How Does Experiential Retail Disrupt an Industry?
The retail industry is undergoing a major transformation as e-commerce undermines the traditional physical store model and creates a new model of “experiential retail”. The experiential retail trend is driven by a number of factors, including the increasing popularity of e-commerce, the decline in traditional department store traffic, and the proliferation of mobile devices.
Just as e-commerce pioneers like Amazon.com offer an exceptional online customer experience, experiential retailers are reshaping in-store experiences to create an engaging and satisfying environment through spas, cafes, theaters, art exhibitions and more. Facilities, personalized service, in-store kiosk, 3D experience, pop-up shop, mobile commerce, etc.
A key element of experiential retail is the innovative use of technology to provide an interactive and immersive experience. Retailers are using artificial intelligence (AI), virtual reality (VR) and augmented reality (AR) to provide shoppers with a participatory, notification and entertainment experience