A pop-up shop is a temporary storefront space operated by an online merchant. Pop-up stores have become more prevalent in recent years and continue to grow in popularity. These short-term retail environments enable customers to experience products firsthand.
If you have a physical store, pop-up shop is like a store-within-a-store where you can partner with another store owner to put a pop-in in his store. Pop-up shops like gallery stores are great ideas. So are pop-up shops in a night market where people usually come out to spend night out with friends.
In our city, for the better part of 30 years, it has been a custom to open night market and farmers market during the holidays. And it attracts a lot of pop-up stores and merchants from different places.
By all account pop-up stores are not new. Traders from all over the world have been doing this since barter trading and commerce was invented.
Pop-up stores is a perfect strategy to drive ecommerce growth.
In 2004, in the middle of economic recession, pop-up stores began “popping” up all over the US.
Pop-ups began to appear in the depths of the financial crisis, back in 2004, when landlords were panicked as vacancy rates climbed north of 13%. To make the best of a bad situation, savvy property owners began welcoming pop-up stores to rent their unused spaces. Many were holiday-themed, local artisans or big brands test-marketing a new concept.
Pop-up stores has continued to flourish ever since, that more and more big brands consider it a perfect strategy to drive ecommerce growth especially during the holidays.
Louis Vuitton for example opens bright orange pop-up shop in Chicago’s West loop
Why open a pop-up shop this holiday season for your ecommerce website?
Ecommerce merchants often use pop-up shops to reach new customers and test out a physical retail environment. Here are 10 arguments why you should open a pop-up shop this holiday season.
#1. It create a new revenue stream for your business.
Running an ecommerce business comes with plenty of challenges and risks. The peaks and valleys of earnings are a reality for even the largest, strongest brands, and they can be quickly obvious for any small business. Creating more revenue streams that flow into your company, gives you a better foothold better to survive the lean seasons, and to handle significant unexpected costs when they arise.
Pop-up shop gives you this ability to generate another revenue stream for your business in a time where people gets into a spending spree. it’s a perfect strategy to drive your ecommerce growth as well as business growth.
#2. It allows you to get to know your customers—in person
Jennifer Barnes, co-founder and president of operational accounting and strategic consulting firm Pro Back Office, LLC, notes:
“If you really want to understand your customers, you need to spend time with them.”
Video chatting or conversing with a customer in skype or messenger is a great thing to connect with them. But having them come to a place like a pop-up shop raises your customer connection many times over.
Most ecommerce website owners know how important it is to have repeat customers. Repeat customers can generate 47% more in sales, and they help you spread the word by making recommendations to their friends and family online and in person. A Pop-up shop provides you this added platform to literally do that!
#3. it create a sense of urgency and scarcity for faster buyer decisions
If you want more people to buy your products, aside from have a great product, you also have to understand how they make buying decisions.
Scarcity is one of the most powerful ways of creating a sense of urgency for faster buyer decisions. Seasoned marketers know how effective it can be to leverage scarcity and urgency when trying to influence buyer behavior.
Your pop-up shop is the perfect strategy to drive ecommerce growth by leveraging scarcity and urgency. It is a great platform to create a “while-supply last” atmosphere in your buyers psyche.
#4. Holiday stores are favored by consumers and revenue makers
For ecommerce brands, hosting a holiday pop-up store is a worthwhile way to tap into shopping’s biggest season. If you’re cursing yourself for not planning something sooner, don’t give up just yet—there’s still time to pull off an unforgettable seasonal retail experience.
During the holidays, people shop, period!. It’s as strong a tradition as putting up a Christmas tree or roasting a turkey. Find a short-term retail space on a street with heavy foot traffic, or leverage another brand’s clientele by popping up as a store-within-a-store. Pop-up stores are a great strategy to drive ecommerce growth during the holiday seasons.
#5. You select the location of your pop-up shop
Find a short-term retail space on a street with heavy foot traffic, or leverage another brand’s clientele by popping up as a store-within-a-store.
Place your business in a part of town that reflects your brand and products can impact the success of your business.
When deciding where to open a new location, identify a well-trafficked area. This is critical to getting your pop-up shop off the ground and running.
Consistent traffic is the key to driving daily revenues both online and your pop-up store.
#6 Pop-up shop creates brand awareness and buzz for your ecommerce business
The whole idea of pop-up shop is not just about driving sales, it is also about brand awareness. It is to make people recognize and recall your brand name or product name when it’s mentioned or when the brand logo appears anywhere on the web.
Pop-up shop is a perfect strategy to create that brand awareness and buzz for your ecommerce business. People today are almost always in social media. They share their experience however mundane and small those experiences may be.
This year, 45% of world population are active in social media. Most likely than not, if your customers find your pop-up shop, they will share it on social media. It is a great time to boast your social media community and build a really solid following. Create video contents about the pop-up shop activity or share selfies of you and your customers in your social media page.
#7 Unload old inventory (the kind that’s had a birthday or two)
Pop-up shop is a great way to unload your old stocks and git rid of the slow moving items that has been sitting in the shelves for sometime. Because of the excitement and buzz that has been generated, businesses takes this as a suitable time to bundle old stocks with fast moving ones.
Having too much inventory is pretty high up on the list of no-nos for retailers. In addition to taking up precious backroom or shelf space, surplus stock ties up capital and can keep you from re-investing in your business or buying things you actually need.
a pop-up shop during the holiday season is a great way to unload old inventory and perfect strategy to drive ecommerce growth.
#8. Pop-up store allows you to perform a cost-effective testing on new products and concepts especially during holiday season.
The question we often ask when testing a new product or concept is “how can I validate my product idea in the most cost effective way possible?”
Many entrepreneurs are stuck before launch because of this hurdle. Pop-up shops are your perfect strategy to test and launch new product lines!
Get an early read on the market value for your product or services. It is an essential component of a successful launch. The earlier in the development process you can conduct market research, the better. It will be to make critical design adjustments in your message, your target market or your product. A pop-up shop provides you an effective way to conduct market testing to supply you valuable evidence of your market reactions. Truly a perfect strategy to drive ecommerce growth!
A pop-up shop is a temporary storefront space operated by an online merchant to drive ecommerce growth. Pop-up stores have become more prevalent in recent years and continue to grow in popularity. These short-term retail environments enable customers to experience products firsthand. This holiday season, be sure to have a holiday sale module on your ecommerce website to take advantage of people’s spending spree with Prestashop-thirtybees Holiday Sale Module Can Rack Up Sale for Your Website.
Let us know what you think on the comment section.