When huge investments and risks back retail businesses, the fear of losses and debts makes people go weak at the knees. Starting a business in retail is usually a steep climb because it's on the brink of impossible to anticipate the result at such an early stage. After many market surveys and marketing research, particular results are achieved only after practical experiences. And for that, stepping call at the vital market is the only solution regardless of how appalling it seems.
Stepping call at the market doesn't necessarily mean starting your business full-fledged. You'll prefer to provide an attempt run and see the buyer's response before investing in a permanent space and enormous inventory. It would be best if you start your business with a pop-up store.
Pop-up stores are temporary set-ups found for a short period to sell any merchandise. They are available in many shapes and sizes and found out in locations with high footfall. Pop-up stores can last from a day to to six months as per the retailer's preference. They trade at a price less than the official store so that they are easy to take a position. You've got to rent an area, stock your product, do a touch of temporary decoration to draw in customers, and you're good to go!
Pop-up stores are a superb idea for a replacement business to review their consumers and prepare themselves better for the competition. It helps during a business's marketing and provides consumers an opportunity of experimentation for a brief time. You can use the
pop-up stores for multiple purposes.
1. Sample distribution:
Well established businesses are using pop-up store ideas for distributing samples of their newly launched products. It gets more comfortable for their product to succeed in a better number of consumers by establishing temporary stores in busy streets.
2. Seasonal merchandise:
Some goods are in demand for a selected time of the year, thanks to festival, season, holiday, special event, or trend, are seasonal—merchandise like firework shops, Christmas decorative stores, winter clothes, essential monsoon stores, etc. Pop-up stores for such merchandise will cater to the seasonal demand, and they usually last seven days to 3 months.
3. Clearance sale:
When a store decides to shut down or wants to filter out the excessive unsold inventory, clearance sales ensue. These are the first popular sales and usually last up to 1-2 months. Mostly these sales happen at the shop, but many shops rent another space to line up their pop-up inventory-clearance sale.
4. Testing new markets:
If a business is going to expand demographically, in terms of their products, or both, it generally tests the compatibility of the target market with their products. It works very similarly to sample where pop-up stores are acknowledged to ascertain new markets.
5. Converting online to offline:
A successful online store that's getting to enter the offline market first experiments with the consumer's response by fixing a pop-up store. Supported by answers, it decides whether to proceed further for a correct offline shop or not.
Pop-up stores are in trend. They not only help in building a far better business but also helps in establishing a healthy consumer relationship through offline activity. They generate a kind of excitement that incites the consumers, and that they search for within the market.
Any reason for which you want to set up a pop-up shop, finding a neighborhood to line it up can consume a lot of time, which could be invested in doing business. It's going to take you months to seek an appropriate space at a correct location with affordable rent. In such a scenario, online platforms like HighSpace will be handy for you. The platform lets you connect with the vendors with areas in several locations and enable you to browse all the related information. So now renting spaces for your pop-up store is simply a couple of clicks away.
About the Author...
Sayesha Wankhede is a Fashion Communication student at NIFT, Kolkata. Coming from Maharashtra, Sayesha is pursuing content writing as her career. A humble introvert with poetic qualities prefers to express through her writings rather than speaking much. She is also a published poet with published work in an anthology book, and three more of her poems are in line to be published in upcoming months.