Creating the futuristic retail experience through experiential marketing: Is it possible? An exploratory study

Abstract

The rapid pace of globalisation, increased competition and excessive brand clutter are changing the market landscape in retail and posing new challenges for marketers and customers alike. Coupled with economic slowdown, environmental crises and more discerning consumers, marketers are employing innovative strategies to address the changing consumer profi les. Marketers are building brands based on inputs, and aim to create experiences that shall be cherished forever. In today ' s global marketplace, it is all about feel, relate and act. This is driving the consumption and choice of brands. The human interface is becoming a critical component and is providing the necessary touchpoints for generating memorable experiences. This research article examines and analyses the aspects of experiential marketing, both from the marketer ' s as well as the consumer ' s point of view. This article further addresses the issue of how to create and implement experiences in retail segment, and explains a model that proposes a new way of looking at experiential marketing.

Effect of Store Atmosphere on Consumer Purchase Intention

“…Kotler (1973-74) describes the atmosphere as "the design of the of retail chain outlet that produces specific emotional effects on the buyer that enhances his purchasing probability". The attractive and impressive atmosphere of retail chain outlets creates an enjoyable experience among the consumers, which directly affects consumers' purchase intention and their decision making process (Srinivasan & Srivastava, 2010) Wakefield & Baker (1998) proved that the probability of customers staying longer in store increases due to atmospheric stimulus. When a consumer feels satisfied from the retail environment of the store, he spends more time in a particular store and buys more because of pleasant environmental stimuli (Bohl, 2012).…”

Relationship between Experience Economy Dimensions and Perceived Experiential Value in the Context of Indian Shopping Malls

“…Innovative marketing strategies, such as the experience economy 4Es, may create value for mall shoppers. Given the importance of hedonic/experiential value to shopper, the 4Es may lead to a distinct competitive advantage for the mall, thus contributing to its success (Srinivasan & Srivastava, 2010). The present study examined the effect of the 4Es on creating a better shopping experience for Indian consumers, which may help ensure profitability alongside growth.…”

To Explore the Effectiveness of Digital and Experiential Marketing in Attracting Customer Participation in the Hong Kong Wine and Dine Festival

“…This is totally different from offline marketing where customers are seen as rational decision makers who focus on benefits and functional features. Srinivasan and Srivastava (2010) defined experiential marketing as a process which involves customer participation. It addresses not only customer needs and wants like the traditional marketing but also addresses the emotional needs, social goals, self-image and other deeply ingrained desires of the customer.…”