For many small business owners, ecommerce and digital marketing (especially social) remain the most cost effective sales tools, allowing customers to purchase items quickly via an online platform.
While this model of promoting a company is most certainly cost effective, many businesses suffer from a lack of brand equity as a result of not having any real customer interaction. For retailers seeking a way to boost revenue and expand their customer base, brick and mortar is the obvious answer.
A great way to test the waters of physical retail without committing to a lengthy lease, is to lease on a temporary basis in the form of a pop-up shop. In fact, you may even see revenue jump dramatically when you add a temporary pop-up shop to your business model.
For example, according to a recent report by the NY Times, designer Lee Broom had been selling furniture online as well as through traditional retail channels, but it wasn’t until he opened a pop-up shop in New York that his sales increased by over 50%. This same article noted that sales in brick and mortar stores are expected to be influenced by web research to the tune of $1.3 trillion in 2016. This amounts to approximately 38% of retail sales across the board.
Discover New Customers with a Pop-up Shop
Even brands who are firmly established in the world of e-commerce can benefit from a short term retail activation, especially in a busy shopping center with built-in foot traffic. Busy shoppers enjoy experiencing a new concept, particularly if it’s exclusive and temporary in nature.
Since shopping in malls is often a social occasion, you can expect to see a group of friends all coming to your pop-up location at the same time. This in-store experience is then often shared via social media, expanding your brand’s reach and social footprint Compare that experience to that of an individual shopper browsing from their laptop or smart phone.
Additionally, e-commerce brands can promote their pop-up via their website and corresponding social media feeds. This encourages online shoppers to visit the pop-up in person, providing the retailer an opportunity to transform an online shopper into a brand champion.
Are you interested opening your own pop-up shop? The team at Westfield POP is experienced at matching retailers to the shopping center and location that best fits their customer profile. For details on locations and availability, please connect with Westfield POP today.