*By Michael Teich*
Sparkling water and fancy coffee may not be enough to lure consumers into struggling brick-and-mortar shops. But creating uncontrived experiences in stores will help retailers survive the transition to a digital economy, said Rima Reddy, a principal at innovation accelerator XRC Labs.
"The key is to not make them so that they feel like they are forced," Reddy said Thursday in an interview on Cheddar. "That's really hard. They really have to be perfectly on-brand."
Retailers could benefit from Bonobos' strategy of designing stores like showrooms and shifting the focus away from just selling, she said. This would save stores money by reducing expenses on real estate.
Beyond an improvement in the real-life shopping experience, retailers need to invest judiciously in the right technology. Reddy said stores should integrate tech that adds value to shoppers ー not just flash for the sake of flash.
Tech, above all, should make shopping more efficient, Reddy said. And in her view, that means augmented reality.
"AR has really practical implications for customers," she said. "VR, when you have to wear a headset, it's just novel. It's not really helping the customer in any way."
For full interview [click here] (https://cheddar.com/videos/unoriginal-in-store-experiences-wont-save-retailers-says-expert).
U.S. Nissan head Jérémie Papin joins from the New York International Auto Show to give a preview of what’s to come from the carmaker – including the 2025 Nissan Kicks.
Ed Mitzen, the CEO of Business for Good, explains how and why he’s giving back by funding businesses from marginalized entrepreneurs to push social change.
Dana D’Auria, co-CIO at Envestnet, breaks down how she’s expecting markets to perform as ‘cracks’ from the rate hike cycle slowly filter into the economy.
A large cargo ship lost power and issued a mayday call moments before it struck the Francis Scott Key Bridge early Tuesday, though it was still moving toward the span at a rapid speed.
Candace Mitchell Harris discusses her path from computer scientist to founder of beauty tech tool MYAVANA – and how it uses A.I. to analyze each person’s unique haircare needs.
Michael Harris, NYSE global head of capital markets shares what to expect from IPOs in 2024, including A.I. excitement and why interest rate cuts are always helpful.
Lacy Garcia, Founder & CEO of Willow, shares why women, traditionally underserved by fintech, are looking for trust and a personal relationship from their financial advisor.
Alexander Reed, CFA and CIO for Envisage Wealth, breaks down why he thinks rates could stay higher for longer and why real estate, utilities, and regional banks are sectors to avoid.
