There is no doubt about the fact that shopping is one of Singapore’s favourite national pastimes. From neighbourhood malls to mega malls and luxury malls – there is an abundance of malls all over the country. However, retailers are concerned about the decreasing footfall as cookie-cutter malls keep sprouting and online shopping is gaining dominance.
Experiential retail gives customers a reason to visit malls, drawing them in with unique real-life concepts, so that they don’t just make a purchase but also gain new experiences and memories, to rekindle the excitement of offline shopping. What’s more, according to a study by Synchrony Financial, consumers would shop at a retailer more often because of a positive experience and are willing to pay a higher price for experiences they value.
As such, we have seen luxury brands across the world offer personalised touches and use technological innovations to connect with their customers. Here are some examples:
Retailers need to pay more attention to what a brand stands for and gather data on how consumers interact with it so that customers leave the store with not just a product, but also a sense of belonging.