The market for Experiential Retail has evolved and shifted over quite some time due to increased customer expectations of something more than a mere shopping experience. It is a revolutionary concept in retailing as established stores adopt new forms of technology, touch and feel, and ways of creating communities to deal with buyers. This global market is driven by customers and technology, change in retailing ideas & concepts, and alliances of the top brands to fulfill customers ‘expectations for traffic generation.
According to the UnivDatos Market Insights, as per their “Experiential Retail Market” report, the global market was valued at USD 84.94 billion in 2023, growing at a CAGR of about 14.02% during the forecast period from 2024-2032 to reach USD billion by 2032.
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Recent Developments in the Experiential Retail Sector:
The market's evolution has been marked by innovations in technology integration, omnichannel strategies, and consumer engagement. These are some of the major events in this sector, most of which happened in the last couple of years.
· In 2024, The Souled Store, known as India’s leading pop culture brand in the retail space, has opened its first physical outlet in Lucknow at the bustling Lulu Mall. The brand is known for its trendy apparel and accessories inspired by music, movies, and iconic characters. The brand’s new store offers an immersive shopping experience for local customers to explore its wide-ranging collections.
· In 2024, Zara has significantly gained popularity in India with their collection and innovative in-store experience. The company has opened its one of the largest outlets at the Phoenix Mall of Asia in Bengaluru. The outlet spanning over 36,000 sqft, the new store introduces several advanced technological features that integrate its online and physical shopping platforms. These include self-checkout options with cash payments, fitting room reservations, in-store product pickup, store availability checks, and the ability to locate products via the Zara app. Additionally, the store offers dedicated return counters for both online and in-store purchases, along with smart fitting rooms.
Additionally, Adidas opened a carbon-neutral flagship store in Shanghai that features an interactive sustainability zone. The store educates consumers on the brand’s efforts in sustainable production, showcasing eco-friendly footwear and apparel collections through AR-enabled storytelling.
Trend: AI-Driven Personalization and Predictive Analytics
There are various trends in the experiential retail market where the use of AI is highly relevant; one of them is personalization. These AI applications are revolutionizing the way almost all brands engage with consumers, prescriptive selling, dynamic pricing, and real-time data analysis for the consumer’s benefit and for more sales. In the recent study on some of the consumer demand forecasts using Gallup data, information was included from NASDAQ, product/brand lookups, underemployment, and standard-of-living pointers. By integrating the data types, Gallup developed a more accurate consumer demand model for its client than the prior consumer model by over 150%.
· To drive personalization in sales, H&M integrated an artificial intelligence for interaction with the customers in its New York shop where it offered appropriate sizes of clothes, style preferences and suggestions for interaction based on previous data collected. This system has the policy of minimizing return rates and increasing the convenience of the stores. Also, H&M, the Swedish fashion giant, uses artificial intelligence and over 200 analysts to forecast and explain phenomena.
· In June 2022, IKEA made an AI-powered VR tool for the customer to understand how the furnishing items would look like when placed at home. This tool is one more step in the development of IKEA’s digital capabilities and enhances customer decision-making experience. IKEA Kreativ has 20 years of knowledge and experience of life at home along with the newest trends in spatial computing, machine learning and 3D mixed reality.
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Conclusion:
The market driving the Experiential Retail Market includes exploiting technologies, preservation, and Artificial Intelligence assimilation. The sector is gradually moving towards more engaging, effective, and sustainable physical stores suited for the modern shopper.
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