Last week Mindy Thompson, founder and president of Simply Retail, presented on The Science of Retail in Healthcare at our May Think + Link for a Living event. It was an inspiring blend of how Mindy’s business has filled a void in the health and care industries, as well as an eye-opening look at what even the smallest design tweaks in hospital gift shops and public spaces can do for retail profits. In case you missed the event due to the unrelenting downpour on Thursday morning—or haven’t secured your Think + Link invite…yet—check out a few of the need-to-know ideas we pulled from Mindy’s chat below.
The health and care market, which generates $500 billion in consumer cash spending annually, includes service line products for heart, oncology, diabetes, women’s health, orthopedics, and many more. While traditional cash products like gifts, cards, flowers and convenience products are very important, it is time to enhance, update and really think about today’s consumer when planning the retail strategy of a hospital gift shop: Does it support the brand and inspire consumer value?
Think Consumer-Inspired Spaces
Fish tanks, pianos and endless rows of seating don’t always constitute the best use of key, public spaces—and research shows consumers don’t like cold, open spaces. Designed thoughtfully, with consumer-inspired amenities like food, shopping, ATM/banking, seating and entertainment, main lobbies and public spaces can go a long way in terms of revenue leads and generation.
Leave Retail to the Experts
Consumer-inspired healthcare retail modeling is predicted to be the future of the health and care industries, which is why it’s important for would-be retailers to lead with individuals who have sales floor experience instead of the more traditional gift shop volunteer. With a mix of real retail expertise and trained volunteers, though, sales increase and the consumer experience is enhanced by leaps and bounds. Retail is a revenue-generating, high profit business, and it should be treated that way by hospitals.
The Science Of Retail (And Design)
The old-fashioned hospital gift shop, with its clutter and dim lighting, actually repels consumers from entering. And if buyers do enter, they get in and out quickly. It’s not the ideal experience for the average shopper. Today’s consumers are sophisticated, and they want simple, easy, clear stores that offer great merchandise and a great experience. A store’s design, signage, lighting and fixtures can actually determine the amount a shopper will spend, so everyone should pay attention to it, especially in the burgeoning health and care retail markets.
Don’t miss out on our June Think + Link for a Living event with 3M’s Chief Design Officer, Mauro Porcini—email Kitty Hart today for an invitation.