Authored by LC Mittal, Director, Motia Group
Consumer expectations are evolving at an unimaginable pace. For a sizable percentage of modern day consumers, authentic experiences matter more than materialistic procession.
What may seem like a hyperbolic statement to many is the unavoidable truth. There is a growing appetite for building unique, memorable, and sharable experiences.
The demand for tailor made experiences is growing at a staggering speed. From customized travel itineraries to fitness programs to entertainment, the market for tailor made products and services are growing throughout the length and breadth of the economy.
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The pandemic has also played an instrumental role in driving the new trend. The lockdown period demonstrated the power of the digital world as exemplified by the relevance of virtual meetings, classes, gyms, etc. It demonstrated how well the world can function even in purely virtual set-up. Through increased thrust on digitization, it made superlative experiences accessible to wider masses via social media, augmented reality, virtual reality, etc.
Marketers and enterprises now understand the growing significance of experiential economy and embracing it as a part of their overall business strategy. It is estimated that the current size of experiential economy is around USD 5.2 trillion and is set to reach USD 12 trillion by 2028, as per World Experience Organization.
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The Era of Experiential Real Estate
As the contours of experiential economy are expanding, real estate can’t also remain largely insulated. People now believe that real estate is not just about a place to live or work but a curation of lifestyle choices. From design to construction to brokerage, experiential technologies are growing everywhere. From static digital assets, real estate is now aggressively embracing enriched technologies such as AR, VR, IOT, AI, etc.
There is an increased emphasize on the sense of community alongside security & long term sustainability. Projects are built that bolster meaningful social interaction within the community. It encourages residents to not live in shell but to meet and interact with each other and develop healthy bonds without compromising on their personal spaces.
Likewise sustainability and security are key themes now. Through remote accessed security systems, a sense of safety is enforced in communities.
Many home owners are now willing to pay a premium for green buildings. Real estate contributes 30-32% of the global greenhouse emission. People are realizing the danger and hence both buyers and developers are working proactively towards sustainable real estate. Realty projects are incorporating a host of profound practices such as water recycling, renewable energy, improved ventilation & sunlight etc. to contain carbon footprint. Also thanks to newer technologies such IOT, it is very convenient to reduce wastages with the use of smart meters and switches.
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Brick & Mortar Stores Pivoting to Retailainment
There is also a visible change in retail segment. When the pandemic blew, many believed that brick and mortar stores are dead. However, despite being eclipsed for some time, the physical stores are back, albeit in a new avatar. The role of retail stores is no more just limited to places for transaction. Rather malls, shopping arcades, and high streets are transforming to become facilitator of entertainment, meaningful social interaction, and sharable memories. This is giving rise to a new term called Retailainment a word made by combining retail and entertainment.
As digital natives Gen Z and millennial form a large portion of retail clients, shopping places are repackaging to support the active social media lives of their customer base. From interior decors and trial rooms, everything is designed to be more instagramable. Likewise retailer are investing more on play zones, food courts, open spaces to give a more fun-filled and comfortable experience.
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