Conventionally, the three legs of retail are merchandise selection, perception of value and traditional service, such as fast checkout. Today, the fourth leg is the shopper experience.
Creating a distinctive shopper experience is emerging as an important strategy for retailers trying to hold the line through the current economy. In an article for Knowlege@Emory, marketing professor Reshma Shah, says that smart retailers will focus on retention strategies. Shah’s research on consumer behavior shows that due to rising gas prices, people are not so prone to shop around by driving from store to store.
“On the one hand, yes, consumption might be going down. But on the other had, you might also see customers staying in your establishment longer,” says Shah.
How does this translate to your retail design strategy? Introducing something to the shopper experience in addition to price will keep customers coming back, even in the worst of times. The key however is getting to know your shopper and determining what’s important to them. Service, entertainment, speed, convenience, organization?
Over the next few weeks, Inside the Aisle will discuss examples of retailers who connected with their shoppers and made their stores worth the trip.
One Comment
I recently moved out to what seems like the middle of nowhere and luckily there is a grocery store less than a mile from my house. The bad news is that it is the ONLY grocery store within 10-15 miles of my normal driving route. The store near my house is not my preferred store and there are items that I need/want that are not sold at this grocery store, but it isn’t worth the drive/gas money to go get/find them at a different store. So I either do without or find a substitute. If I am out near a different store and think of it then I will go in and get the items I am missing, but I do not drive all the way there just to get these specific items.