The first offline store of the IP retail brand "iQIYI Store" under Chinese streaming company iQIYI opened in Beijing on July 6. [Photo/VCG]
Chinese streaming major iQiyi is redefining the future of brick-and-mortar retail by integrating its blockbuster intellectual properties into immersive urban theme parks designed to deliver unique emotional experiences.
"The core of commercialization today is creating emotional value — making people surprised, moved and eager to share the experience with friends," said Gong Yu, founder and chief executive officer of iQiyi. He made the remarks during the Wangfujing Forum in Beijing earlier this month, outlining the company's ambitious foray into offline cultural tourism.
As e-commerce has largely optimized the efficiency of purchasing standardized goods, traditional offline retail faces an existing question regarding what actually compels consumers to leave their homes.
"Physical commerce is no longer simply shifting from selling products to selling services; it is transitioning from competing for transaction efficiency to competing for users' time," Gong said. He observed that the media industry has fought for user time for centuries, and offline commerce must now adopt a similar mindset. Whether consumers are willing to visit, stay, take photos to share, and eventually return for repeat purchases has become more crucial than ever before.
