*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).
Neiman Marcus Group CEO Geoffroy van Raemdonck talks luxury shopping and TikTok, why the company prefers to be private for now, and the benefits of flexible work arrangements.
Rebecca Walser, founder and CEO of Walser Wealth Management, discusses how geopolitical conditions, the bifurcated economy, and other volatility could weigh on markets.
The video announcement Friday came after weeks of speculation spread on social media about her whereabouts and health since she was hospitalized in January for unspecified abdominal surgery.
Chip Giller, co-founder, and Amy Seidenwurm, Chief of Programs and Strategy at Agog: The Immersive Media Institute, discuss how the organization uses the virtual world to make real change.
Luminary founder and CEO Cate Luzio shares some of the company’s latest Women’s History Month events and why there’s so much to celebrate about women in the workplace.
WSJ reporter Ray Smith breaks down why more companies are offering ‘dry’ promotions – a responsibility or title bump with no pay raise – and the pros and cons of accepting them.
Apple says a Justice Department antitrust lawsuit accusing it of engineering an illegal monopoly in smartphones in the U.S. is “wrong on the facts and the law.”
