Retailers Should Take Note of Apple’s “Experience Economy”

Retail is changing. The way consumers shop for products is evolving, and big-name brands are struggling to figure out where they fit in this new era. Where many fail is this- they’re still trying to fit old practices into a new business model.

The term “Experience Economy” is a relatively new concept, and Apple has led the charge. Not only is the company innovative with their products, but the experience they give to their consumers is all encompassing. Retailers should take note.

Using this business model and adapting to fit could significantly impact the business they do. The formula is relatively simple: be a place to learn, be a place to gather, and be a place to serve.

Apple is great at providing resources for every product they sell. If you’ve ever been in the store, you’ll notice that their customers love to hang out and try new things. The “Town Square” is a tactile haven; touch it, experience it, and speak to professionals who are there to answer questions. When your customer service model is focused on answering questions rather than selling, your customers are more likely to open up and tell you what they need.