Just because retail stores are experiencing some hard times does not mean that shoppers aren’t making purchases. It is true that US. retail sales fell again in June 2017 (by 0.2%) after a small decline in May (by 0.1%). However, two months of small declines after 16 months of increases may not yet be a “trend.” Let’s wait and see. Summer vacations may spur some impulse vacation shopping and spending in restaurants and at summer resorts.
In the meantime, let’s look at a trend that does seem to have some upward momentum—pop-up shops. Vogue calls pop-up shops the future of shopping. With some retailers leaving malls and store-fronts due to a myriad of reasons—downsizing, bankruptcy, and changes in marketing and sales strategy—pop-up shops are taking advantage of these vacancies. Some retailers are now hesitant to sign long-term leases, leaving more locations available for pop-up shops.
Goals of Pop-up Shops
Constructing a pop-up shop can provide you with many benefits. For retailers who are selling only online, having a popup shop can provide that “touch and feel” opportunity for customers to interact with their products. The increase in foot traffic can raise visibility and brand awareness. Pop-up shops can help you to create a deeper relationship with your customers—building loyalty or showing your appreciation for their business. You can test a new market and educate prospective customers on your product line. In addition, you may be striving for “Boundaryless Retail”—a notion introduced by Mindy Grossman of HSNi—the expansion of products into more and more channels.
Location of Your Pop-up Shop
How do you decide where and when to erect your Pop-up Shop? Economics, such as the cost of rent, marketing, and inventory, will likely have a huge impact on your decision. However, store-fronts and malls with high foot traffic that are close to your target demographic should be considered.
Products That Work Well for Pop-up Retail
When we think of pop-up shops, we invariably think of temporary Hallowe’en and Christmas stores. It is true that seasonal products are a good option for pop-up shops. However, other products are also conducive to this format. Products that are an impulse buy, have a lower price point, or offer the shopper a taste of affordable luxury are good possibilities for pop-up shop success. In addition, products that support the urgency to buy are also promising. After all, the pop-up shop is only there for a limited time!
Get Started with Your Pop-up Shop
inRiver PRIME Partner, Sophelle, recently published their latest Focus Report, entitled “Boundaryless Commerce: Pop-up Retail.” We invite you to learn more about the strategies, tactics, and technologies that are available to support you in this effort. Don’t miss this trend and opportunity! Download the report today.
Kathryn Zwack, Senior Content Marketing Manager, inRiver
Polishing Up Your Products — Why PIM Really Matters
Telling A Consistent And Engaging Product Story Is Imperative
by Peter Sheldon
with Zia Daniell Wigder, Michele Goetz, and Rebecca Katz
summary written by Henrik Béen, CPO inRiver AB
In his latest report, Forrester analyst Peter Sheldon gives his view on “why PIM really matters” and the positive effects it has on Retailer’s sales. Recent Forrester research shows that 71% of all US online shoppers actively research product information online to help them make better purchase considerations. This of course puts pressure on the retailers to provide customers with rich, relevant, and consistent product information in all channels where they what to be present. Forrester concludes:
“For decades, product data has been the lifeblood of many large enterprises. Now, in the age of the customer, eBusiness leaders and marketers are critically reliant not only on their product data, but on curated product content to provide differentiated digital experiences. Key to this objective is telling engaging stories about the products being sold; however, many online retailers, brands and industrial manufacturers lack effective tools to streamline the product content creation process needed to efficiently create high quality, consistent product content. This report explores the role that product information management (PIM) systems have to play in telling compelling and contextual product stories, the primary drivers behind the investment in these systems and the steps necessary to steer clear of the hurdles that all too often derail these programs.”
Peter Sheldon means that PIM (Product Information Management) should be seen as the “gestation engine” where products are fully enriched and where they mature to be marketed and sold. With no proper PIM strategy and without governance and control, it is very likely that you end up having a “product horror story”. In his report he highlights some key benefits from deploying a PIM system in the organization. According to Peter, with a PIM system and process in place these companies can: