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In today’s time, people used to consider online shopping more than from physical stores, but that doesn’t mean offline shopping is not there. Still, people like to visit stores and choose whatever they wanted. So, if you have been thinking about adding a physical presence to your online business but stressed about cost and commitment, a pop-up shop could be the solution.
Pop-up shops are the best because they are effective at building awareness and more demand. Pop-up shops are a great deal to try a new retail idea, enhance your retail store and drive more sales.
Retail eCommerce accounted for 4.20 trillion US dollars in 2020, and it is estimated that e-retail revenues are projected to grow to 5.4 trillion US dollars in 2022. That means that by 2023, we can expect more than 2022, and that’s pretty staggering.
Hence, we’ve prepared the below checklist for those who want to set up and open a pop-up shop. However, it takes the list of questions and statements we recommend you consider before going any further. Ensure you have considered every aspect and have an idea of how to answer most of them.
It won’t all be relevant to you as much of it relies on the niches of your business, your product, and your goal with a pop-up shop. Nevertheless, we hope you find it helpful and add some value to your concerns.
So, let’s dive in with the most important questions of all:
What is a Pop-up Shop?
A pop-up shop is nothing but a temporary retail store that used to run for a few days, weeks or months, for those who don’t have a physical presence to interact in person with existing customers and communicate their messages to build new ones.
Most of the time, pop-up stores are nothing but a regular store or type of event, but many brands use them to create a unique, engaging physical shopping experience. The key reason why online brands often use pop-up shops to decide whether exploring the world of offline sales makes sense for their particular business.
What are the benefits of Pop-up Shops?
We know what a pop-up shop is, but it is also important to understand why brands use pop-up shops and their respective benefits. Here, we will look at the benefits of pop-up shops you can enjoy.
- Money-savvy: The first and foremost benefit why pop-up is beneficial is because the cost of rent is low compared to normal rates.
- No or less risk: As we have discussed, it is a kind of temporary store that means very affordable and less risky.
- Test the location: Pop-up shops are the best to try and test different locations for your products.
- Brand awareness: With the help of pop-up shops, you can enhance brand awareness and build brand loyalty.
- Creating urgency: Very often, if customers find that the product will be available for just a period, then they will more willingly buy immediately.
Can your existing businesses benefit from pop-up shops?
Since pop-up shops are providing many benefits, there’s a concern most of the businesses have that is they can plan pop-up shops for their existing business or not. So, the answer is yes, and here’s why.
- Help in clear old stock: The reason why your existing business can also take the benefit of a pop-up shop is that it can be used to clear out old stock.
- Try new product: This is the best method to try your new product in the market and test to gauge the demand you may want to carry.
- Expansion to existing store: Since you are already an owner, and if you are thinking of opening an additional store in a new location, pop-up shops can help you test how well your products sell in different locations.
How you can set up Pop-Up Shop?
We have broken the entire pop-up store journey into the below steps and tried to help you out in setting up your pop-up shops. All you need to do is follow these steps and all set.
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Set a Budget
Very first thing while thinking of opening up a pop-up shop should be budget. Yes, think of your budget as the foundation of your pop-up, helping you define and prioritize every element of your shop.
Now, the question most people have that what should be the size of the budget. So, it depends on the objectives you have set for your pop-up and how long you wish to stay open. To be precise, important components are lighting, merchandising fixtures, display props, transport, and internet, payment processing fees, staff and promotion.
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Find the right place
Location is the key point in deciding how successful your pop-up will and a fair bit of due diligence when it comes to neighborhood demographics, retailers and foot traffic is required. To decide, budget plays a vital role in what you can afford to spend on rent, which dictates your shop’s location, size, and appearance.
Before choosing any location, make sure what you want to set up and look for the availability of places. Many options include existing or vacant retail spaces, event venues, malls, galleries, hotels, festivals, and shipping containers.
Pop-up spaces are available in many options, and that’s why you need to choose one that’s great and affordable. Ensure to cover all bases with the landlord during lease negotiations, especially when it comes to how much freedom you have to alter the space to meet the needs.
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Promote your pop-up shop
Just because you have set up a pop-up shop doesn’t mean they will visit and make a purchase. It might attract many people and enhance traffic for a starting period, but it certainly won’t enough to make sure long-term success.
For long-term success, you need to generate hype, and to do so, marketing over different channels is required. Before its opening, market your pop-up on your website and social media platforms. Facebook is the best platform to create hype, while Instagram and Twitter will help generate further buzz once you’ve opened.
Ultimately, reaching out to local influencers and bloggers can also help you promote your shop all over the world. And that’s why make sure you connect with those enthusiastic and promote your shop wisely.
The Final Verdict
If executed wisely, there’s no better option than pop-up shops for your eCommerce store or business. You have to follow the above steps and then be ready to set up and open your own pop-up shops.
Need an idea about setting up and opening up pop-up shops for your eCommerce business? M-connect Media can help you. Consult our eCommerce experts and discuss your objectives with us to plan your own pop-up shop. Contact us for more information.
