If you run an e-commerce retail store, or mostly sell your products at markets and trunk shows, you may have tossed around the idea of opening a permanent, brick-and-mortar location at some point.
But if you’re unsure if it’s worth the investment to spend all your working capital to open a store, try opening a pop-up shop.
Pop-up shops are temporary retail spaces for rent that can last up to a day or a few months. Pop-up stores are meant to be short-lived, unlike a permanent store. You can use them to show a physical location— as well as certain items, or your marketing strategies, or anything else you want to try out in a low-stakes environment.
Related Post: 8 Tips To Grow Your Seasonal Retail Business
If you’re still unsure How successful are pop up shops? What are the benefits of pop up shops?; if you’re going to invest your initiative and earnings in a pop-up shop, check out the five financial benefits of shooting it:
Discover the benefits of a shop without any investment
The clearest justification to try a pop-up store before opening a permanent location is that you can see for yourself whether it would be worth investing in the latter.
You can find that your personal sales don’t suit what you’re doing online with a pop-up. Or you might find that people in this community love your goods and if you set up a full-time store, they will help you. But until you try, you’re not going to know!
Take advantage of busy shopping seasons in-store
For many of us, these days it may feel like everybody shops online. But the vast majority of shopping is still taking place in-store during the holidays. (In 2019, 84 per cent of holiday shopping took place in brick-and-mortar shops.)
Supercharge your holiday sales by opening a pop-up shop, taking advantage of people’s love of window shopping and boost buying during November and December — or long holiday weekends all year round.
Create word-of-mouth buzz for your efforts online
Everyone believes that word-of-mouth advertising is one of the most successful ways of marketing available. Unfortunately, measuring is nearly impossible, both in terms of how much it happens and how much you can attribute it to any of your marketing efforts.
A successful pop-up shop is a great way for people who might not have met your brand otherwise to build up buzz. See how much new business your pop-up has offered you by circulating business cards with a pop-up shop-specific landing page URL and enabling shoppers to use a special discount code while shopping online in the future.
If you see from these efforts a lot of movement and new sales, you’ll know that your pop-up on rent has done the trick.
Strengthen your email marketing efforts
Speaking of email, one of the best forms of digital marketing out there is email marketing— considering that the ROI is almost unmatched and that you can effectively measure it.
To raise your email subscription list, use your pop-up shop as an avenue. Collect buy-in email addresses, ask users if they want to sign up to learn about offers, and invite people to leave their business cards or emails with you to enter a raffle and win a prize. Then you can continue to engage them.
Offload unsold inventory
You can burn a hole in your pocket with unsold inventory. It’s expensive to keep on warehouse shelves, and as it gets older and older it will continue to lose value. The pop-up shop may be the perfect place to turn out that old inventory and give it new life. Sell it at a discount and save what you can from its sales, instead of absolutely resigning yourself to losing it.
Myrsa will make this process of finding space for your popup shop easier. You can find spaces like shops in malls or even in residential areas where you can set up your shops, stalls, kiosks. This will help your business a lot with profit-making. Register your brand on Myrsa and keep a check on available spaces that are ideal for your business.