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Future Commerce
Kate Fannin: “We Should Measure ROE — Return on Experience”
Nov 29, 2024
Kate Fannin, a retail and customer experience expert with a rich history at brands like Gap and Estée Lauder, emphasizes the crucial need for meaningful customer connections in commerce. She argues that while technology has advanced, real human engagement remains essential. Fannin highlights the concept of Return on Experience (ROE), asserting that people don’t just buy products; they invest in experiences. The conversation also addresses the challenges of digital luxury marketing and the importance of integrating online and offline interactions for richer shopping experiences.
57:57
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Quick takeaways
- Human connection remains essential in retail, urging brands to foster immersive experiences that blend online convenience with in-store engagement.
- The importance of emotional connections highlights that successful retailers create memorable experiences, prompting customers to pay more for delightful interactions.
Deep dives
The Evolution of Retail Experience
The discussion emphasizes the significant evolution in the retail experience over the years, particularly the shift from in-store contexts to online experiences. Initially, physical stores thrived on creating an intense contextual engagement, but the rise of e-commerce has shifted the focus towards content delivery and consumer convenience. This evolution led to a critical need for brands to maintain consistency between online and in-store experiences, with recognition that context is becoming increasingly important again as consumers seek more immersive interactions. Brands are now being challenged to balance the convenience of online shopping with the tactile, experiential benefits of the physical retail environment.
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