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The Role of Education within the Retail Experience Economy

Full report: The Retail Experience Economy: The Behavioural Revolution

The Role of Education within the Retail Experience Economy

How education impacts the retail experience economy

As the UK undergoes structural change and evolutionary processes guide economic value towards experiences, the Retail Experience Economy Model identifies four key factors in determining a consumer’s shopping experience.

Environment, Escapism, Entertainment, and Education are seen as crucial to creating meaningful experiences that leave a lasting impression on consumers. Our research found that 14% of respondents identify Education as the most important aspect of a meaningful shopping experience.

 

Retail Experience Economy Model

 

The evolving role of the physical store

Educational experiences are more likely to occur when products are complex to understand, high value, or if they need a level of skill or expertise to implement. In many cases, educational experiences will be supported by in-store personnel who have relevant knowledge, online videos, or chatbots and online support.

The educational realm is more sector specific than the other three realms. For example, newly released technology can be challenging to understand, and the benefits and features can be better sold in person, particularly when consumers are undecided on brand or specification.

“The educational experience created by sales personnel and the props used to stage the event are every bit as important as the actual product itself.

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This work forms part of a wider piece of research and is a downloadable in pdf format

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In certain settings, the educational experience created by sales personnel and the props used to stage the event are every bit as crucial as the product. For example, garden centres, especially in rural locations, frequently run workshops and tutorials or invite external speakers to inform customers about best practices.

Importance of Education experience by age

Our research shows that the older generation value educational aspects of shopping more than their younger counterparts. For a customer journey that involves technical and hands-on applications, the shopping experience matters just as much as the product.

“14% of respondents identify Education as the most important aspect of a meaningful shopping experience.

 

Things to do now

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Found this short article interesting?

This insight article forms part of a thought leadership report entitled “The Retail Experience Economy: The Behavioural Revolution”. It was produced by Retail Economics in partnership with Squire Patton Boggs and looks at a comprehensive range of factors that impact consumer behaviour across four key realms of experience. 
 

View Full Report Here

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