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The Benefits of Pop-up Markets in the Retail Industry

The Benefits of Pop-up Markets in the Retail Industry

On 10 May 2019
S

Pop-up markets is a trend that has emerged recently in the market in Kenya.

According to Storefront, temporary retail also popularly known as pop-up stores are expected to generate $80 billion on an annual basis. In Kenya this is a concept that has been adopted in the market in the recent years. A good example is the pop-up market at K1 parklands that happens on Sundays, which gives ecommerce businesses a chance to connect with their clients offline and to also gain more revenue.

Today we will discuss the benefits of pop-up markets and why you should plug in.

  1. New Revenue Stream

Pop-up stores help businesses increase their sales as it is the natural way of taking your business to where your customers are as it makes it more convenient for them to buy from you. It also offers you an opportunity to experiment with offline sales, they are considered very cost effective as no long-term retail leases are required and one does not have to invest in so much inventory.

It is also a good way of testing the markets whenever you want to introduce any new products into the market. The response you receive will enable you to easily plan for your marketing strategy.

  1. Brand Awareness

One of the primary benefits of a pop-up store is to help a brand generate traffic. There are many online brands competing for attention and it can become very hard to rank high on Google search. A pop-up store will give you a chance to reach out to offline clients that would otherwise never have known about you.

  1.  Affordability

They are very effective for retail stores that want to gain exposure while minimizing overhead costs. It is a good opportunity to take advantage of premium space such as in a mall at a fraction of the normal cost. More often than not pop-up shops are temporary in nature and smaller in size than the conventional stores hence the cost of rent is relatively lower.

  1. Unload Old Inventory

Pop-up stores are a great way of launching clearance sales of any store. You are able to get rid of old inventory that has been cluttering up your shelves.  It is a great avenue for brands to liquidate that stale inventory and to get some inspiration for new products from the customers they meet in the process. In case you have trouble selling something online, the pop-up store would increase your chance as people can see the actual product and quality.

  1. Educate New Customers

Pop-up stores are an easier way of introducing new products into the consumer market. It is a good way of educating your customers about how they can access the new products together with a demo on how they can use them. It enables the customers to be able to give you immediate and genuine feedback on the products you have.

 At Pesapal, we offer mobile point of sale solutions with our Pesapal Sabi Terminal. It gets even better as we have an option for leasing in case you are not planning to use it for the long term. We come and set it up for you in the morning, then you can return it once you are done. Soon after your finances will be settled within 48 hours.

Published In: News

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