Updating store technology retail
This comes in handy if a tenant complains to Jamestown about sales slowing down, for instance, as the landlord can then provide consumer intelligence showing the value of its physical location.
It finds that 41% of UK shoppers are interested in using virtual reality (VR) headsets to experience products or services, while around a third would like stores to offer experiences that appeal to senses such as sound, smell and taste, in addition to sight and touch.
The report claims that it is becoming increasingly important to manipulate these aspects of physical stores to differentiate them from shopping online.
“It can feel innovative if you’re looking at retailers, landlords and mall developers.
[But] they’re coming late to the game because they have to; they can’t avoid it any longer.” Mc Keon said that Alexander Babbage “specialize[s] in driving shoppers to physical destinations” by utilizing a combination of “big data analytics, geographic data systems, and consumer behavior and psychology.” The firm uses its research to help clients “better understand who the shopper is and what they’re doing,” he added, noting: “If you know what [shoppers are] doing, you can influence them.” David Brennan, a professor of marketing and co-director of the Institute for Retailing Excellence at the University of St.
Myf Ryan, CMO at Westfield UK and Europe, says: “We’re so heavily connected to all of our digital devices on a daily basis that we’re seeing a real shift in consumers towards wanting and demanding a much stronger sensory experience within a physical environment.