Are you personalizing your promotional offers?
If you wanted, you could view entire collections of the world's great museums from the comfort of your home. And yet no one would say museums are dying. That's a fact that says much about the future of brick-and-mortar stores in an era when online shopping dominates.
Museums are quiet, they show work in their full, original sizes, and allow the patron to see the individual brush strokes on the paintings and a vividness of color that can't be replicated on an electronic screen.
In other words, it's about experience. The same is true of brick-and-mortar retail stores.
Think back to 1992. A magical time when Seinfeld and The Simpsons were dominating the airwaves, George Bush Sr. was rounding out his term in the White House, collecting Pogs was all the rage (unless you were more of a Beanie Babies person) and cell phones were roughly the size of small briefcases. When you wanted to see a movie, but didn’t feel like going to the theaters, you probably headed over to your local Blockbuster.
When it comes to customer experience, ironically, many luxury brands that are built on the experience of their products fall short when it comes to delivering even on the simplest dimensions of experience with their brands. According to a Forbes article that cites a ContactLab and Exane BNP Paribas study of 30 luxury brands, many brands fall down when it comes to customer data capture across even the most basic dimensions like gender and zip code, which allow for simple segmentation and personalization of messaging, content, products and offers.
Efforts to modernize the physical store are underway, and we are seeing two primary forms emerge: experiential marketing and digital integration.