Rediscover the joy in shopping
We live in a world of limitless options but limited time, which can make shopping an overwhelming experience. In response, retailers tend to default to highlighting convenience, selection, quality, and low prices to get consumers to spend more with them. But for shoppers to be willing to pay a premium with a retailer, they demand a social, stimulating and surprising experience.
In reality, there is a weak correlation between what retailers often emphasize and the factors that actually correlate with consumers opening up their wallets. More than consistency, consumers want excitement, to shop somewhere hip, that fuels their interests, and alongside people like them if they are going to spend more.
The drivers that impact a consumer’s willingness to pay a premium with a retailer are indicators of hipness and excitement: “Hot right now in pop culture”, “Fuels my passions and interests”, and “Makes me feel part of a community”.
And on the flipside, we see a low correlation between “Willing to pay more” and indicators of reliability: “Distinctive and easy to recognize”, and “Consistent whenever and wherever I experience it”.
Retailers, to the extent possible, should frame shopping as not only a necessary chore to be taken care of as quickly and neatly as possible, but a fun, expressive experience; a chance to buy things that affirm their identities and connect with similar people.