The rise of pop-up stores began in the 1990s and gained traction in the following decades. Pop-up stores are deliberately temporary and can also be defined as ‘flash retailing’. More and more temporary businesses were popping up in city centres and on high streets, grabbing consumers’ attention before disappearing as quickly as they appeared. Now 30 years later, pop-up stores are an integral part of the business ecosystem. We see seasonal businesses, such as those selling Christmas decorations and gifts, open in November and leave before the New Year.
Pop-ups are an excellent solution for businesses who want to trial-run a physical store before committing to a traditional brick-and-mortar store. They allow businesses to test the waters before taking the plunge. There are many benefits to opening a pop-up store, and many things to consider. One thing to consider is how to take card payments in an age where card payments is essential. tapeeno transforms your smartphone into a card machine and allows you to accept payments on your phone without trapping you into a contract. With tapeeno, you pay as you use and can take your payment method wherever you go.
Benefits of pop-up stores for customers:
Suppose your business is primarily online and you are considering a physical store. In that case, a pop-up store is a great place to start. It allows your customers to physically see and touch products they are interested in and would otherwise be online. For example, if you usually sell clothes online, having the physical items in-store and allowing customers to try on the clothes may drive sales, and customers know they fit when purchasing.
A further benefit to pop-up shops is the atmosphere they create for customers. Customers know that pop-ups are temporary and that if they don’t go in and buy now, they may regret it. It creates an atmosphere of excitement, exclusivity, and a fear of missing out.
Additionally, pop-up stores often offer discounts or bundle deals to draw in a new customer base and create a buzz around the business. Customers may be more willing to buy products when they know it is a good deal and at a reduced price, especially during the current economic climate when budgets for spending are restricted.
Benefits of pop-up stores for business:
Pop-ups allow for flexibility which is not afforded with a permanent physical store. They can be flexible in duration; pop-ups are usually in one space from a few days to a few months. Meaning if your business is seasonal, you can have a pop-up during a time that works for your business without committing to the expense throughout the year.
Location is also flexible with pop-up stores. Pop-ups can allow you to test specific spaces to maximise your location. It lets business owners try out a potential permanent site and act accordingly. Pop-up stores are often located in high-traffic areas such as city centres and shopping centres to attract as many customers as possible. If you want to take your business on the road, a pop-up allows you to do so.
Opening a temporary physical store can act as market research for your business and the products you provide. Pop-ups allow business owners to get to know their customers for future target marketing. Pop-ups can also be an excellent tool for creating excitement with customers about new products being launched.
Create visibility for your business
A further benefit of pop-ups for business owners is that they are cheaper than permanent stores. Costs vary depending on duration of the store, the physical venue, and the location. Testing a venue and location allows businesses to know what works for them before committing to a permanent store. Lower the costs of opening a pop-up store by using tapeeno to take card payments on your phone. It eliminates the need to pay for POS hardware if your store is only open for a short period. tapeeno works around you and your business.
Pop-ups are beneficial as they can suit a large variety of business types. Businesses that would suit a pop-up store include but are not limited to online retailers, home décor shops, seasonal businesses, art shops, and food/drink shops and restaurants.
Factors to consider when opening a pop-up shop:
Legal factors are a vital step in opening a pop-up store. The following are some legal steps to consider:
-Planning permission: This isn’t needed if the duration of the pop-up does not exceed 28 days within a 12-month period.
-Licences: These may be required from the local council. One example of a licence that may need to be obtained is if your store plans to sell/serve alcohol.
-When renting a space for a pop-up store, check the existing business insurance to ensure it covers pop-up use.
-Businesses looking to open a pop-up should register with HM Revenue and Customs and be compliant.
-Additionally, consider is putting in place a short-term lease and ensuring the venue is registered at the Land Registry.
If you plan to open your pop-up store, ensure you download tapeeno on your smartphone for a stress-free and reliable payment method when you need your business to run smoothly.