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The modern consumer & how can brands thrive in the current economy

2018 has seen some changes in bricks and mortar retail with a loss of in excess of 16 high street brands alone. This translates into upwards of 1200 stores suffering closure. Most recently, House of Fraser was saved from the brink of collapse after a series of failings from the retail giant.

So, what’s the reason for so many closures? Well, with House of Fraser, their failure to adapt to the rise of e-commerce was sited as one of the key reasons behind its failure. It’s clear that a resistance to change is a key driver behind recent collapses, and brands and retailers alike must implement a multi-channel approach to hold the attention of the modern consumer in the changing retail landscape.

Consumer shopping habits are changing, and brands need to adapt…

The way people shop is changing. Likewise, is way we interact with and rely on technology is also changing. But while technology plays a key role in everything, we’re even now seeing a trend of younger generations going dark on social platforms, making it increasingly more challenging for brands to effectively execute targeted social ad campaigns.

Today’s consumers are savvier, more informed and better educated than ever before; they research products online and stores are often used as showrooms where they can touch, feel and test products. Before arriving in-store it’s common that they have made up their mind about a product and are simply seeking clarification before purchase, either by engaging with expert people in-store or seeing the product in real life.

Are you going the extra mile?

A proven method to lure the attention of consumers is experiential marketing which pulls consumers into physical stores more and more. Examples of successful experiential innovations include art installations at Selfridges, pop up sewing events at Liberty London and Christmas workshops at Fortnum & Mason, the upmarket department store in London . These engaging activities bring consumers into stores and encourage them to spend more time there, in turn increasing the likelihood of making a purchase.

Brands need to create an effective strategy to lure consumers in to store, whilst ensuring they are engaged with expert people and an engaging experience when they get there.

Experiential in Retail

Wave are currently work in partnership with clients to bridge the gap between online and offline.

Consumers have a range of choices when it comes to where they spend their money. Experiential marketing is everywhere, and to make sure your brand is successful you need to offer your consumers a desirable in-store experience.

Another way they are bridging the gap is running an omni-channel approach for brands. Here, the key is to target key consumer demographics online via social media to drive them into retail via local in-store events. Brand specialists in-store run these events while also focusing on selling premium brand products.  

To learn more about creating brilliant retail campaigns for your brand get in touch with our Wave team here.