Malls not just for enjoyment?

With the lifestyle we have invested ourselves in, we need some time to spend with our families, friends and socialize with people. Malls are the best places where you can shop, have fun and even grab some food if you’re hungry. Malls give us an experience of shopping,food, and entertainment. Malls have gained such popularity because they are not just centers with retail shops but instead sell an experience. From a consumer’s perspective, it’s not the retail that matters but the décor, events, and even the services.

Retail is changing at a speed we cannot fathom. Once upon a time the stores we thought needed a huge space for display of products just need one webpage to show all their products.Malls have become more of a place to make memories and have a good time with loved ones
than just shopping.

An atrium is the best place to engage consumers, sell experiences and focus on some micromoments. Some engaging activities not just help in selling but also help in retention of consumers, increasing the number of people visiting the malls which will lead to increased sales numbers. Promotional events can be conducted in atriums which help in boosting the sales to a large extent. Since a mall is always crowded, there is a very high chance of your product reaching a large mass and in turn, more people knowing about the product.

The best way to garner huge attention is by conducting various tech events that interest the youth which will, in turn, help you harvest the entire family’s attention towards the products that you want to sell. Making this selling process interactive and creative can help in boosting sales and an atrium can help you get the momentum needed.

Small and local businesses find a very hard time searching for places to sell their products to a large number of people since they don’t have a wide reach. Mall atriums can prove to be the best place for such businesses to establish their position in the market by setting up kiosks in
these atriums and reach a large audience.

Related Post: Kiosks: A small space to grow your business

Various community service and social engagement activities can be convened in such areas with much ease as they gather a lot of response. Spreading awareness regarding various social and environmental issues can be achieved and people who are interested in giving backto society can participate and fulfill their wishes. Through this, the organizations workin gtowards the welfare of the society will get the motivation to work, and even we as a human can feel complete after doing our bit towards the society.

If you are someone looking for such places to increase your reach and hold such events, what are you waiting for? At Myrsa, we help you get these places with much ease and at the comfort of your homes. Just log on to our website, search, and book! Visit www.myrsa.in for
more information!

February 24, 2021 0

Pop-up Stores in Malls: How To Get In The Game

Malls have a long track record of offering a place for shopping and socialising. Containing luxury brands, restaurants , cafes, playgrounds, education centres and movie theatres, malls have become neighbourhoods of their own.

They draw on the power to have a diversified environment to appeal to a variety of different audiences, and more and more retail and pop-up experiences are being provided, as well as capturing the rise of e-commerce companies turning to physical locations to provide IRL for their customers.

Issue or a chance?
In relation to the Mark Cohen, director of retail studies says, “The Internet is now hollowing out the great mall.” Mall operators need to innovate as they compete with growing numbers of online shopping customers. Credit Suisse, the multinational financial services company, has also projected that online fashion revenues would double to 35.7% in 15 years and that by 2022, up to a fifth of the 1,211 malls will close their doors.

However, what we are currently witnessing is an exciting transformation in the industry and a revival in physical stores instead of hearing developments such as the demise of brick-and – mortar. The rise of e-commerce, in reality, is not a challenge to malls, it is a call for creativity and a chance for cooperation.

Pop-up shops to get in the game
In-store shopping appears to have value. They provide an irreplaceable shopping experience, encourage customers to try out and evaluate the quality of goods, and provide a space for face-to – face contact between salespeople and customers.

In reality, giant e-commerce companies such as China’s Alibaba have recognised this and they are increasingly looking for ways to open physical stores.

Just as e-commerce firms were looking to pop up, more and more malls were looking for pop-up store options to tackle the closing of department stores, fill empty spaces and enliven the shopping experience. Short-term pop-up shops have shown that they increase foot traffic, target millennial demographics, and raise overall revenue from property.

Malls are not static centres for impersonal purchases, but living hubs of consumption and enjoyment that change with the seasons, inspiring and vibrant.

For mall owners looking to liven up the dynamic in their malls, pop-up shops create excitement and are a great solution. Malls provide a forum for major brands that increasingly use pop-ups to create buzz and attract attention to new products through partnering with pop-up shops. Furthermore, pop-ups are a way for mall owners to open their doors to start-up brands and e-commerce firms that are keen to enter and meet customers in the physical market.

In the form of pop-ups, partnering with existing businesses, start-ups and e-commerce businesses will reinvigorate malls with exciting and rotating deals. Pop-ups will add another degree of liveliness to mall owners and give clients an additional incentive to visit.

Also, another thing with malls booths is, it isn’t mandatory for you to have it in one location all year long. You can have them at different malls at different times of the year. So you can find new businesses in new locations each day. If you think that buying a booth is expensive. Believe me, you can have your own booth designed at the desired amount.

We at Myrsa make this idea of renting out your booth very easy and convenient. You just need to list your mall booth on our website and start earning.

Just a few steps and you are ready to get started. Isn’t it one of the easiest ways to earn. Sit at home and control whats been done in your booth with Myrsa. Stay tuned for more unique ideas to earn. Subscribe to our blog at www.myrsa.in.

