During NRF 2018, Adobe announced a set of services to enable experience-driven commerce resulting in new opportunities for retailers seeking to up their game.
Experience-driven commerce allows companies to embed commerce in any conceivable current or future customer experience. Best-in-breed commerce means focusing on two critical capabilities for retailers: business agility and customer intimacy.
Business agility: pivot quickly to win the day
Being able to pivot rapidly in highly competitive markets like retail is crucial to survival. Imagine it is noon on the day you are launching a hot new product and your offer includes the new product plus an accessory. At 12:01 p.m. you notice a competitor is making the same offer. Would you be able to respond by 12:15 p.m.? And could you offer that response across all touchpoints—including in-store?
If it takes days to change systems to create a new offer or make a simple price change, a competitor with more agile systems will undoubtedly scoop your deal. Retailers need a solution that can move quickly to respond to shifting market conditions and seize on opportunity.
Customer intimacy: draw customers closer no matter where they are
Experience-driven commerce is about customer experience, relationships and personalization. Retailers that succeed with experience-driven commerce are organizations who redefine customer engagement. They no longer view customer interactions as transactions.
They aren’t looking just for “add to cart” functionality, price lists, tax calculation, catalogues and payment processing. They are looking to improve the overall customer experience — adopting technologies like machine learning, augmented reality and the Internet of Things which will change the way people live, not just how they shop.
They are trying to conceive new ways of doing business that anticipate individual needs and remove bottlenecks to make their lives easier. They aspire to monetize customer experiences that move effortlessly across any number of different touchpoints to create value at the perfect time in that customer’s life.
Retailers need to create consistent experiences across any customer touchpoint. Experience designers only need to know how to work with best-in-breed solution providers to build any experience and embed commerce. Any changes are automatically conveyed to all touchpoints. Any strategies like personalized offers and dynamic pricing are easily set in place.
Experience-driven commerce moves at the speed of shoppers through any touchpoint, blending digital with bricks and mortar commerce.
Avant garde retail: deluxe digital meets fabulous bricks and mortar
One Luxury Destination is a great example of experience-driven retail commerce to attract fashionistas from around the world to the famed Via Montenapoleone in Mila, top design houses including Giorgio Armani, Larusmiani, Prada and Gucci teamed up with luxury hotels to create a shopping experience that extends beyond the Via.
Prior to their trip, shoppers can tour Via Montenapoleone on OneLuxuryDestination.com. When they arrive at fashion central, they enjoy personal shoppers, private dressing rooms, and a 24-hour personalized online concierge to book tickets, restaurants and more.
Guests communicate with their personal shoppers and concierge, through the mobile app M Luxury and have the option to create exclusive, shopping events in the sumptuous VIP Lounge. On the Via, VIPs use M Luxury to access augmented in-store and outdoor experiences as they browse the district.
The app serves personalized content, offers and notifications of nearby events as shoppers explore the district and they can buy at any point during their stay—as well as long after their visit.
The combination of physical and digital elements establishes connections with customers before, during and after their visit, creating a personalized shopping experience that redefines the meaning of luxury.
Not all retail experiences will be as deluxe as One Luxury, but they can all benefit from the same strategies and underlying technologies. Experience-driven commerce begins with seamlessly integrated commerce and content tools. Organizations can engage with customers during any stage of their shopping journey – with no silos, no conflicts, and no limits.