Experiential stores are the talking point amongst retail fraternity these days. With the Western hemisphere adopting innovative store designs and technologies to enrich the in-store experience for customers, Indian fashion retailers too are swiftly joining the trend.
Yet, a significant question emerges: why does a fashion market as substantial as that of India, with a staggering value of US $ 105 billion in 2024, need to establish experiential retail stores?
The reasons are manifold. Long queues at checkout counters, frequently encountering out-of-stock items in desired sizes and colours, challenges in finding products within stores, difficulty in accessing store assistance when needed and insufficient product information are just some of the frustrations that customers face.
These factors can significantly deter customers and influence their decisions to make purchases from a particular retail store. According to an Accenture report, shoppers who have a frustrating shopping experience are 3x more likely than satisfied consumers to not buy from that retailer or brand again!
An innovative ‘Experiential Retail Store’ not only caters to the needs of its target audience but also entices customers for frequent visits, enabling retailers to expand their market presence.
Experiential retail stores represent the future of fashion retail, blending a variety of data-driven technologies. These include AI, AR, VR, app-based consumer interactions, virtual fitting services, facial recognition, in-store navigation and touchless checkout systems. Together, they create a futuristic shopping experience that is set to become the new standard of the industry.Seeing is believing – this is the core mantra at Fashion Tech Week ’24 scheduled to happen on 30-31 May at ITC Gardenia Bengaluru and to let consumers and visitors experience how tech-enabled retail stores work, we are focusing on discussions and demonstrations around experiential retailing that cover the following concepts:
- Footfall counters
- Self-identification to map the customers’ movement
- In-store navigation
- Digital displays for product information
- Digital assistants or bots
- Smart mirrors/Magic mirrors
- Self-checkout system
- Loss prevention system/Anti-shoplifting sensors
- Loyalty programs
Don’t miss the intriguing conversation on these new-age topics