October 29, 2020 0

What’s The New Normal For Retail Stores?

Although the world is attempting to return to a sort of normality, it is obvious that certain aspects might have irrevocably changed. The business world is no exception, so what’s the new standard for business?

The Covid pandemic is one of only a few times in history, before and after. When all can be set as ‘before Covid’ or ‘after Covid’ in context.

Physical retail around the world was forcefully modified during the lockout and customer behaviour adapted accordingly. Retailers that start up again work in a different environment.

We recently wrote a piece about how to safely run a store in a post-covid world (check it out here), so we’re going to talk about some of the longer-term impacts in this article and what distributors need to be mindful of in order to thrive.

Physical vs digital a thing of the past

A number of brick-and – mortar stores were suffering long before the pandemic. There are various and nuanced explanations for this, but it is fair to assume that much of it is responsible for the rise and growth of e-commerce.

Consumer behaviour was forcefully adjusted during the lockout. All had to turn to the digital world for their retail needs with physical stores closed, including sectors and consumer groups that previously opposed doing so. Now that these barriers have been demolished, things are unlikely to return to the way they were before. Out of the bottle is the genie.

What this means is that the relationship between offline and online is more critical than ever. Brands that are unable to combine the two will fight. Physical retail remains a very strong customer engagement tool, and the digital world can never compete with the value and experience that can be offered by a physical store.

This ‘phygital’ so-called solution is far from a modern notion. This process, however, will be an ongoing evolution, not a single transition. Are we going to see the virtual wardrobe that Cher Horowitz uses in Clueless to pick what to wear? What about runway shows with holographics? No idea, but those that succeed will be the brands who make the largest leaps and seamlessly merge both the physical and the digital to optimise the effect of each one.

Coping with a recession

It is no secret that the world is facing a possible recession of great severity. However, unlike previous recessions (2008, 1990s etc.), a sudden shutdown of consumer spending caused the Covid recession. Clear, obvious and instantaneous. Previous recessions have left durable imbalances that have taken years to sort out. Although many economists believe we can rebound rapidly, the fact that we’re in for a tough time is not secret.

How will shopping affect this? Well, to begin with , people are going to have less money and be less likely to invest what they have. This decreased spending on consumers would hit retail hard. Retailers will have to fight to build confidence and loyalty by providing outstanding experiences and being trustworthy, much as in previous lean times.

History tells us that recessions reveal internal vulnerabilities, speed up new patterns, and push companies to make quicker than initially expected systemic changes. Brands who adapt, alter their activities and focus on providing value to their customers will emerge at the top, and those that are earliest to do so will have a great chance to develop themselves.

Contactless shopping the new norm?

Contactless shopping refers to the idea of not actually selling something in your stores, another trend that will definitely become popular in the future. A shopping experience without touching items, no show replenishment, and no need for enormous customer numbers. In exhibits, goods are displayed and sales are either made there and there and generated from the back or delivered the next day directly to your home.

Although this is a style that has evolved due to the short-term limitations of working in a Covid environment, consumers are highly likely to tolerate it at first and then actually prefer it.

Appointment-only shopping?

With a range of design labels and fashion companies, we are already seeing this and it’s a trend that might hang around until Covid becomes a bad memory. In short,’ appointment only’ is when you book an appointment on your own or with a small number of other clients and get a time slot in the shop.

While this is very much about preserving social distancing protocols in the short term and making the consumer feel comfortable, it can persist in the long term as it offers a range of significant advantages. From the point of view of the retailer, consumers are more likely to make transactions on an appointment and thus encourage brands to concentrate more of their time and resources on their most important customers who have already made a commitment. An appointment is a far more customised experience from the customer’s point of view; everybody gets a personal shopper!

Experiential retail the differentiator

So far, if there is a common theme, the customer experience is and will continue to be relevant. Physical retail offers brands with opportunities to connect with consumers in ways that the internet does not. With consumers buying all sorts of products online becoming more and more relaxed, physical retail needs to wow and delight. People are looking to be amused, and to establish new connexions with consumers and build loyalty, brands must step up to the challenge.

As physical retail changes from transactional to dramatic, experiential retail would be the norm.

Flexible retail – fewer flagships, more theatre?

The Covid crisis served as a trigger, as we have seen, triggering many of the developments we have already seen. Phygital, contactless, experiential … these are all words that we have spoken of for years. There is nothing that is radically different and nothing that can surprise anyone excessively. But it is possible to get a glimpse of what the overall retail picture would look like when you take a step back and look at the bigger picture. This is a new standard.

Will the make-up of the high street and shopping centres look the same if a physical place is all about collecting marketing insight, evaluating new goods and interacting with new and existing customers?

When contemplating their physical retail plan, brands need versatility. We have called this ‘short-term retail’ in the past, everything from six-month pop-ups to one-day activities, but now this tactic is going to be even more common. We’re talking about ‘flexible shopping’ now, the blurring between long-term and short-term tracks.

Expect brands to scale back their flagship stores and create versatile, engaging short-term retail ventures that travel around and grow instead. Positioning their physical retail plans, both completely aligned with and powering ecommerce products, alongside their marketing programmes.

