How customer expectations are changing the retail real estate ecosystem?
By Munish Baldev, Founder and CEO, J.S Martin & Co
Given the fast pace of technological advances and the social media universe, new parameters for remarkable customer experience are being set by industry experts. Brands and customer experiences are evolving the relations between buyers and sellers of most products and services. Presently they are impacting how retail real estate is developed, planned and rented well to accommodate, adjust, and adapt with what’s to come. Conventional models are never enough to suffice as their supply chains are excessively moderate, they are more disengaged
with the customized customer experience and they don’t welcome new-age customers’ preferences, from style to sustainability.
Today, convenience is a human-focused experience that gives customers some ease. While impression of comfort can vary from extra personal time to fulfilling all shopping needs under one roof, what all of them are searching for is something that eases life while giving a great experience. While it is believed that the physical retailers are battling in the period of E-Commerce, it is the constantly changing customer needs that have shifted the markets so
rapidly. This is why the retail models are advancing to satisfy the needs to make these experiences as what their customers want.
For the new-age customer, visiting a store that sells products alone has substantially reduced. They want experiences, experimental marketing or promise advertising everywhere around they shop. As shopping centers keep pulling in more brands, retailers are evaluating the importance of physical stores. For instance, pop-up shops and experiential kiosks are getting more attention as they are easy ways to connect with customers. The assembly of these various patterns has offered chances for designers, advertisers, and retail merchandisers to utilize real
estate in building their brand.
Albeit the retail sector is experiencing fast changes, retailers currently have a chance to remake spaces for drawing in more customers. Basically, the best thing real estate market players can do is to keep on putting resources into perfect property areas that stay applicable for retailers and customers. What’s more, through experiential advertising efforts, brands and retailers can draw in customers to the malls and their stores by connecting with consumers through live, engaging and extraordinary experiences. This retail model is furnishing buyers with a positive
brand image or experience that drives more sales.
Together with real estate dealers, retailers are paying attention to the whole buying experience more while surveying the importance of their land impression. To stay pertinent, any commercial real estate must reset the rules and develop as per the customers’ desires.