Experiential Retail

Is the Cycle Trade delivering in the “Experience Economy”?

It’s no secret that the global cycle industry has been struggling over the last few years. With some of the industries biggest retailers reporting continued declining sales and independants struggling to compete with online pricing, the trend to feel pessimistic has been hard to shake off.

Yet the start of a new year seems to have set the wheels in motion for a new lease of life. Many executives are reportedly ‘cautiously optimistic’ about 2017, which in a world of C-Suite negativity can effectively be translated to ‘BRING IT ON!’.

‘spending on recreation and culture increased by nearly 8% year-on-year’

There’s a number contributing factors that have created a buzz around the industry; from digital accessories being integrated with traditional cycling, to the E-Bike boom really starting to gain traction in the consumer marketplace.

The ‘experience economy’ is also expected to explode in 2017; less and less are people content spending their disposable income on home goods and fashion accessories. According to Visa Europe spending on recreation and culture increased by nearly 8% year-on-year (May 2016), and in a world of social media sharing this is only set to rise.

More consumers are  looking to the outdoors and the experience market, presenting great opportunities to capitalize on this trend and get consumers on your bikes and out on the trails.

With continued economic uncertainty due to recent events in the UK and USA, the only real winners from 2017 will be those who are connecting to these consumers desires, capitalising on footfall in store & creating emotionally engaging shopper experiences that they can’t get online.

The experience economy expands beyond what people spend their money on, to both how and where they spend it. You only have to look into any Apple store on a Saturday afternoon to see how consumers feel about experiential shopping.

If in-store associates don’t know about your brand heritage, your product specifications and the benefits of those great features you’re actively marketing to the consumer, then you’re already starting on the back foot.

Shoppers want to come in store and;

    • Learn something they didn’t know already about your brand
    • Have an immersive experience with the product
    • Feel like their decision drivers are being listened to.

Product training days are great and a fantastic way to keep connected to you retailers, but research has shown 90% of information a person hears once is forgotten within just one week (see our blog on this here).

To reinforce your brand message, online and in-app brand amplification allows for a consistent, reactive and up to date platform for your brand message to reach the shop floor.

See our infographic below to understand the benefits of complimenting in store training with an online platform, and how it can take your in-store performance up a gear…(sorry)

Email: oliver.swift@myagi.com for more information.