A thing of the past is long-term rentals. Pre-Covid, as brands sought to reduce their risk, we were already seeing a major shift from 5-10 year leases to shorter-term more flexible agreements, but now with an even greater need for flexibility, we expect the pendulum to swing further because more and more brands are seeking flexible terms.

With major retailers struggling and in the middle of a recession, if they want to continue filling their properties with products that attract customers and prove lucrative, landlords will need to reassess their choices and approaches.

Myrsa is a platform where you can find acces to the societies that are close to you and are looking for bulk deliveries.

You can book a different types space through them on a hourly or a daily basis. As this is going to stay for a while you must register on Myrsa now and connect with housing societies even after lockdown. This has now become a lifestyle change and you as a brand must keep up to it!

October 1, 2020 0

Will physical retail have a role to play in a Post-COVID world?

The ongoing Covid-19 crisis has profoundly impacted many facets of our lives. The way we shop is no exception. Yet what does the pandemic ‘s effect on physical retail futures mean?

With local laws curtailing our movements at the height of the crisis (and trapping us in our homes in many countries), the way we shopped changed drastically. Restricted high streets and malls, and ecommerce underwent tremendous upliftment. Now that the freeze is easing across the globe, the question arises – does physical retail still have a part to play, and if so, what’s going to be different?

The short answer to that is yes. Physical retail should continue to play an significant part in the relationship between customers and brands. Its dynamics may change slightly, but our high streets do not go anywhere and brands will continue to look at physical retail as a mighty opportunity. What’s important to think is which customer preferences in a post-Covid environment will survive, and which will revert.

We’ll take a look at what’s changed in this article, what it means for physical retail and how brands can adapt.

What’s changed?

It’s no secret that ecommerce has seen a big boom in the last few months. As McKinsey’s consulting group points out, retail will definitely see a gradual rise in online shopping and in areas that had been predominantly store-based in the past. That would be attributed in part to consumers who previously preferred shopping offline, such as baby boomers and Gen Z, being more comfortable with shopping online. Particularly for the supermarket ‘routine’ such as groceries. If they have done it once or twice it is going to become normal.

According to Forbes, these new consumer habits are likely to persist with an anticipated 20 per cent annual growth in ecommerce across retail as a whole, compared with 15 per cent pre-Covid

In fact this shouldn’t be a big surprise. That was a phenomenon that we’ve seen already. The last few months may have actually accelerated the trend but there is still a vital part to play in physical retail. This is because while ecommerce may have benefited from being

Nonetheless. Although ecommerce success in recent months may have benefited from being a fast and convenient alternative, it can not compete with in-store experience.

What’s the physical retail getting to the party?
Ecommerce is amazing. What doesn’t want the convenience of their own home to do all their dull ‘routine’ shopping? It’s smoother, quicker and sometimes cheaper. Yet we need to note before we get carried away that this is not a one-size-fits-all case.

Everything this comes down to the experience these days. Name the industry and you’ll find that expertise is at some stage the main differentiator. This is no different in trade. Improvements in ecommerce capability are generally geared towards increasing efficiency and reducing friction. That effectiveness comes at the expense of experience and the key is experience.

Physical stores offer the opportunity to provide interactions that just can not compete with the digital world. There is no alternative. For precisely this reason, digital brands have launched physical stores all over the world over the last few years.

What’s more, it’s obvious that even in the last few months there’s been a big shift to digital, there’s still a need for an experience above and above what a typical ecommerce website offers. For example, here at Myrsa we saw a tenfold increase in inquiries about our Virtual Reality Stores as customers look for ways to differentiate and deliver unique, branded experiences.

That is why we are confident physical retail will recover as consumer demand picks up. People are going to return to the high street, back to physical retailing. Yet while we’re sure that physical retail space for rent will return as a retail force, we ‘re also positive it won’t look exactly the same.

What will become of physical retail in a post-covid world?
We need to think about what it will look like in the short term and what it will look like in the long term to answer this issue. The perspective of the short term is interesting; with the shops opening gradually across the globe, we are still catching glimpses of what is to come. We will go through this in more depth in a separate article but it is fair to conclude that physical retail will concentrate on fulfilling consumer standards about hygiene and health over the next few months. Consider PPE, hand sanitiser, and shopping for appointments.

The long-term view is even more compelling. When brands use physical to attract new consumers and offer excellent brand experiences, we ‘re likely to see even more of a shift to experiential retail. They need to work on the halo effect to do this – using both the physical and the digital to deliver a seamless customer experience.

In a recent interview, José Neves, founder and CEO of Farfetch’s online luxury shopping platform, took this even further when he said: “Brick-and-mortar digitization was ‘good to have’ in the eyes of many brands and retailers but should be pushed to a ‘must have’”

The Covid-19 crisis has increased transition pace, and the need for reform. Brands capable of integrating online and offline to gain advantages on both sides would be competitive with physical retail (so-called ‘phygital’).

Yet not all digital upgrades. Changed the role of physical retailing. Or rather, it has accelerated the change that it was already experiencing. Stores will focus less on shifting stock and generating revenue, and more on building customer loyalty, gathering insight into marketing and reaching new audiences. More marketing … Less transactional.

