What is the Experience Economy?

The internet has changed the way consumers shop. Online retailers are dominating our new retail landscape. Finding the best products for the cheapest prices, shipped straight to their door, it’s no wonder consumers opt for online bargains. However, human nature drives us all to crave connection and experiences… And that’s something that the online giants can’t offer.

As a brick and mortar retail store, this opens up an amazing opportunity. By shifting your focus to create experiences for your consumers, they’ll be eager to sign up for your classes, learn new hobbies and make some memories. Offering engaging in-store workshops is something that consumers won’t find online.

Furthermore, the experience economy formerly dictated that you spend thousands of dollars on a free BBQ to boost appreciation, improve perception, and offer that feel-good memory to customers. These types of events, however, don’t foster any sort of loyalty or long-standing relationship. It’s likely you’ll only see those customers on BBQ Day. Workshops, on the other hand, help you build that appreciation and perception while making money in the process. Offer an event that they pay you for, and build rapport, loyalty, and something truly memorable.