In the wake of this global pandemic, many brands have tried to navigate this new at-home economy. From movie theatres to restaurants and even educational institutions, several businesses have pivoted their offerings and revisited how they position themselves. While most industries have taken a reactive approach to the pandemic driven consumer behaviour, the retail segment has proactively managed to overcome the inertia of this behaviour initially shown during the shutdown. Successful brands have put people over profits and have found new ways to re-engage consumers, by combining communication, emotion and innovation. As shoppers make their way to brick & mortar stores again, the victors are those who evolve and deliver integrated brand experiences.
As a result, experiential retail has triumphed as the best way to provide consumers with an immersive digitized experience. 85% of retailers have voiced out that creating unique in-store experiences will be the key driving factor to their success in the post-pandemic era (source: Forbes Business Development Council). As we head into 2021, it is evident that by embracing experiential retail solutions backed by AI & AR enhancements, digital browsing & wayfinding technologies, retailers will drive traffic back into stores. Marketers with a strong sense of moment marketing will use this opportunity to re-engage with the consumer and lead them to purchase.
American Eagle’s virtual prom event #AExME, Chipotle’s virtual prom after-party with YouTube star David Dobrik and their partnership with the beauty brand e.l.f – are all innovative ways to build a community and increase brand affinity. The key to success for brands looking to re-engage their consumers with such personalised brand experiences is collaboration. “Brands are now more open to adapt to digital experiences that can change faster, evolve and communicate different types of messages to their consumers; and can achieve a lot more and give them a bigger ROI” – says Marcos Terenzio, VP, Creative & Strategy at iGotcha Media in his new podcast on ‘The rise of Experiential Retail’.