This is a phenomenon we’ve seen in the emergence of pop-ups as brand trial sites, run product releases and gain marketing feedback in short-term environments designed to offer outstanding experiences.

We expect that we’ll see less but better flagship stores over the next few years coupled with plenty of flexible retail (like pop-ups shop on rent) to highlight brands and goods, draw new buyers, create brand loyalty and improve online sales. We ‘re going to see versatile retailing in affluent areas where you’d never have seen it before.

Such physical stores can offer less items and sell less, but can have even more entertainment.

Entertainment and the experience is everything.

August 24, 2020 0

How much is rent in a mall in Mumbai?

Looking to create a fun shopping or pop-up experience? It can be a challenging challenge to find the right room with so many unknown variables — and one of the first important questions that will arise is, “How much does it cost to rent a store in the mall? “You know that temporary shopping interactions are all about finding the right location for consumers to get involved with their product or service. Many malls, however, make you go through hoops to find out the prices for the best stores open.

We also gathered details about what rental spaces are to be sold at the mall, as well as an estimation of what it costs to rent one. We’ll also be offering several alternatives to mall rooms, including chic cafes, vibrant art galleries, and more.

Why do the people in the mall rent out stores?

While shopping centres aren’t as popular as they once were, shopping centres are still a place for shoppers to visit their favourite stores and find new ones. There are several reasons why anyone in the mall would like to rent a store — whether it’s opening a boutique, offering facilities or entertaining.

Another growing area for malls and other rental spaces is the pop-up shops and shopping experiences. Companies are trying to develop exclusive products that aren’t like a typical brick and mortar shop. These short-term events will provide brands of all sizes and budgets with an opportunity to move into a physical market in a city or region that they have not yet had a presence in.

The temporary shops can generate exciting buzz on social media and draw new clients to your company. Besides mall rooms, to give your pop-up a different flair, you can also try other exclusive rental rooms like cafes, art galleries or trendy shop fronts. Later in the article, we’ll have some fun tips to give you an idea of what’s out there beyond space in a store.

How much does it cost to rent a store in the mall?

Retail real estate now in Mumbai is the most expensive, followed by New Delhi and then Bangalore. Rent is calculated on the basis of the floor the store is situated on. The ground floor demands a premium as a rule of thumb and is typically the most expensive. This is only leased to established retailers on the regional and national level. The first-floor rent is about 20-25 per cent lower than the ground and the second floor is about 30% lower than the first floor.
You can expect an average mall rent (averaged over all floors) per SQFT per month to be around Rs. 170 (+ /- 10 per cent) for all Mumbai properties.

Many other malls do not disclose their pricing and only have square footage and other famous businesses in the surrounding area. Bear in mind that many malls will charge higher rents for being close to famous department stores or retail outlets such as Apple. Of course, you want the maximum amount of foot traffic, but in a shopping environment, it certainly would cost you.

Related Post: What is Location-Based Marketing?

How to rent a store in the mall

It can be super challenging to find a retail spot for your pop-up — do you ever wish there was a place in your town that listed every option? Okay, luckily there is something exactly like that already! Rather than renting from a big mall, go local and rent from one of Myrsa’s many hosts — find Temporary rental spaces near you

Myrsa has so many shops, restaurants and stores available for rent in dozens of cities across the country. Plus, rates and services are upfront and you don’t have to go with various sales representatives from phone call after a phone call.

Additionally, Myrsa will help you narrow down what you’re searching for with search filters for location and amenity. Check at the photo collection, see what kind of equipment is included in the rent and get in direct touch with the property’s host.

Other factors to consider

Although cost is a major factor in choosing a property, you should also consider what kind of crowd you get at a mall vs. other retail locations. A shop close to famous bars, restaurants and things to do might be easier on your target market than in a dusty shopping mall.

Finding the response “How much is it costing to rent a store in the mall? “Can be time-consuming and wearisome. We hope we’ve helped you understand the cost of renting a store at the mall with some options that may better suit your needs.

May 6, 2020 0

What is Location-Based Marketing?

Location-based marketing is a rapidly growing marketing strategy, located right in the middle of the advertisement ecosystem.

In most but not all sectors this advanced marketing approach is a perfect fit. Here’s what makes location-based marketing successful and a few pitfalls you’ll need to avoid.

Marketing based on location: Wherever it operates.

Brands with physical locations are the best fit for location-based marketing, which is evident but worth repeating at all times. Such types of businesses are best suited for geotargeting strategies because location-based marketing and analytics firms will geofence locations to identify the audiences visiting their locations. Marketers build audiences for their geo-targeted ads based on real-world experiences, rather than shares and follow on social media. Using this approach, advertisers ensure that they reach the right audience and deliver appropriate content at the right time.

So who will successfully use the geotargeting campaigns? It covers all retail outlets, catering and dining establishments, grocers, and the list goes on. Below are just a few more examples.

