Oro — Singapore.
Written by Michael K. Spencer
While in parts of Asia e-commerce is really catching on, in North America especially, brick-and-mortar shopping experiences still dominate. However consumers have new expectations regarding convenience, discounts, personalization in retail, and in particular, the interactions at the POS like mobile payments and offers on receipts.
As stores are learning the kinds of experiences their audience enjoys, physical retailers are getting better at adapting and boosting store traffic and engaging with their customers in contemporary and complementary ways. Enabling a better experience is key by marrying the human with the technology.
- Cater to experiences.
- Create human-interaction that’s educational and fun.
- Do seasonal campaigns better, promote community, and leverage unique product, lifestyle and cultural niches.
We live in an era where online sales are booming and a lot of retail growth occurs online, however, the majority of shoppers still prefer visiting stores in person. Why is that?
Local retailers provide a grass-roots way to connect with the community, culture, and vibe of a neighborhood, culture, and social life of a district. Retail and the marketplace is about connecting with our roots.
It’s Not Just About Convenience
While online shopping has never been easier, in a mobile-addicted world, younger consumers are showing a preference to experiences over the acquisition of stuff, goods, and material products.
Many younger consumers live in an era of discount shopping, price-wars, and comparative shopping impacted by the likes of mobile search, causing them to make different kinds of choices that retailers are still discovering in efforts to keep up with.
Smart small businesses and independent and local retailers are leveraging this to create a whole new retail culture around their products, staff, and locations. At Star Micronics, we’re creating products that reflect this. Sleek POS hardware at the cutting-edge of reliability and innovation.
We Are a Species of Touchers and Feelers
The more mobile is starting to impact every aspect of our lives, the more, as consumers, we crave tactile, human, intimate, empowering, and genuine interactions with local retailers. Human beings thrive not just with good customer service, but with customer experiences tailored to them in-person.
Small Businesses Are Learning to “Hack” The Experience Economy
Fostering the “experience economy” that has been related to Millennials (shoppers under 40) means how small business retailers engage with their audience through education, classes, in-person local influencers, events, and creating social relevance of their locations in the community, is a huge deal!
If the modern shopper associates the big-box retailers with price, speed, and fulfillment, what then are the equivalent characteristics of their favorite SMB local retailers? Small business-love and shopping local as trends, it can be argued, are at all-time highs. Consumers want to support family-owned businesses and retailers they consider more like them and in sync with their own values.
Men and Women Shop Differently — Why it Matters
According to Retail Dive, the way men and women approach shopping experiences might be different.
In particular, female shoppers overwhelmingly want to see, touch and feel products before buying them. Males, on the other hand, skew more toward the immediate satisfaction of taking items home with them.
If this is true, in-store enhancements that are design-orientated are catering to Millennials, including digital influence that is good for the planet such as Star’s Micro Receipt that saves paper on receipts. In fact, when stores show they care about sustainability and corporate social responsibility, their female customers gravitate more to them, showing how valuable from a loyalty and marketing perspective CSR and sustainability is for stores to embed in customer journeys.
How we Do Customer Experience is Changing
The way we do customer experience is shifting to the preferences of the new consumer. Retail tech must shift to being customer-centric, giving more choice and augmenting a store’s ability to connect with their customers on the most human basic emotional level.
With more than a third of consumers shopping online at least once a week, physical retailers and small business owners need to find ways to be more personable, unique, and offer better customer service than ever before. For these are the true differentiators that will build a loyalty customer base that generates revenue and improves margins.
Brick-and-mortar stores are beginning to incorporate mobile technology that humanizes their retail brands, such as Instagram stories, mobile coupons, digital receipts, and QR code-based technology. This technology marries the human with the resonating digital influence that is starting to permeate our society that can no longer be seen as separate from the emotional experience of our love of shopping in stores.
Physical stores are going through a wonderful transformation and a retail renaissance, and are still at the core, the center of our urban commercial experiences. This is even more true for small towns and local communities. Shoppers prefer trips to stores since they deliver experiences and not just stuff.