While online shopping has certainly increased its market share over the years, physical stores are still bringing in revenue. Besides, it’s not as easy to capture new customers online, not to mention a poor retention rate. When it comes to retail products, it’s never a good idea to put all your eggs in one basket. The best strategy involves a combination of online sales and a physical store, which helps you broaden your target market.
This is where pop-up stores come into play. Not only are they great water to test your new retail idea, but they also help you kick-start operations in a certain area. If your pop-up store is successful, you might even consider opening up a permanent store in the future. While it may be easier to run a pop-up store, this does not mean it will be a walk in the park. You still have to have a solid sales and marketing strategy if you want it to be profitable.
So how do you increase the profit of your pop-up store? How can you get more customers, without overspending on marketing?
Here are a few strategies that you could try out:
- Change the layout of your store
When it comes to retail, the layout of your store means everything. The only difference between a chef at your local restaurant and one at a 5-star hotel is the presentation. The same is true for pop-up stores. Always have the most attractive item in front, followed by the bestselling item. Customers are usually attracted to the best items, even though they have no intention of buying them. Once they are presented with a few alternatives, it makes it easier for them to buy.
- Offer free samples
You’ve probably noticed that many generic anchors in malls are designed to promote a new product. Many of these offer free samples to attract passing customers. While it does depend on the nature of your product or service, offering something free to customers will increase your revenue in the long run. Sometimes traditional marketing techniques can be quite effective, especially in retail stores.
- Change the location of your store
When it comes to success in retail, it’s all about location. There is no use in having a pop-up store where you are not exposed to enough passersby. The best way to give your sales an immediate boost is to relocate to an area that gets a lot of traffic. It could be a popular mall, shopping street, or even near a busy intersection. While the rent does increase in these locations, your sales will too, so it’s a win-win situation.
- Have an open design
If your pop-up store only has one selling point or entrance, you are missing out on potential customers. Most customers will stop at your store if they are walking towards the door or sale point. By having an open plan, you can increase your store’s exposure to customers. This will help increase the revenue as well.
- Hire the best staff
Believe it or not, the staff play an important role in the success of your pop-up store. Good staff are also great salespeople and they know how to retain customers. If you have lazy, underperforming staff, then maybe it’s time you consider giving them sales training, changing their incentives plan, or hiring more professional staff. When it comes to physical stores, your staff are your business’s image, which is having the best staff is so important.
- Use several strategies
Whether you are looking to keep your pop-up store in the long run, or just testing the retail waters, there are many ways you can increase its profit. From improving the location and setting to adding new items or having better staff, theirs is no reason why your pop-up store cannot be profitable.