Auto dealers

Auto dealers also profit from geotargeting campaigns which can reach customers of their competitors, especially geo-conquesting. In their final phase of visiting auto dealers, their large retail presence, high-value price tag and purchasing process force advertisers to work hard to reach the car shoppers.

Pop-ups and seasonal stores

The businesses and brands with seasonal stores and time-specific events often create impactful geotargeting strategies when they meet the right requirements. Talk of pop-up tax bureaux and holiday shops.

Marketers for these brands use publics seen at their previous year locations to offer ads to the same audience, enabling return visits the following year. To encourage future ticket purchases, professional and college sports teams use location-based targeting to meet the audiences who visit their stadiums each season. A trade show that takes place in a large venue over several days, attracting thousands of attendees, is an effective way to capture a business-to-business public.

Tourism boards

We have also seen travel and tourism boards use geo-targeted campaigns with success. For example, a marketer who works to encourage tourism in Charleston, SC, may decide to convince Savannah, GA tourists to visit their location next summer instead.

Ecommerce companies

In some cases, marketers at e-commerce firms and consumer packaged goods (CPG) firms can also use location-based marketing. Whether they have physical retail stores or not, eCommerce companies are competing for customers who visit rivals that have shops. Likewise, businesses that stock items in specific stores may use geotargeting for consumer-packaged-goods (CPG). A business with a high-end hair care product that can only be sold at salons should use location-based marketing to target customers who frequent those salons.

Location-based marketing: What to avoid

Those who use every targeting technique know that there are limitations to each strategy and location-based marketing is no different. These restrictions can be in terms of both data quality and quantity, as well as regulatory and compliance limitations.

Locations that don’t scale

The most common obstacle to build an effective location-driven campaign is to discover that places are not going to scale up to create a substantial audience. This difficulty can come from a variety of issues like choosing a single location to examine without heavy foot traffic, events that don’t last long enough to attract the right audience or smaller markets with limited data to start with.

Marketers also sometimes consider location-based audiences difficult when companies are clustered closely together or on top of each other, as in malls or multi-use buildings. It is difficult to create a market for a store located on the street level of an apartment building, or tourists to an office located on a skyscraper’s 12th floor. Marketing and analytics firms based on location may not be able to determine the difference of who is a shopper and who lives or works on the floors above or below the desired location.

Products or services available everywhere

Recall an example of this high-end hair care product? If it’s only available in certain salons, then ads based on the location will work well. But if it’s available somewhere, the plan would just not work.

Goods that are omnipresent, and can be sold in a variety of locations — think bubble gum, soft drinks, pet food — do not benefit from observations derived from a distance. Such advertisers should use other targeting strategies to reach their customers more efficiently, such as demographics and buying history.

Businesses with sensitive data

Considering the sensitive nature of the data, brands at certain places, such as healthcare facilities, can pose another challenge for location-based campaigns. Compliance companies such as the Network Advertising Initiative, the Digital Advertising Alliance, and TrustArc have membership requirements that stipulate appropriate business practices and how their member firms will treat opt-in authorisations. We play a vital role in providing protections for customers in the absence of robust federal legislation.

Usually, adhering to these codes of conduct, location-based marketing firms do not encourage advertisers to build markets around sensitive areas, especially related to health care, or participate in any discriminatory practices. These same principles apply to the right to personally track or target another person. Marketers have no desire or motive to target one market, but rather large audience cohorts which exhibit similar behaviours or characteristics.

What’s next for location-based marketing?

There are three important elements in the future for location-based marketing: legislation, the emergence of new data sources, and attribution.

The end goal is a standardized structure that voluntarily welcomes both consumers and businesses, and one that gives greater clarity and control over data practices across the entire data ecosystem.

The 5 G rollout would create massive sources of highly accurate location data, combined with the introduction of billions of new sensors over the Internet of Things. The 5 G towers must be more tightly grouped together than the current cell phone towers. Such finer clustering means cell phone carriers can triangulate position with a greater degree of precision than they can do today. 5 G also offers quicker upload and download rates, driving the proliferation of more internet-connected devices across a variety of products and industries. As these billions of sensors come online, they will not only produce location data but also other valuable data sources to track the use, usage and life cycle of goods. It is yet to be determined how advertisers, academics, and regulatory bodies interpret, evaluate, and use the more granular data.

Finally, advertisers will be gradually held accountable for their ad spend, requiring evidence that their ad spend results in new foot traffic and sales. We’re a long way from demonstrating that digital ads, and most other advertising formats, have resulted in actual sales in the shop. There are just too many unconnected silos of data to put meaningful and statistically relevant findings together. The ad seen on TV can not tell your phone or laptop that it has also been watched, while the point-of-sale or online checkout system can not alert the prior touchpoints to confirm that the sale has taken place. Given these challenges of tying online ads to offline sales, when using location data, marketers adopt a macroeconomic view of attribution. They assess how their campaigns affect foot traffic at their own locations, as well as competitors, as another data point to measure the effectiveness of their ad spending.

The Last Line? Such improvements are all new opportunities. It is because of its efficiency that advertisers can continue to invest in location-based marketing. Understanding what works and what isn’t the basis for any successful campaign.

