Do you know where marketers turn to when they want to test a new retail concepts, markets, products and sites? Well, they turn to pop up shops. Pop-up shops are a low-cost, low-risk marketing proposition that has gained a lot of popularity in recent years.
These fascinating stores that are opened on a temporal basis are used to exploit faddish trends or seasonal demands. They are very much popular amongst the toy and apparel industry.
In the course of this article, we would be reviewing what Pop-up shops are, how they work, how to make one with a website builder, and some renowned pop up examples.
What is a pop-up shop?
A pop up store is a website that is used as a temporary store to sell products and services that are mostly in demand on a seasonal basis. There are some of popular brands that use pop-up stores to create engaging physical shopping experiences.
The reason for this is that they provide business persons with an opportunity to experiment with less risk. Most pop-up shops are installed in a location and then relocated to another place after a couple of months.
How Do Pop-Up Shops Work?
One marketing approach used by brands to exploit seasonal demands are pop-up stores. There are a lot of reasons why Pop ups are so successful. Whether you are a marketer, seeking to boost your brand, or just trying out something new, there are lot of factors that can motivate you to start a pop up store.
One of the factors that boosts the success of a pop up store is FOMO ( Fear of Missing Out) principle. This scarcity principles works well as the consumers are primed to visit the pop up store. Often times, the FOMO principles succeeds in driving consumers to your pop up store, and translate into revenue.
How to set up a successful pop-up store?
If you are first time pop-up retailer, starting one can be a huge undertaking. Despite the perceived simplicity of the pop-up store business model- buying an inventory and selling goods to customers- goes a lot into process of running a pop-up store.
Instead of jumping in making a vague assumption that everything would work out, it is best to be prepared for the venture. In subsequent paragraphs, we would be looking at a guide on everything you need to know about starting pop-up retail.
Let us start.
#1. Have a business plan
There is no business on this planet that can succeed without a plan. Before a businessperson secures a space or funding, it is important to have a business plan on the ground. A first important step in Guide To Pop-Up Retailing.
In writing business plan for your pop up store, you should endeavour to cover aspects like:
- A summary that details all the objective and goals of the pop-up store.
- An analysis that covers details about the location of the business, retails sales operations and economic trends and other sensitive data that can help the business person understand their position in the market.
- A broad overview of the products that are intended for sale in the pop-up store.
- A chart that details the employee responsibilities and overall management scheme.
- Legal documentation related to permits or patents.
#2. Look for start-up capital
Unless you have a huge amount of money to start your pop-up store, you need some external financing. For most businesspersons, this entails seeking a loan form a brokerage firm or a bank.
In applying for a loan for your pop up store, indicate the exact amount that you would need and when you intend to pay back. All this information should be detailed in the business plan for your pop-up store.
#3. Secure a good location for your pop-up store
One factor that greatly affects the success of your pop-up store is the brick and mortar location. Some factors that affect your location choices can range from the size that is needed for displaying your inventory, to the price of the location per square foot and sometimes renovation opportunities or requirements.
Still on the location factor, securing a space for any retail store needs the businessperson to make long term commitments. But since you would be opting for spaces that can be leased for shorter periods. This is because in pop-up retailing, sometimes the business owner can test out different locations.
#4. Get a POS (Point of Sale System)
A Point of Sale System should be an integral part of your pop-up store. This is because a POS helps you to track your revenue, manage your inventory, track orders placed, and maintain all data that is related to your merchandise operations.
Today, POS systems do a lot better by working as a cash register for you, other than being an ordinary payment processing system.
#5. Set up an Inventory tracking system for your Pop-up store
Having an inventory for your pop up store is one thing, and maintaining it is another. You need a system that keeps track of what was sold, what was not sold, your pop-up store turnover and profit margin. With this system in place, you can easily determine how well your store is performing and be able to make the necessary adjustments.
Inventory tracking can be done by hand, or with the aid of an inventory tracking software. Often times a Point of Sale System can also help manage your pop-up store inventory. Important step in Guide To Pop-Up Retailing.
#6. Set up an Ecommerce store for your pop-up store
You can get a website builder that would aid you to build an ecommerce platform for their pop-up stores. You get to enjoy the flexibility of our easy drag and drop functionality. These days, it is difficult to come across any brick and mortar business that cannot be represented online. In the light of this, pop-up stores are not left in having an online presence.
Even though, pop-up stores are set up on a temporal basis, a businessperson can still set up a ecommerce platform where customers can order for goods and have them delivered to them.
What this entails is that the store would need logistics that takes care of delivery to customers. One can also integrate any payment gateway of choice to the ecommerce platform. Some examples of payment gateways that can be integrated include; PayPal, stripe, any trust worthy POS system, etc.
Digital Marketing for your Pop-up store website
Doing SEO by yourself for a pop-up retail site is not a good idea. The reason for this is that these stores are set up on a temporal or seasonal basis. In SEO, optimizing an ecommerce site can take up to 6 to 10 months. The better alternative in digital marketing is to turn to effective pop-up advertisement using social media.
Using social media to market your Pop-up shop
A businessperson can hire a digital marketer to run effective and well-optimized ads across different social media platforms in a budget friendly way.
Digital marketing is surely a fast and affordable way to get quick attention from the web and social media. Imagine getting hundreds to thousands of potential customers with effective advertisement campaign.
In the light of advertisement, there are two trends that would most likely favor any digital marketer that wants to explore the market potential of a pop-up store; Programmatic advertising and geographically targeted ads.
Platforms like Facebook and twitter use programmatic advertising to help advertisers to reach out to the right audience that have interest in their product or service.
As for geographically targeted ads, this has become commonplace with top advertisement networks. Moreover, can be exploited by digital marketers that want to promote a pop-store. The location of a pop-up store is a big player its financial success. Using social media ads to target audience who live around the locale of your pop-up store is important for success to be achieved.