Wondering about what a Pop-Up shop can do for your brand? Read this.
NYC, the city of Pop-Ups. The concept of these short-term shops is a relatively new one that has taken both businesses and customers by storm over the past ten years or so. Largely, its appeal to brands stems from these temporary shops serving as a cheaper way to gain exposure to clientele rather than having to sign expensive and lengthy commercial leases; this is especially true when referring to NYC’s ever-growing real estate prices. Because of this many organizations stay digital in order to avoid high storefront costs, but Pop-Up shops are a new answer to this problem and many are asking how to do a pop up shop.
So, “who is Popping-Up right now ?” you might be wondering, and the answer is simple, everyone. Whether you’re an online retailer looking to meet your customers face to face, a gallery trying to test the market of a new neighborhood, a merchandiser looking to clear out inventory and make room for new lines, or simply an emerging artist hoping to gain exposure, Pop-Ups appeal to all brands alike. The Pop-Up strategy is one that large companies, as well as, small start-ups have gotten behind.
So, let’s start from the beginning to really understand just a few the ways a Pop-Up shop can grow your brand.
For any organization, when creating a successful business model (even a short-term one) there are many important goals to keep in mind:
1. Crate brand awareness and recognition
2. Test your market (whether with new products, approaches, or locations)
3. Get the most bang for your buck
4. Improve sales
Believe it or not, and you really should believe it, Pop-Up shops allow for all of these and much more. In fact, studies have shown that temporary retail stores are expected to generate $80 billion on an annual basis. This is especially true for online retailers since consumer data allows for these brands to pinpoint where their customers are located to make the most out of their Pop-Up experience. Luckily, NYC is full of some the US’s most notorious shopping districts such as Soho and Nolita so consumer data or not you won’t have to look far to find the right neighborhood to Pop-Up in.
“In fact, a recent study from ReadyCloud showed that 88% of shoppers are “webrooming” regularly (browsing online, then purchasing in a store).” Which quickly brings us to our next, and arguably largest, benefit to Popping-Up and that is customer engagement. Through opening these storefronts, brands are able to not only meet online customers face-to-face but also educating new and prospective ones.
When speaking in terms of today’s ultra fast-paced society, more then ever, individuals are on the hunt for the newest and next best thing. In fact, it has been shown that the Pop-Up market appeals to the part of the human brain that likes new experiences, and that’s no fake news. Pop-Ups, in turn, allows brands to create a very exclusive and a sort of “get it while its hot” kind of frenzy and experience for its customers and target markets which bring in both sales as well as customer attention. Even more so in NYC, “The tighter the time frame, the reasoning goes, the longer the lines.”
Another great aspect of a Pop-Up is the ability to center your shop on seasonality. Doing so allows brands to specify the goals of their shop even further. Providing more of this kind of direction continues to help even further down the line when reviewing store design and approaches, which can ultimately increase sales.
It is also important to remember that raking in money doesn’t have to be the primary objective of your Pop-Up endeavor. While generating income is one of, if not the most important aspect of a business, when thinking long-term simply improving visibility, credibility, and customer experience can do far more good for the longevity of any company. Because a happy customer always comes back and an even happier one will bring their friends next time.
So, whether your business is homegrown or corporate, with the right planning, popping up in NYC can be the perfect choice for any brand.
Now that you know a bit more about the benefits of hosting your own Pop-Up check out our other articles to learn about getting started with Parasol Projects’ 5 easy steps to pop-up and show out.