More than an Experience

There are more signs of retail disruption in 2020 as evidenced by the recent layoffs at Macy’s. Clearly, retail executives continue to struggle to find the best way to meet the needs of Millennial and Gen Z customers. It’s no surprise then that a mantra for retailers has emerged from this chaos…EXPERIENCE, EXPERIENCE, EXPERIENCE. And brands have begun to do just that, investing millions of dollars in creating all sorts of experiences from live DJs to arctic dressing rooms to try on winter coats. And yet many of these experiences are not paying off. Why? Sure, a unique experience can get the attention of the press and draw traffic, but the return on investment in such a saturated marketplace is typically short lived. What customers are really searching for is an authentic community and ease of shopping. When these two elements are combined consistently, and within a branded context, retailers begin to understand that experience is not about being flashy and doing something unique, but about being authentic to their customer’s needs. Building loyalty, after all, still takes hard work and time.