How to Increase your Products' Perceived Value

I have explored at length the idea that the main success driver for a retailer is to provide a unique and engaging customer experience, which is the result of an innovative concept, a consistent store design and an excellent customer service.  However, for most people the issue remains simply: how do I come up with that unique store idea?

I have to concede that it is never easy to intuitively imagine a truly innovative retail concept.  I will present a few innovative store concepts for different types of retailers in future posts.  However, today I want to focus on a few points that could help existing retailers igniting creativity.

A Columbia University study recently showed that more relaxed people considered a paper shredder to be 39 percent more valuable and than less relaxed people.  Similarly, the relaxed people thought that a digital tire gauge was 19 percent more valuable.  It is clear then that a store owner should strive to provide a relaxed environment for its customers.  He or she could introduce in his/her store enjoyable music, appealing aromas, comfortable seating, a selection of beverages, or technology. 

However, it is important to recognize that any improvement must cater to the specific target customer of the store.  One demographic group might find a space comfortable, interesting and engaging, while another group might find the same place unpleasant.  Here are a couple of easy examples:
  • Millennials or teenagers would consider more comfortable and attractive a store that uses bold colors and incorporates technology.  This includes QR codes that unlock promotions, in-store workstations that allow the client to browse a digital catalog or order custom made products, apps that speed up the check-out process or allow the shopper to access additional information about the products in the store, and others.
  • Consumers from the Silent Generation as well as some early Baby Boomers generally would find it more comfortable to be in a store that features smaller and more intimate rooms with seating areas.  They would enjoy socializing with friendly staff about topics that do not necessarily relate to the products on sale and would appreciate a beverage.
These are the two ends of the spectrum in terms of age.  However, age is not the only factor that influences customer's design preferences.  All of them should be taken into account when brainstorming about a new store concept.  Always keep in mind your target consumer. 

Next week I will relate how retailers can provide an innovative experience to its shoppers by incorporating technology in its stores.  Subscribe to my blog and stay connected.

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