Not even close. It’s the Retail Renaissance. With so many shiny new Shoppicellis, Shoppespeares, and Merchantgelos appearing in the market place, how could it possibly be the end?
Conceptual, artistic and structural renovations are separating the winning stores from the losers, but what would a renaissance metaphor be without the contemporary scientific knowledge to back up this claim?
Behold, the stat:
Citing the RSR Research on Stores study, Ronny Max points out that 63% of Retail Winners (where sales are outperforming the average) prioritize major redesigns.
This shows there is a direct correlation between those that refresh their space and those who outperform.
Redesigns have the potential to engage a customer’s senses. Unlike buying online, customers in physical stores can touch products, see all angles, taste, and smell (which, depending on the item, could either be a practical choice or just seem a bit weird)
So how does a redesign become a remarkable experience?
By combining the senses to tell a cleverly crafted short story.
For example, the Gelson’s Market Sip and Shop story is something like:
Once upon a time (like today), you can bring a friend and drink wine together. While you do that, we’ll do your shopping because we have great customer service and we know shopping is not fun for you. The end.
In return for allowing customers to engage their senses in wine consumption, Gelson’s has reported a 35% increase in average basket size with the service than without.
Our second example has a more storybook name, albeit for adults.
Drunk Elephant’s pop-up, the House Of Drunk, was featured by Kaleigh Moore in this Forbes piece. She says experts gave tips, customers sampled products and then filmed their own Skincare Confession- revealing their true product first impressions. And so, the Drunk Elephant, Chapter 1 begins:
“The House of Drunk is the home of clean skincare, so we will be transparent with you. Come learn about our formulas, get expert tips, and confess what you really think of our stuff because we care what you think.”
These are stories that solve customer needs- and they make for truly great experiences. Let’s call these Solution Stories. But how do you ensure that your ‘Solution Story’ lives on when the paint has dried? Through carefully managing the customer connections happening within.
See, while the art of reinventing a beautiful store has progressed, so too have the scientific methods behind sustaining them. Enter retail analytics.
Computer vision means you can analyze the entire customer journey throughout your newly refurbished store. It allows you to test predicted outcomes against what actually happens- where do people move first? Where do they actually gather? What products are most attractive to them?
Flagship or not, stores are big vessels to steer- and constant incremental shifts can always set you in the right direction. Let analytics provide navigation by monitoring the behaviors inside your store.
- Up to date insights on pathways and products help you to maintain the effectivity of displays and stocking decisions going forward.
- Insights into interactions between store staff and customers show if associates are timely in approaching customers, engaging well, providing browsing time when necessary and helping when needed.
- You’ll be able to ensure enough staff members for customer numbers, and generally, understand what’s happening in order to make decisions that empower everybody to take part in the Solution Story.
So, it’s time to make this your masterpiece. How can we help you bring your Solution Story to life?
Visit Vision.gl to find out.