The act of purchasing has evolved far beyond an exchange of goods for money. Modern consumers are evaluating options largely based on how they would like to spend their time. Some purchases will require lightning speed and convenience, while others will succeed by providing an immersive experience for consumers to spend a day with. In this blog, we will break down three distinct ways companies can leverage ‘time’ to provide compelling experiences for consumers.
1. Drive Sales with Extended Experiences
Transcendental retail refers to purchasing goods that can be used on multiple platforms and realities. For example, purchasing a pair of shoes at the mall that come accompanied with a QR code to download them onto your digital avatar. Inversely, purchasing an NFT online that will grant you access to exclusive clubs in the real world. Wherever you buy, the product experience can be carried on through other mediums afterwards.
On average, a product’s sales increase by 56% if its estimated lifetime is longer than competing products. If a company can enable their product to live across multiple mediums, they will be able to meet the consumer’s desire for a longer lasting experience. This is because the transcendental experience offers usability with the product that does not rely solely on the lifetime of physical materials, it adds the lifetime of online usability as well.
Brands hoping to leverage transcendental retail must uncover how their product can complement itself across mediums. Burberry unveiled its first “social media store” concept in China where shoppers navigate the physical space alongside their assigned online avatars. Engaging with the space unlocks rewards that include exclusive café menu items, outfits for their avatars, and personalized online shopping perks.
2. Fuel Rapid Transactions with Trust
A staggering 80% of global shoppers want to move from inspiration to transaction as quickly as possible. Smart speakers have enabled consumers to complete transactions in seconds, just by saying what they want aloud in their apartment.
Typically, these rapid transactions are reserved for low-involvement purchasing. These are items that do not merit an exploration of the brand’s values and story. They’re items that would satisfy as long as they arrive quickly and serve the purpose they claim. However, if the consumer is shopping passively like this, it is critical that there’s trust that the retailer will provide them with exactly what they’re looking for.
Brands hoping to accommodate rapid transactions need to incorporate both speed and trust in their purchasing process. Microsoft has developed Windows Hello to leverage biometric authentication (e.g. voice, face, and touch recognition) for added security. Consumers can now make rapid transactions using their own body or voice to securely complete it. In addition, Microsoft was ranked third most trusted brand for what many attribute to them not overstepping privacy boundaries like other tech giants are known to do.
3. Sell Scarcity with Pop Ups
Pop-ups have grown increasingly popular as brands that started online throughout the pandemic are dipping their toes into brick-and-mortar operations. Pop-ups offer collaboration opportunities, a lowered barrier of entry for physical retail, a chance to connect with consumers face-to-face, but most importantly, they offer a scarcity element to the experience. They’re like flash sales in real life.
49% of pop-up patrons are in it for curiosity and entertainment. Brands who excel in this space provide memorable and exclusive experiences that make consumers want to whip out their phones and share with their friends that they managed to witness it before it was gone forever.
Brands wanting to sell scarcity with pop-ups must push the novelty factor. Fashion brand Jacquemus is noted as the best in the game for their pop ups for bringing to life the unique and aspirational aesthetics that the brand has been known to embody. A notable example includes a vending machine that allows consumers to purchase luxury handbags just like they would a $2 chocolate bar. The novelty generated massive lines that the consumers needed to see and experiences in person, whether for their own enjoyment or to share on social that they got to be part of this limited time event.
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