In the ever-evolving landscape of retail, understanding the latest trends and innovations is crucial for staying ahead.
Recently, I had the pleasure of interviewing Jim Fielding, a retail veteran with over 30 years of experience in the industry, for episode one of The Immersive Lab. Jim’s impressive career includes executive roles at Disney, Claire’s, DreamWorks, and Fox. Currently, he is a speaker, coach, consultant, and author of “All Pride, No Ego.“
Our conversation shed light on the significant shifts in consumer behaviour, the importance of immersive experiences, and strategies for future-proofing retail businesses.
Major Trends Shaping Retail
One of the most significant trends highlighted in the discussion is the shift from consumers wanting more products to being able to be a part of something on a bigger scale. This change has been evident for over a decade and has accelerated with the rise of online shopping. According to Fielding, “Consumers around the world want less stuff overall, but they want products tied to experiences.”
This shift has been driven by the growth of direct-to-consumer (DTC) models and e-commerce. Fielding pointed out that the decline of physical stores is not solely due to online shopping but because many stores fail to offer engaging experiences. “The physical stores that are going away are the boring ones or those that haven’t invested in service and experience,” he noted. Successful physical stores are those that create memorable, engaging experiences for their customers.
The Power of Immersive Experiences
The impact of immersive events like Taylor Swift and Beyoncé concerts on retail can’t be overlooked. These events create a sense of community and drive significant merchandise sales.
“People will spend, but it’s almost like a souvenir memory spend now,” Fielding explained. These concerts are a prime example of how immersive experiences can enhance consumer engagement and spending.
Interestingly, despite Taylor Swift’s Era Tour being available on Disney Plus, fans still flock to stadiums to see her live. Fielding observed, “Human beings by nature crave community. For those lucky enough to attend in person, it’s a different set of emotions and environment.” This omni-channel approach allows consumers to engage with content 24/7, whether online or in person, and highlights the importance of offering varied experiences.
Adapting to Consumer Demands
Retailers can learn valuable lessons from these immersive experiences.
Fielding recalled his time as CEO of Claire’s, where they integrated music festival themes into their product lines. He suggested that physical retailers, even those with long leases, can adapt by changing the front of their stores and leveraging trends. “It’s about using your space for a trend,” he said.
Collaborations and partnerships are also crucial. Fielding noted that these create buzz and drive short-term, impactful social media engagement. “Collaborations and partnerships enhance both your brand and store and the other brand and store,” he explained. These strategies can help retailers remain relevant and attract new customers.
Investing in Brand Ambassadors
A key factor in creating an immersive retail experience is the people who bring it to life. Fielding stressed the importance of recruiting and training brand ambassadors rather than just clerks. “We were looking for brand ambassadors and storytellers, not just clerks,” he said. These individuals immerse themselves in the story, share it, and provide exceptional service.
During his time as President of Disney Stores Worldwide, he implemented a Brand Ambassador program that required significant investment but ensured a magical experience for customers. This approach to staffing and training exemplifies how investing in human resources can drive customer satisfaction and loyalty.
Insights from “All Pride, No Ego”
Jim’s book, “All Pride, No Ego,” offers valuable lessons on leadership and authenticity. He shared that being President of Disney Store was both his favourite and hardest job, requiring constant dedication and resilience. “There were moments of incredible doubt and negative self-talk,” Fielding revealed.
His book aims to help young leaders understand that the journey to success is not always smooth and that it’s okay to make mistakes.
Fielding’s insights provide a comprehensive look at the future of retail and the critical role of immersive experiences. By investing in service, creating engaging environments, and leveraging the power of brand ambassadors, retailers can build lasting connections with their customers. As the retail landscape continues to evolve, these strategies will be essential for success.
For more insights on the future of retail and immersive experiences, subscribe to The Immersive Lab podcast and stay tuned for upcoming episodes.
