New, Fresh, Eye-catching, Attractive, Appealing… These marketing buzzwords are at the back of every entrepreneur’s mind while pitching his/her brand. And a pop-up store brings all these qualities under one roof.
With the prices of prime retail spaces sky-rocketing and e-commerce boom taking over young consumers, pop-up stores are becoming popular among entrepreneurs as they minimize the input cost but provide the same brand visibility as any conventional brick-and-mortar store. They are a great way to launch your business, expand its profile, fuel sales, build beneficial collaborative relationships, and connect with customers in new geographies. For online businesses, pop-up stores allow physical customer interactions.
Pop-ups can be traditional retail stores, standalone kiosks or even motorized vehicles. So, what does it take to create a successful pop-up shop?
The research for a pop-up store includes analysis of your customers’ demography. Based on which, you can zero in on a location where your products attract eyeballs of prospective buyers. A careful SWOT analysis helps you figure out how much to spend on inventory, marketing, labour, and in-store facilities. After all, higher profits are as much about customer traffic as about investing smartly.
In-store experience is the biggest business determinant for physical retailers. Before paying lease for a store, make sure that it has an easy entrance, good lightning, space for product display and your inventory, electric connections that you need, fire safety, and most importantly its location is a shopper’s hub. Like any shop, hiring friendly staff is yet another thing to keep in mind for a successful pop-up store.
Right business buddy
If you finalize a store that will be (or is) shared by another business, ensure that the “business roommate” compliments you rather than being a competition to you. If you are an ethnic wear brand and the business co-renting your store is a jewelry retailer, then you two would complement each other. In this case, a shopper who has come to buy an Indian suit may well buy an accessory. Similarly, a shopper who comes to the store for some jewelry may purchase a traditional long skirt from you.
The pop-up stores which follow an omnichannel approach have even better chances of a successful run as this strategy focuses on providing customers access to products, information, and services at any place any time. A customer can search for products online, pay online bypassing checkout queue, and return a product bought online in an omnichannel pop-up store.
Pop-up stores are among the best mediums to expand the footprints of a brand. If you are a Bengaluru-based designer, a pop-up store in Delhi would let you discover a whole new world. More customers, more revenue, lower input cost, crucial business insights, and whatnot. A pop-up store in another city/region also helps in analysing the possibilities of a permanent retail store in that city/region.
Shoppers always look for lucrative discount offers? While offering a massive discount to every buyer might make too big a hole in the pockets of entrepreneurs, exclusive offers for select customers do not cost much and sure boost customer loyalty.
A unique selling point makes your brand a standout. Thus, pop-up shopping experience of your customers should be unique and different from their average brick-and-mortar shops visit.
Market your pop-up
Invest in PR and spread the word. Make people aware of your brand. It is suggested to plan early so that you have a minimum of 10 days to market your event.You can even start a social media countdown campaign for your pop-up store. A visible hashtag which people can use while talking about your brand on social media is another great way to market your pop-up.Click photos and tag your customers on social media.
Build customer base
Pop-ups provide a great platform to build a customer base. Collecting contact details of walk-ins lets you leverage the customer base of your event store. This database will give a boost to customer outreach and helps in drawing marketing insights.
Analyze, learn, repeat
Pop-ups have a “here today, gone tomorrow” nature as these stores offer products in vogue. Shoppers love this “fear of missing out” quality attached with pop-up stores. So, set goals for your pop-up, analyze performance, learn from the shortcomings of your first pop-up, and plan your next pop-up better and bigger.
More power to business, more power to pop-ups!