The Power of Pop-Up Store

The majority of the world was forced to conduct more of their business online due to the coronavirus pandemic. Both customers and the business owners were forced to explore this paradigm as soon as the first lockdown was imposed in most countries.

Statistically speaking, a sharp increase of about 12% was recorded in internet sales in the UK alone in the initial days of the pandemic as per CNBC. While the online model of business was the only way back then, a huge business community opted for e-commerce as a permanent solution even without a pandemic.??

Experts suggest that if businesses relying on physical outlets hope to survive, they must think out of the box and defy the traditional practices of a physical business. Customers have become more acquainted with choice, freedom, and competition in the internet space. The physical store owners must develop strategies to attract this new type of customer base by understanding its needs and introducing never-seen-before experiences.

One idea that has stood out in this quest quite recently is known as a Pop-up Store.?A pop-up store, as the name suggests, is a temporary place for conducting business. Such a shop is opened with a limited timeline in mind, set to probe a certain type of customer base to gain valuable experience and analytics.??

This concept is similar to the pop-ups we see in our internet browsers daily. They appear with a message or an offer and disappear shortly after.

Pop-up stores have proven to be a low-budget, low-risk testing ground for experimentation with a new audience. At a time when general physical retail is facing a slump and thousands of stores are being closed, it is convincingly a rational move to extend a business to more customers through smaller yet functional pop-up stores.

The numbers speak for themselves as the Popup Republic reports the pop-up industry has grown to approximately $10 billion in sales worldwide.?The biggest advantage to a pop-up shop is its form factor. It can be brick and mortar or a food vehicle selling a franchise. This business model is not limited to smaller brands or businesses. Industry giants the likes of Dior and Prada have already deployed their very own pop-up stores in London’s Harrods and Selfridges respectively.

To further understand??more about the pop-up store please stay tuned for upcoming articles covering:

1. Who’s popping up & Pop-up Planning
2. Pop-up Strategy and fulfilment
3. What’s right for us (Deciding the right pop-up for your business).

References:

• https://vmsd.com/new-poll-reveals-why-americans-patronize-pop-stores/
• https://www.voguebusiness.com/consumers/pop-up-power-why-short-term-stores-are-set-to-thrive
• https://www.retailtouchpoints.com/resources/pop-up-stores-become-more-than-just-a-trend
• https://www.cnbc.com/2021/04/13/future-of-retail-experts-see-innovation-and-pop-up-stores.html
• https://boldist.co/marketing-strategy/should-i-sell-on-facebook-shops/