1. I found the first one in my LinkedIn pulse network; written by Travis Bradberry, co-author of the book 'Emotional Intelligence 2.0'. Mr Bradberry recommends to invest our limited financial funds purchasing (memorable) experiences versus (the paradox) of possessions.
Why you should spend your money on experiences
2. The second one, published in the Washington Post, from Sarah Halzack, a national reporter who justifies the recent decline in sales of some key retail players (Macy's, Urban Outfitters, Bed Bath and Beyond...) by the shift of preferences of consumers towards experiences (ie. Dinning out, Traveling) versus buying more of the same 'stuff' they already have.
Shoppers are choosing experiences over stuff
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It is great to hear more and more about experiences, but wait... if we assume that consumers are voting for experiences versus the purchase of physical items then, what do retailers can do about it? Should they all start to think on shrinking or closing their business...? I don't think so.
First of all, let me clarify something: A memorable experience can be obtained from the 'use' of purchased goods (in retail):
-My kids love playing in different digital venues, maybe too much...and whether I like it or not, their interactions with their 'screens' are becoming part of their identities.
-I really enjoy my car; sometimes I just take the longest way to go anywhere just to spend more time sitting behind the wheels and enjoy that driving experience. The good thing is that this is not a fleeting experience and I can jump on my car whenever I want.
-I like my wife's new perfume. Isn't that a great, unique experience? And it can be repeatable as long as she wants to wear it when I want too...
The point here is that assuming that good experiences can only be found in trips or dinners is just an over simplification. Said that, it is very true that consumers are becoming more savvy and discerned and definitely way less inclined to consumerism attitudes. Hence, 'shopping' (digitally or physically) needs to be an extraordinary event in their lives, a memorable moment that invites them to repeat it again and again. The devil is the commoditization: seen it before, done it before.
If Macy's or Urban Outfitters (to mention 2 retailers that are discussed Sarah's article) are attracting less public to their stores perhaps they should rethink about the whole purchase experience they are offering.
Is there anything you, retailer, can do to invite their customers to replace a dinner at a nice restaurant or an hour massage for a visit to their stores:
-First and foremost, you need to start with their consumer.... but, please don't scratch the surface of her/his profile, go deep and when you think that you know her/him well, go even deeper. Get out of your comfort zone and ask questions that you haven't asked before.
-Try new things. Craft new propositions, in every channel you operate:
+New assortments with new products and/or new brands. Surprise your visitor/client.
+New Visual Merchandising. Are your customers really inspired with what they see?
+Do you coach your Sales staff on how to connect with your clients?
+Can you create personal experiences in your offer? Mass or Surgical customization is the best antidote against commoditization....
Retailers are not just competing with other retailers anymore, competition is coming from many other unexpected sectors: entertainment, hospitality, wellness, travel,...volunteering; all fighting for the time and attention of that Holy Grail known as 'the consumer'.
