they wanted stores to offer a blended in-store experience, where they could enjoy leisure time as well as browsing and buying products.  In response, One Vision outlines, shopping centres are increasingly becoming stock-light, more focused on customer consultancy and progressively merging aspects of retail with hospitality, leisure and foodservice.

Matt Bradley, Event Director for RetailEXPO, explained: “It’s clear that for consumers physical retailing is increasingly not just about purchasing products.  Shopping is a leisure activity, an immersive, social experience that creates an emotional response.  The ubiquity of ecommerce has changed the motivation for consumers to visit in-store meaning retails must create compelling reasons to visit.  It’s clear the challenge and opportunity for retailers centres around creating combined product and experience offerings that incentivise and reward customers for shopping in-store.”

Matt Bradley continued: “Retailers need to accept that the rise of ecommerce means there is no longer a need for people to purchase items in-store. They need to shift their focus and consider not only their in-store offering but the ways in which they can create an aspirational in-store environment.”

The Design Zone at RetailEXPO is a must see for everyone involved in the retail design process, providing unrivalled access to the brands, suppliers and innovators at the cutting edge of retail, working to create the immersive, connected, service driven spaces that are crucial to retail success in 2019 and beyond.

The Design Zone is organised into four micro zones focusing on Lighting; POP, Marketing & Visual Merchandising; Shop Fitting & Store Fixtures and Store Design. The dedicated Store Design & Experience Stage will focus on how bricks and mortar stores can adapt to how today’s consumer shops.  Expert speakers will provide insight into the challenges and opportunities for physical retail stores as shoppers demand even more from in-store experience, expecting to be surprised and delighted by the retail environment.

For more insights and key takeaways for retailers looking to capitalise on the opportunity that new retail presents in 2019 and beyond, download the full report here.

 

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