Published on November 8th, 2017 | by The GC Team0
In-store “experiences” encourage more customer spending
New research claims that “shop and stay” consumers want new and engaging high street experiences, and will spend more when retailers offer in-store events. The research from Barclaycard says UK retailers who are tapping into shopper demand for in-store experiences by hosting events and providing entertainment in their physical stores “have seen annual turnover increase by an average of 14%.”
More than a third (36%) of retailers now host events in-store, such as classes, courses, demonstrations and exclusive sales previews, and a further 19% are planning to start doing so in the next three years.
These retailers now view in-store events as “key to driving footfall and boosting sales,” and to accommodate increased investment in this area, they’re prepared to “significantly reduce the amount they are investing in other business priorities, such as revamping their store layout (which they plan to decrease by 51%), increasing the variety and amount of stock (41%), or improving their website layout (33%).”
George Allardice, Head of Strategy, Barclaycard Payment Solutions, said: “Retailers who take advantage of the opportunities in the experience economy can really reap the rewards. Our research has found that shoppers increasingly want to stay in stores for longer, rather than head home with their purchases. With consumer spending on entertainment and experiences increasing by 10.5% this year, there are opportunities across the board for shops of all shapes and sizes to capitalise on this and draw shoppers in with engaging experiences. Those who are already doing so are already seeing the benefits and it’s little wonder that these savvy retailers are planning to increase their investment in their in-store experiences over the next two years.”