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.