There has been a decline in the uptake of retail space for conventional brick and mortar stores because of the effects of the Covid-19 pandemic on the economy. Many businesses have opted to stay online as a way of avoiding high overhead costs while also keeping with the containment measures. Consequently, there are so many empty storefront spaces available that you can take advantage of, by setting up a temporary presence.
Pop-up space rental is not a new trend. It is a powerful marketing strategy for those businesses that want to boost their sales, grow their customer base and increase their revenue without increasing their overhead costs. There are many reasons why pop up stores are a perfect platform for businesses that want to achieve more even in tough economic time.
Let’s look at some of the reasons why businesses should consider pop-up store rental:
- Build a strong revenue base
While pop-up stores are temporary and disappear after a couple of days, weeks or even months some can go on to become permanent brick-and-mortar stores. This improves the ability of your business to attract more customers resulting in a positive cycle that strengthens your revenue base. When your customers have more options of where to shop, the results are sustainable sales and stronger growth for your business.
- Low-risk especially for startups
One of the reasons most businesses prefer to stay online is because of the high costs of running startups. However, with pop up spaces, businesses can afford to have a physical presence that complements their e-commerce store without having to pay a hefty sum for it. Moreover, you can use popup shops for hire to test the waters of the offline world before deciding to establish a permanent store. This also applies when you want to test out the reception of your products in a new location.
- Brand recognition
No matter how well you have invested in branding your e-commerce store, there are chances that your brand will remain a mystery especially to those who haven’t interacted with it. Pop-up store hiring presents the opportunity to enter low penetration areas so you can attract and impress new customers leaving them with no choice but to embrace your brand. The growth of your brand will translate to a growth in revenue.
- Opportunity to interact with their customers
One of the major limitations of running an e-commerce business is that you rarely get the opportunity to meet and greet your customers. Pop-up stores make this possible because you can take your presence to areas where your customers work and live. Your surprise appearance in their location can also be a fun opportunity to bring a personality to life, make new customers and reward loyal customers. When customers have a personal connection with your brand, they are likely to pledge loyalty to your products and even woo their followers to embrace them. As a result, you will notice an increase in sales and of course the revenue.
- Test a New Market
You may assume that you have a thorough understanding of a potential new market before breaking into it. So, you move in and set up your store. Even then, you might end up realizing that it was a bad idea after all once you begin operations. Taking up pop up space rental to run a temporary shop before launching your business allows you to test new markets on a low budget so you have an idea of how well your brand will be received. You can also use this chance to launch a new product or new product features by giving it a test run. Additionally, pop-ups are great when you want to create a buzz around a launch.
Pop-up stores can be rewarding especially for your revenue when you have a good plan in place. You must take time to plan the kind of activities you want to engage in during the duration you will be at the pop up shop. This may be anything from being able to mingle with customers to test new markets, carrying out a survey about your product or soon to launch products.
Pop-up stores let you seize the opportunity to elevate your brand and grow your revenue. However, you must ensure you create an avenue to receive feedback because you need to get insight into what your customers are saying about your product, marketing channels and availability of the product to improve on the areas where there are shortcomings.