Myrsa will help these marketers to easily find temporary rental spaces in high footfall areas. Register your Brand with Myrsa and start your promotional activities now.

February 21, 2020 0

8 Tips To Grow Your Seasonal Retail Business

Many businesses have ups and downs in their businesses and in many cases, these fluctuations are due to the seasonal changes. Seasonal business is a term to describe such types of businesses that correspond with the seasonal changes. A season can be comprehended in this setting to incorporate a) periods of the year and their climate-related changes, b) holidays, and c) festivals like the Holi, Diwali or the Christmas. Although most organizations experience some occasional business variances, others experience serious regular changes and may even restrict their tasks to specific seasons.

Some businesses that are extremely seasonal may close down completely at some time of the year. There are some businesses that are open throughout the year but may experience huge profits during one or two seasons of the year, like Diwali or Dussehra being the busiest for electronics.

Some of the events can influence the sales in every month of the year that can be predictable to businesses. These types of seasonal events can affect different industries differently. For example, January is a good month for fitness memberships or health memberships. February is generally the slowest month but it does have Valentine’s day which triggers a great way for a seasonal business. Summer is the month where all the summer products are in high demand. Likewise, June has a great increase in back to school sales. Finally, winter that starts with November and December is also the holiday month for many. Therefore tourism increases.

The dominant feature of all these seasonal businesses is that they are all small shops like kiosks in a mall or a beach shop – they are all gift stores. What this means is the customers are buying a gift for someone or gifting themselves because they are on a holiday.

These are the important customers that are more open to buying a high priced item than the other ones that only buy items in seasonal business due to the sales that they can get with any type of brands.

Though this type of business is not the most traditional type of retail business, they are very much profitable when they are in a high traffic location that has a lot of footfall in the form of tourists and vacationers. If you have a seasonal shop or are thinking of opening one, here are some of the reliable tips that you should use to manage your business for success:

1. Marketing of your brand- You might have been advertising your event mostly in a traditional way that is print media, television. You should now try to leverage social media to gain benefit for your business. Facebook, Instagram, Twitter whichever suits your demographics well. They will help to reach a larger audience without investing a lot of funds.

2. Advance advertising of opening- One of the mistakes that new seasonal businesses make is to wait until they are open to start advertising the brand. Experts in the marketing field believe that advertising beforehand, that is before launching your product can create a huge interest in the customers regarding the brand and they are much more willing to stay updated.

3. Know your vicinity- If possible see to it that the products you sell do have a local connection. Some of the examples include locally hand made products and products that have a local theme and also products that have a direct connection with the city where you have set up your business. For example, if you are in Goa then the products will have a style that is local and cannot be found online easily so that they come back home.

4. Clear out- Make sure that you don’t hold onto the old merchandise because they feel like “it never gets old.” But guess what? It does. Have a huge clearance sale that will while there are still shoppers left. Don’t wait for the offseason.

5. Pick the right products- Select the products that are proven to be top-selling items. If you dont then the sales training will also not help you. You don’t have time with slower-moving products when you run a seasonal shop. Even though they have a higher profit margin it is recommended that you have a product that has better sales. Successful seasonal business flourishes on higher volume.

6. Give customers a motivation to purchase- People are bound to burn through cash when they’re in the midst of a get-away. Separate yourself from your rivals and you’ll see a greater amount of that cash coming to your direction. Show a couple of things keenly instead of racks and racks of something very similar. Feature new uses for a more established item. Prepare extraordinary signs that make clients stop and think about your things.

Related Post: Start your own hassle-free popup shop!

7. Be different- Continuously search for approaches to differentiate your business so you’re not all that subject to the blast and-bust cycle of the occasional activity. Would you be able to start more organizations that kept running in various seasons?

8. Utilize the off season furthering your potential benefit- The best entrepreneurs utilize their personal time to revive and plan for one year from now. Clean the whole store – that implies the build-up toward the sides of the floor covering, the extra tape from signs, stapes from enhancements, the works! Do the math. Search for approaches to improve. Refocus your methodologies. To put it plainly, improve yourself and you’ll improve your business.

Now if you are looking for spaces for your seasonal business. Myrsa will help you find spaces in different locations. You can book a space for a few hours to a few days in high footfall areas. Find spaces in malls and also in other commercial areas with Myrsa.

October 10, 2019 0

Start your own hassle-free popup shop!

The Pop-Up store concept rose first when the big brands started seeing a lot of competition from the newly emerging brands.

When huge brands didn’t promote in the countryside, new brands began to see an opportunity and targeted those markets. In order to succeed these problems, big brands started pop-up shops or short term retail shops to attract specifically targeted audience.

Related Post: Why Is The Popup Retail Trend Better?

The Definition: What are Pop Up Shops?

Pop-Up Shops also are known as Temporary Retail or Flash Retail are short term shops that sell merchandise. Pop-Up shops are typically open anywhere and duration can be from 1 day to a couple of months.

Pop-Up shops are used to market pretty much anything. This can be Clothing, Jewellery, Art, Crafts, Tech Gadgets, Food or anything you are selling.

