Retail As An Experience is the New Wave

We recently published a story on how a growing number of Australians are spending less on things are more on experiences and how ‘experiential spending’ has emerged as the next step in the progression of economic value. Read here

Elphick, who is the owner of customised sports equipment pureplay Disrupt Sports agrees, and says the sharing economy is only going to get stronger.

“I’m 100% behind on this. I would much rather spend my time exploring new places, learning new things and creating great memories than spending on lavish ‘things’,” says the avid British-born surfer.

Elphick believes that experiential spending will have a couple of impacts for retailers, and being agile and adaptable is key.

“The sharing economy is only getting stronger. If I were on the board of a large retailer, I’d be considering how much my business model might change and look in the future, for example, do I need to sell expensive ball gowns or if there a subscription or sharing model I can adopt?” Elphick also says that retailers should be thinking about RaaE ‘Retail As An Experience’.

“Secondly it really plays into something people are likely tired of hearing me speak about. Retail is not about a functional transaction, or at least it shouldn’t be. We should be considering RaaE. How can this physical presence of brand help install that brand’s ideals on it – how do you provide meaningful engagement and what part of your product mix fills that ‘experience’ need of consumers today.”

Distributed manufacturing and local on-demand consumer goods will be the new norm in retail, according to Elphick.

“Fast forward 10 years into the future and the idea of going to a store to buy something will be crazy and far fetched, and distributed manufacturing will be the norm. Your goods will be made on-demand as close to you as at the end of your street, and arrive at home before you get there.”

And this is where Disrupt Sports comes in – the company has been busy investing into its ‘experiential’ future, and creating ‘retail as an experience’. The brand will be launching its virtual reality offering to its consumers soon.

“It’s why we have interactive design studios in retail, and it’s why we’ve invested into our soon-to-be launched Disrupt Sports VR customisation and commerce.”

First and Final Words

“Retailers should stop putting the product first and think about the customer experience as their primary goal. NPS not $$.”

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One thought on “Retail As An Experience is the New Wave

    • ben
    • 12th May

    “Fast forward 10 years into the future and the idea of going to a store to buy something will be crazy and far fetched” – this man is not some retail visionary but an idiot… pretty confident in 10 years people will still be buying goods in store. “Your goods will be made on-demand as close to you as at the end of your street” Again, this is plain stupid the infrastructure required to manufacture goods especially at an affordable price makes this theory laughable.

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