Pokémon Go has the power to transform retail if shopping malls and stores can capitalize upon new traffic.Pokemon Go fever has swept across the nation and sent Nintendo’s stock soaring to new heights, but it’s not too late for enterprising retailers and property owners to find ways to cash in on the craze. According to Us Magazine, there’s plenty of viable strategies that can still be implemented to take advantage of the opportunities that the craze presents.
In fact, some analysts are viewing the craze as a potential game-changing moment.
“Pokémon Go and what the game represents has the power to transform retail if stores can capitalize upon new traffic and become integrated into an entertainment experience in an authentic brand-appropriate manner. The new free-to-play AR gaming app has broad implications for retail as it addresses declining mall traffic, plus emerging trends toward social experiences and health/wellness,” says Cowen analyst Oliver Chen.
The location-based gaming app could be way for retailers to draw foot traffic to their locations. Players of the game are in essence trying to catch Pokemon in the real world, and follow clues and instructions to get to the nearest Poke Stops. Those locations provide players with free Pokemon Eggs and Poke Balls, and players can even purchase Lures to draw the targets closer to the Poke Stop.
This provides an outstanding opportunity for retailers and property owners to further engage customers and draw traffic to their locations, with the caveat that once they draw the traffic, they’ll need to find a way to keep players there and have them make purchases. Businesses that are located near a Poke Stop can jump on the craze by purchasing Lures themselves. Those Lures will draw players to the scene, and it’s up to the enterprising retailers to further engage them from that point.
The Pokemon Go craze will likely inspire plenty of copycat gaming apps in the future, so this may very well be a game-changing moment in terms of player engagement. How that translates for the retail industry on a long-term basis remains to be seen, but the early signs are promising.
“Pokémon Go’s long-term influence on the broader retail industry largely depends on how long the phenomenon endures and if other game makers can replicate similar AR technology,” Chen says.