The winter clothing manufacturer's Toronto, Canada store offers customers a guided tour where a “journey teller” fills them in on the company’s history and the technology that goes into Canada Goose jackets. At the end of the guided tour, customers bundle up and enter a snow-filled Arctic chamber.
Retail Prophet founder Doug Stephens told FOX Business’ Stuart Varney that experienced-based shopping trends are helping brands set themselves apart from competitors.
“In a world where virtually every product today is at our fingertips—or as close as our mobile device—experiences are really becoming the final differentiator between one brand and another,” Stephens said.
Surveys suggest that consumers tend to gravitate toward brands that they feel give them an “added value experience,” according to Stephens.
He enumerated five key components that his company has found to make up a “remarkable experience” for customers.
“They are, essentially, surprise, uniqueness, personalization, engagement—so physical engagement with the product—and then repeatability—the ability to repeat that experience for a multitude of customers,” Stephens said.
Brands that deliver these kinds of experiences are outperforming in the market, he added.
This experience-based shopping trend is not unique to Canada Goose.
The rise of “copycat products” is also a factor contributing to companies embracing this experience model.
“I think what we’re seeing among brands like Canada Goose—like Nike for example—is what they’re trying to do is take greater control of their own narrative around their brands in the marketplace,” Stephens said.