If you run an ecommerce business, the thought of having an offline presence means incurring additional overheads not to mention the risk associated with running a brick-and-mortar store. The good news is that you can have a physical presence - albeit for a short time - with pop up spaces for hire. This option is inexpensive and less risky. Getting into a pop up space is a great way to grow your revenue without incurring hefty costs or dealing with the demands that come with leasing a permanent shop space.
Selling offline is a strategic opportunity to tap into a new market while keeping your operating costs low. The abundance of pop up space rental options these days means you can have a temporary physical location wherever you like to compliment your online sales. Running a pop up store will contribute to the growth of your revenue in many ways. Some of the main benefits include the following:
Test a new stream of revenue
Chances are you're driven by the desire to diversify your ecommerce business by increasing your revenue streams. A pop up store offers you a perfect opportunity to try out offline sales. You might only run your pop up store for a short time, but you might be surprised at just how much you will rake in from offline sales - and without the worry and expense associated with a traditional brick-and-mortar store. Even better, you could retain a significant customer base from your pop up shop, contributing to your revenue growth.
Engage your customers offline
The only thing that could be standing between you and prospective customers is their inability to see and physically interact with your products before buying. Most shoppers prefer to see and handle products before purchasing them. Setting up a temporary physical presence in a pop up space offers them the opportunity to do so and makes their purchase decision easier. The other advantage is that it helps avoid the issue of too many products being returned for failing to meet buyers' expectations. Most importantly you can drive more sales, meaning revenue growth.
Target new customers
Sometimes the reason you make fewer sales is that prospective customers do not understand the benefits your products offer. A quick demonstration can help customers understand how they can maximise the value of the products. With this in mind, you could simply take a pop up space to offer product demos to your clients, walking them through how the product works and demonstrating the value they are buying into. When well-executed, product demos are guaranteed to help you grow your customer base, translating into an increase in your revenue.
Take advantage of seasonal and holiday sales
There's no better time to strengthen your bottom line than to tap into seasonal and holiday sales. Many shoppers put money aside specifically for seasonal or holiday sales so they can take advantage of the great price reductions. Many businesses opt to take a pop up space to coincide with these seasonal sales so they can offer their products to a ready market. By setting up your brand presence within a pop up space, you can grab a slice of the holiday sales and grow your revenue. Additionally, you will get an opportunity to test an emerging market, promote new products, liquidate surplus inventory, and increase brand awareness while keeping your overhead costs down.
Amplify brand awareness
There are lots of ecommerce businesses competing for the attention of the same clients at any given time. This can be a challenge - especially if you want to rise above the noise and be heard. It's an even bigger struggle to get your products in front of your target markets. A pop up shop offers you the opportunity to build a buzz around your brand and products by getting the attention of customers that may not have considered buying your products before. Growth in sales translates to more customers and revenue for your business.
Pop up spaces offer numerous opportunities to elevate your brand and business while growing your revenue in leaps and bounds. The best part is, you will enjoy all these benefits and grow your revenue without taking on huge overheads. This presents a perfect opportunity to expand your business reach.
Copyright 2021. Article was made possible by David Sessford, RankWarrior