The Concept: Why Pop Up shops in India?

Although there are many notions of short term rentals in India, we have just observed them in play for marketing campaigns or sales. In this age of going digital with everything, a lot of brands have started selling their products on e-commerce stores and online marketplaces. But a common problem that every such Brand is suffering today is getting the right attention from the right audience.

A brand is a purpose behind your company’s name, logo, symbols, products and slogans. Having a unique presence in the target market helps you build brand awareness and create a long-term position in the marketplace.

Related Post: Co retailing helping with spaces for a pop-up shop on rent

So, let’s rest our case and see the benefits of doing so in a densely populated country like India.

1. Affordability:

Because pop-up shops are temporary in nature also smaller in size than traditional retail stores, the price of rent is usually cheaper.

2. Short term commitment:

Rather being locked into a long-term rental negotiation, the brand is only committed for a fixed period of time, which means it can adapt to changes in its business and marketing plans.

3. Brings in Attention:

People are interested in the sudden existence of a store, especially if they look unique — for instance, retail shops or exhibitions.

4. Testing & Experimentation:

Test your Mark on the go! You can test marketing brand-new products and measure the response, from which you can develop the ways of serving your customers.

5. Brand Awareness:

Greatest of all, when you reach out to people personally, you will be supporting yourself and the brand. This will cause a kind of security and assurance in every customer, which will help in branding.

The biggest advantage of pop-up stores is their potential to grow into permanent local businesses by establishing the presence of your Brand. Pop Up Stores come and go along the road, but the point is bringing energy and serving or getting customers.

Utilizing a vacant retail space for your pop-up shop on rent is about more than having a physical storefront; it’s about joining and participating in the local community, if only for a short amount of time. To be successful, it is not enough to merely open the doors. Your pop-up shop should appeal and tailor its message to the tastes of the community where it is located. That means doing your research and taking action before you move into space.

1. Get to know the neighbourhood:

Prior to opening, visit the other stores, restaurants and coffee shops in the area. Consider introducing yourself to the owners, this builds rapport and potential support network. Between browsing the other stores and talking with the owners, you can gain a better sense of what people in the community desire.

2. Be on the lookout for fliers advertising local events:

Especially during the spring and summer, communities have festivals and outdoor fairs that are open to the general public. You can use these events to learn more about the community and you may be able to sell your goods in an environment where there would be a lot of potential customers.

3. Reach out to the local media:

This used to be limited to getting the local paper to write about your pop-up shop. Now there are blogs, community-centric e-newspapers, email listservs, and other online resources that allow you to reach specific segments of the community that might be interested in your pop-up store.

4. Remember to stay true to your brand:

While it’s important to market yourself to the community, you do not want to surrender your identity and personality either. Before opening, identify the key characteristics of your products that make them unique and be sure to accentuate those details in your space. When possible, figure out ways to demonstrate how your products’ traits appeal to the neighbourhood’s tastes.

Now, to find spaces for your popup brands there are many online websites that are of convenience for you. Myrsa is one such short term renting platform where you can find spaces for your popup shops. From smalls shops to huge spaces, you can decide according to your budget and location which will be the ideal space for you. If you want to find advertising spaces for your popup shops, you can even search for them here. Visit the website to learn more and find temporary spaces for your businesses

April 1, 2019 0

Start Your Business With Kiosk Rental!

In this competitive world full of great giants already established, up and running – you might as well fail if you are a small retailer trying to rent out prominent places.

Next time you’re in a mall, watch around — those little carts you see everywhere can account for 10 percent of the entire mall’s sales. Across the years, this business model has continued to quietly and steadily rise.

Not surprisingly, e-commerce has got on fire and many retailers choose not to have large display floors any longer. Rather, they elect to occupy much smaller physical locations. Malls are also creatively responding to these changes. Once a place for the distribution and storing of goods, they are now a place for numerous experiences. With lots of franchise options out there and short-term renting commitments, it resembles to be the perfect time for entrepreneurs to start their own kiosk business without the need to invest a ton of money up front.

Related Post: How can Short-term Renting benefit you?

So, to stand out in these circumstances and at the same time have a great presence to kickstart your business, you might wanna consider about renting out a kiosk in places wherever you can meet, educate, market and sell your products. Furthermore, getting that perfect space for retail is hard. To succeed in these situations, one can rent a kiosk inside a mall, posh localities, high rise streets or tech parks.

Let’s start with the basics;

1. Deciding your target audience

Picking the right location comes into play when you can identify the target audience. Deciding or identifying the right audience plays an important role not only in choosing your location but also in your marketing and sales of your product. So, recognise the audience you want to target and whom you want to attract.

2. A budget for your Kiosk

Learning to know your budget is really important before you start any business. Consider how much you can invest, how much you can spare on a daily, weekly or monthly basis and what should be your ROI. Holding a clear picture is really easy when you look into someone who is in the same business. You can find different kiosk rental rates in malls in India.

3. Identifying the opportunities

Examine if there are any others doing the same thing nearby and get to know what they are missing out and how you can entice your audience better. It’s always beneficial to open in an untapped market, but we cannot always expect to be the only fish in the sea.

