WHO'S PIONEERING RETAILTAINMENT?

Retail in Australia is experiencing unprecedented panic and decline. The spotlight is well and truly on. No question our sector is under siege, in a period of economic pressures and uncertainty. A volatile disruptive environment, with increasing doom and gloom with every article published.

Yes, our retailers are tightening their belts…. But the questions to be asked are - what are we really doing about future-proofing our business and how are they driving customer loyalty? Are they adapting and evolving, whilst still being able to keep costs down? What audits are being done currently across all areas of Retail Marketing and VM? Can they direct and funnel spend to areas of their business that is going to elevate and evolve their brand positioning, gain more market share and be innovating for the future, NOT simply doing more of the same old same old – because it’s just not sustainable nor going to cut it anymore.

There has been so much noise about the negative of late, but I believe we need to change the narrative, and be ambassadors for change within the space we live and breathe. We need a swell of “positive influence”. Let’s face it for those like me, who have retail in our veins and hearts, simply want to remain in a flourishing industry that we are truly passionate about, with a positive tone of voice and think differently.

“Let’s all inspire change”

Looking at the current landscape, with daily reports of another Retail brand in distress, or under siege from a tightening market with an ever-fickle consumer - who by the way, is continuing to demand more. More bang for their buck, more experience, more entertainment, more brand emersion, more activation and more for their loyalty.

So what do to, I hear you say…… If we look at some of the recent brands in collapse, it is apparent that the investment into brand and experience has just not been there. No X-Factor, no compelling reason for me to part with my hard-earned cash. They have been quite frankly, just a bit boring. Brands that do not fundamentally value theatre, experiential retailing and innovate retail to new heights will not be relevant beyond 2020. Gone are the days we simply accounted for shopping centre footfall, a big shouty window, some neat merchandising of product, no customer service and expect that to convert at the register.

According to KPMG, 78% of young consumers, specifically the millennials, prefer to spend their money on an experience or event and share these experience-related purchases on social media. There is an emotional driver to this with 69% believing that attending experiences helps them connect better with friends, community, and people around the world. Not surprisingly, the experiential retail consumer trend goes hand in hand with these studies.

"We want and expect more nowadays. We want to feel something, we want to truly connect with a product or service, we want to stand for something and more than ever we want a holistic experience. We want pure Retailtainment and for that, we will be loyal and naturally advocate and influence your brands loudly and proudly".....

Retail Real estate is extremely expensive in this country, so let’s alter the way we think of the space from which our staff and customers visit every day. Are these spaces inspiring? Are our people passionate and proud to be there? Is our “bang per square meter buck” being maximised in an innovative and creative way? Are we really listening to what our employees and customers are telling us? Are we capturing and driving data to help make commercial decisions?

If the answer is NO then how do we expect our customers to hand over their well-earned dollar? Whilst conversion trends to the sale might still be leaning to online purchasing behaviour, we must be looking to provide the ultimate stay and play environment for our customers. A place to dwell in, be immersed in, touch and feel the product in a new way, whether that’s digital, augmented or tactile, it needs to draw us into the vacuum of WOW and NEW.

Being privileged to work in a world and organisation that is at the forefront of creating and innovating the retail experience, at International Fusion Corporation, I am immersed every day, into a world of retail creativity. We see so much untapped potential for improvement and elevation for the retail experience. Our teams of highly skilled consultants, creators, innovators and designers, push boundaries every day. They are our league of retail futurists, with firsthand involvement of impactful ROI to the Retail brands we partner with.

We have so much to be proud of as a sector, with many of our retail brands leading the way for the fully immersive and holistic experience, where average dwell times in store keep increasing and the seamless “Phygital” experience through retail is perfectly blurred. Optimizing the physical layout of the store creates brand associations, emotional ambience and emotional customer engagement that resonates with how the shopping experience is perceived.

New designs also must reflect consumer shopping trends: “People are buying fewer goods, spending more on dining out and other experiences, and saving more. In the mid-’80s, 45 percent of consumer spending went to goods, the remainder to services. Today those figures are closer to 25 percent (goods) and 75 percent (services)”.

We don’t have to look too far, with some retail giants from near and far that just get it - Miss Guided, Story, MECCA, Apple, Lush, Kikki K, Aesop, Sonos, Winning Appliances, T2, Sneakerboy, Ikea Planning Studios, Lululemon, Farfetch, Disney, The Daily Edited, The North Face, Nike to name but a few. Constantly re-inventing with very clear brand aesthetic, messaging and a commitment to the fully immersive and interactive retail experience.

Do you dare to innovate and aspire for the best in class customer experience? Let’s push the boundaries and try something out of the box. Let’s start the conversation now and spearhead a wave of new “Retailtainment” innovation to the market!

Love to chat and connect with other passionate innovators and disruptors of retail.

Please connect and follow all our companies within our group, and view all our latest retail activations. International Fusion Corporation – Retail Marketing Solutions

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