The try-before-you-buy model moves into unexpected places
Implications - As retail moves into the digital space, more brands are offering the option to try products before buying them. This concept is easier to execute in spaces such as fashion, but what about larger purchase decisions with long-term lifestyle implications? More accuracy, extended sampling, and the use of data come together to make for more thorough trial periods in an era where consumers expect hyper-curated products and services. This model proves particularly strategic in the face of the skeptical Gen X demographic who prefers proof of value before committing to large purchases.
Workshop Question - What can your company do to ensure your offering not only solves a problem for the consumer, but suits their overall lifestyle?
1. Try-before-you-buy - More brands are offering the option to try products before buying them, which can potentially increase sales from skeptical Gen X demographics.
2. Rental and Subscription Models - The integration of rental and subscription models into traditional retail spaces has created more flexible options for consumers and allowed luxury goods to be more accessible.
3. Virtual Try-on Technology - The use of virtual try-on technology has made the process of web-based purchasing more personalized, which can increase conversion rates and improve customer satisfaction.
1. Retail - Retailers can integrate try-before-you-buy options, rental and subscription models, and virtual try-on technology to improve the customer experience and potentially increase sales.
2. Automotive - Automotive companies can implement test drive options, rental models, and online purchasing with free returns to improve customer satisfaction and potentially increase sales.
3. Eyewear - Eyewear retailers can use virtual try-on technology to improve the web-based purchasing experience and increase the chance of the right product purchase.
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