It’s time for some serious talk now;

4. Choose the right location

Even if you want to do a temporary kiosk business, you should constantly look for that perfect place where you can get the best ROI. Picking the right location will help you market and sell your brand better. Always pick a location where you can reach out to most of your target audience. Take guidance from people in business, look for places wherever you can make the most.

5. Temporary or Permanent Kiosk

Kiosks can be rented out for short term or long term depending on wherever they are located. So, determine what you are looking for! Are you seeking for spontaneous attention to try a new market for your product or do you want to have a long term commitment, where you want to settle down? That’s something you have to choose now!

6. Make no mistake in research

Do your research on reality, creating clutter, competitor analysis, leases if any, industry standards, etc.

7. Returns

It’s always useful to have an idea about what to expect and how much to expect from your business, particularly if it’s a small scale short term rental. Without significant investment on the setting up part, you can always predict what you can have in return.

There are more to pick like hours and days of operation, parking restrictions, conducting events, gift certificates and loyalty programs, appearance, etc. We will leave that to you; you understand your business better than us!

Managing a kiosk business is a great way to kick-start your entrepreneurial career. Make starting your own business reality by renting out a kiosk space in different locations for running the high quality, highly profitable kiosk.

Myrsa is an online platform where you can find kiosk on rent in various locations. Similarly, you can rent out kiosk space in malls. Try Myrsa for your business needs!

January 22, 2019 0

E- Retailers Should follow this approach to grow!

One of the interesting thing that I found on the web was that Amazon opened its first-ever brick-and-mortar retail store in its 20-years of business. The Amazon Book Store itself is like any other store on the street with wooden racks, 5000-6000 books and a cute Kindle Book offering visitors a chance to browse through their favourite reading list.

Amazon is the largest online marketplace and one of the most popular companies serving customers in 15 different countries across the world, took a chance of opening a physical store. This seemed silly on my part until I thought of why they did that!

The Amazon Book Store offered something that online marketplace was not able to offer for 20 years, “the instant gratification of owning an item the second it was purchased and personal opinion about a product from an experienced salesperson”.

Apart from this, Amazon was also confident that the data generated by this exercise will be very helpful in selling the series of Kindle E-books on the website and the Kindle Store. The vice-versa also works! The reviews and feedback on the website will provide an idea of what to sell in the store and how to stock up the store. There was no surprise on my part when I heard this, but a glimpse of shock at why anyone else hasn’t thought about it.

Although Seattle was the destination for this venture, I had a good look at the pictures sitting here in India. I think the best part about the Amazon Store was that it was showcasing authors and their work, rather than just racking up books.

What should we learn from Amazon Book Store?

It feels good to have a Physical Store of an Online Marketplace. We could just look for something on the web and buy it instantly from the store at the same price.
We can educate people better about a specific brand or a series of products.
Have the experience and physical comfort in buying the same from online.
Build trust in people who are afraid of online shopping.
The most important part – Brand Awareness! One of the best outcome from having a physical appearance of an online marketplace, at least from Amazon’s findings is that offline retail is a big space with room for lots of winners. So, integrating both Online and Physical visibility can bring in a lot of awareness, marketing and promotion to all segments of a Brand Line.

Related post: How can startups benefit from Myrsa.in?

Why should Indian e-retailers follow Amazon’s footsteps?

Test the Market: Opening a Physical Store, shops in malls allows brands to engage in test marketing new products and promotions to gauge future demand.
Reach Audience: Although the number of online shoppers has increased by 120% last year, they’re still 60% that can be reached and encouraged to do online shopping.
Brand Extension: Businesses can extend their brand and build awareness. For online businesses, especially, physical shops provide a way to interact with customers face-to-face and also educate them about new products, services and features.
Stay ahead in the Competition: Now that anyone can buy anything, sitting anywhere in India, people are getting used to online shopping. One of the best ways of being at the top of the competition is integrating the online & physical store and exploring the findings from both to serve customers better.

Surprisingly, none of the big giants of India like Flipkart, Snapdeal, Myntra, Jabong, etc has yet tapped into the physical market, even after Amazon has shown the path of serving customers better. But, I recently read about the new 2,500 sq. ft. Pepperfry Studio in Mumbai, where a range of furniture’s is showcased from Pepperfry.com’s online portfolio. As per Pepperfry, this place lets you experience the cutting edge designs, ranging from contemporary to classic, from ethnic to eclectic”. After I read more about Studio Pepperfry, I felt someone is thinking right and exploring options in India!

One of the best outcomes from having a physical appearance of an online marketplace, at least from Amazon’s findings is that offline retail is a big space with room for lots of winners. So, integrating both Online and Physical visibility can bring in a lot of awareness, marketing and promotion to all segments of a Brand Line.

Myrsa is an online platform where you can find the physical spaces for your brands in prime locations. It lets you rent a space for a temporary period of time, starting from a few hours to a few days. The temporary rental program makes it easier for you to find mall space for rent. If you wish to take your business offline you can find spaces easily on Myrsa.in.

January 16, 2019 0

Category: mall booths