When you ask a retailer the fundamental strategy he would want to fall back upon when looking forward to increasing his yields and introducing new products, the answer would inevitably be a pop-up store. If the reports of the market are to be believed, in the last few years the pop-up industry has witnessed a hike of a whopping $10 billion hence, leaving all its competitors way behind. The best part about these shops lies in the fact that they can be established anywhere and in any size depending upon the needs of the market and the anticipations of the customers. It can be set up in the form of a conventional retail store that exhibits all its products right from its shelves or can be carried around in a motorized vehicle for enhanced convenience.
However, one factor that needs to be pointed out here is that whenever consumers think of pop-up stores, they find it synonymous with a unique experience which is quite distinct from the traditional brick-and-mortar encounter. In the following segment, we will share two tips that would assist the retailers to curate a pop-store that complies with the notions of the overall marketing framework.
- Choosing the model that works the best
For a pop-up store to run successfully, it must be outlined by amalgamating the ease that accompanies physical shopping and removing the prospects of potential losses. Regardless of the amount of planning that goes into establishing a store, its success or failure can be never predicted and therefore, the wiser thing to do would be to prepare yourself for the worst-case scenario and accordingly sketch out an approach. Retailers who are doubtful regarding their standalone stores can collaborate with a bigger store during their initial days. Once the label starts establishing itself through the in-store offerings, it can step away from the realms of its host and widen its appeal amongst both the existing and new consumers. Partnering with companies that attract similar customers principally drive the sales and acquire the requisites in half the cost of setting up a whole shop.
- Standalone pop-ups
Standalone pop-ups work best for retailers who carry a few years of experience in their bags and know their customers and status in the present market. This is because, in a standalone shop, the entrepreneur is the one who controls all the strings of his business starting from the marketing and advertisement to investing and selling. Furthermore, there is always the financial risk of renting and purchasing the property to build the store inside and thus, the returns from the trade must suffice a standard configuration every month without fail. Also, when striving to isolate the store, analyzing the immediate surroundings also counts as a crucial step. The objective is to fabricate brand exclusivity of the store in every way possible and this can be done by distributing pamphlets comprising of relevant information, by organizing presale prior to the grand opening or by streaming intriguing previews. For instance, if your brand specializes in football supplies, using the football mannequins for fashioning the preview can work brilliantly in favor of your pop-up store.