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Event Coverage 3 minutes

The Day of Retail Professionals: Experience is The Future of Retail

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Coresight Research

What's Inside

The Coresight Research team was at the Day of Retail Professionals in Belgrade, Serbia, on October 29, focused on themes including investment, challenges and innovation in retail. Representatives from governments, banks and over 70 leading retailers were there.

These are the key insights from the day:

  • Experience is the future of retail
  • Technology is the enabler of experiential retail
  • The shopping center of the future will be more than a shopping destination

Key Points

The Coresight Research team was at the Day of Retail Professionals in Belgrade, Serbia, on October 29. Organized by BIG Shopping Centers Serbia, the event focused on themes including investment, challenges and innovation in retail:

  • Experience is the future of retail, with engagement taking center stage as shoppers visit physical stores looking for interaction initiated through digital channels.
  • Technology enables experiential retail, for example by removing the frictions and creating engagement with shoppers, and new developments such as mixed reality.
  • The shopping center is becoming an experience destination: Retailers need to offer activities that generate engagement to attract visitors, such as concerts, meetups or community events (even community support programs).

The Coresight Research team was at the Day of Retail Professionals in Belgrade, Serbia, on October 29. Organized by BIG Shopping Centers Serbia, the event focused on themes including investment, challenges and innovation in retail. Representatives from governments, banks and over 70 leading retailers attended the event.

Experience Is the Future of Retail

Experiences will take a center stage in retail, according to Alon Melchner, Futurist, Entrepreneur and CEO at mixed reality company Mixed Place, who added that shoppers will visit physical stores in search of interaction with the retailer and product that often started online. Spectacular retailing is already defining retail today, with retailers investing in flagship stores to provide the experience, engagement and personalization shoppers are coming to expect.

Technology is the Enabler of Experiential Retail

Technology is removing friction and creating engagement by wowing shoppers in the store, enabling retail to transform into more of an experience rather than just a place to buy stuff – and technology is the enabler of experiential retail, with Internet of things (IoT), artificial intelligence (AI), blockchain and 3D printing all playing a big role. Mixed reality, in particular, will create engagement in a number of ways, such as avatars guiding shoppers through the store to locate items, or to customize products before buying.

The shopping Center Will be More than a Shopping Destination

Shopping centers must set aside space for engagement and to attract visitors, which can include concerts, meetups, community activities or even community support programs to drive footfall. BIG Shopping Centers markets entertainment events to bring visitors to their shopping malls, which in turn results in increased sales for resident retailers.

BIG Shopping Centers also runs initiatives for the community to encourage sports among young people. The mall of the past was just a space with retail outlets: Today’s shopping centers need to provide more to encourage footfall and diversify space for different uses, including events, co-working spaces and services for the community.

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