In this episode of the Experience Strategy Podcast, hosts Aransas Savas, Joe Pine, and Dave Norton discuss a Wall Street Journal article written by Jennifer Williams about retail, focusing on how major brands are intentionally slowing down the shopping experience to enhance customer engagement. They explore the importance of creating meaningful experiences, the lessons learned from Toys R Us, and the need for authenticity in retail strategies. The conversation emphasizes measuring success beyond traditional sales metrics and highlights the future of experience-led brands.
Takeaways
The longer someone spends in a store, the more likely they are to convert into a purchaser.
Retailers are adding experiences to encourage customers to linger longer.
Time well spent is a key concept in enhancing customer experience.
Experiences must be meaningful and relevant to the brand.
Toys R Us failed to create relevant experiences for their target audience. Lego gets it. Camp.com gets it.
Retail success should be measured by time value, not just sales per square foot.
Authenticity in brand experiences is crucial for customer loyalty.
Walmart is evolving to compete with experiential brands.
Experience-led brands can charge for their unique offerings.
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