In the age of e-Commerce, retail markets are more competitive than ever. Consumers have an unfathomable wealth of product and purchasing information at their fingertips, meaning shopper expectations are at an all-time high. Despite that, 75 per cent of shoppers claim they prefer to make in-store purchases, according to TimeTrade's State of Retail 2017 report.
So, brick-and-mortar retail is far from dead – we just need to figure out how to keep up. Offering not only unique products but a one-of-a-kind retail experience is vital to getting ahead and achieving whole-brand success.
How can retailers hope to do so in the economic climate of the Gold Coast? Pop-up shops could be the answer you've been looking for. Let's take a look at five ways pop-up retail creates an experience customers won't soon forget.
Pop-up shops give you the chance to catch customers off-guard. By presenting your brand to them in sudden and unexpected ways, you immediately capture their curiosity.
This could mean you're presenting an entirely new product, or you've established a pop-up in an unusual place. Either way, by quickly appearing with a new twist, you'll instantly engage the hearts of potential customers.
Whether your business is primarily online or already a multi-channel success, popping up in a popular destination during peak periods is a great way to tempt faster business.
Doing this, you'll become visible to people unfamiliar with your brand and also remind others that you're still around – perfect in the lead-up to the holiday season, when people are desperately looking for gift ideas.
With a pop-up, you can gauge consumer reaction in different areas to work out if and where a permanent brick-and-mortar shop might be viable.
For retail start-ups, a pop-up is a great way to market your product to new customers without the burden of a long-term lease. Meanwhile, established businesses can try out moving e-Commerce ventures into the physical world, or examine the demand for their offerings in new locations.
Existing e-Commerce brands can benefit from opening a pop-up by inviting their customers to meet them face-to-face. After all, even heads-down millennials prefer to shop at brick-and-mortar store, according to IBM's Uniquely Generation Z report.
Getting to know your customers helps inform you of changes you can make to your business plan to encourage further engagement and growth down the line.
Due to the short-term nature of pop-ups, you'll be provoking interested customers to make action as soon as possible. Young customers in particular may be stricken with the fear of missing out (#FOMO) and be quicker to engage in your brand. Anyone wanting to do so will need to act within the limited time, and that has the potential to drive sales in itself.
For pop-ups, location is everything. That's why it pays to talk to a professional team of commercial real estate agents about securing the best site possible, so contact Ray White Commercial Gold Coast today.