In recent years, pop-up stores have emerged as a popular retail trend in the Philippines, offering entrepreneurs a flexible and dynamic way to sell their products or services. These temporary retail spaces provide a unique opportunity for businesses to engage with customers in immersive settings and experiment with new markets without the commitment of a long-term lease. And with modern financial institutions like Maya making it easy for entrepreneurs to apply for flexible loans and get additional funds, setting up pop-up stores is now becoming even more accessible.
Selling merchandise in pop-up stores also has significant advantages for entrepreneurs. It allows them to capitalize on seasonal trends or events, and it helps them maximize exposure to potential customers and increase potential sales. Additionally, pop-up stores offer a low-cost entry point into the retail market. Startups or small businesses have an avenue to test the waters and validate their product concepts first before investing in a permanent brick-and-mortar location.
You yourself can make the most of these temporary retail spaces and capitalize on the opportunities they offer. Consider these strategies to drive more sales for your pop-up store:
1. Choose the Location and Explore Opportunities for Collaboration
The location of your pop-up store is crucial for maximizing foot traffic and sales. Make sure to select high-traffic areas such as shopping districts, busy streets, or popular tourist destinations to expose your brand to a larger audience and attract potential customers. Additionally, consider partnering with complementary businesses. If you’re selling packaged coffee products, for example, consider collaborating with cafes and restaurants in your area. This can help cross-promote both of your products and drive traffic to both of your stores. Participating in local events, festivals, or markets is another effective way to reach a captive audience and generate excitement around your pop-up.
2. Offer Customers Multiple Ways to Pay
In today's digital age, offering customers multiple ways to pay is essential for convenience and accessibility. In your pop-up stores, get a credit card terminal that allows you to accept various payment methods, including credit and debit cards, QR Ph, and e-wallet payments. This way, you can cater to diverse customer preferences and don't miss out on potential sales.
Consider the Maya Terminal as a portable point-of-sale terminal. It prints receipts like traditional cash registers and can operate like a card swipe machine to accommodate credit card swiping. Alternatively, you can use the Maya Terminal Lite, a payment terminal with a slimmer form factor. It’s more portable and may be more convenient to use in pop-up stores and events.
3. Entice Customers with Visual Merchandising Techniques
Visual merchandising also plays a critical role in attracting customers and influencing purchasing decisions in a pop-up store. Your storefront should be visually appealing and reflective of your brand identity so that it can better capture the attention of passersby. Utilize eye-catching displays, signage, and lighting to highlight featured products and create a cohesive and inviting atmosphere. Moreover, consider the layout and flow of your store. If your pop-up is laid out in such a way that customers can still enter despite its size, make sure to optimize traffic flow and make it easy for customers to browse and discover products.
4. Carefully Select Your Featured Products
In terms of your products, remember that the selection you feature can influence sales and create a compelling shopping experience for customers. The limited floor plan and layout of pop-up stores means you have a finite amount of space and time to make an impact, so selecting your products strategically can significantly influence your success.
Instead of trying to display your entire product line, curate a selection of items that best represent your brand and appeal to your target audience. Focus on your best-sellers, new arrivals, or exclusive items that are not available elsewhere. This simplifies the shopping experience for customers and highlights the unique value proposition of your pop-up.
5. Offer Promotions and Discounts
Another way to drive more sales for your pop-up stores is to offer promotions and discounts. Particularly, you should consider offering limited-time promotions, such as flash sales or daily deals, to create a sense of urgency and encourage impulse purchases. Bundle deals or package discounts can also encourage customers to buy more items or upgrade their purchases. Moreover, you can implement a loyalty program that rewards repeat customers with discounts or exclusive perks to incentivize repeat business and encourage them to return to your pop-up.
Support Your Pop-Up Stores’ Success with Maya Business
If you’re setting up a pop-up store soon, make sure to have a Maya Terminal device on site. Sign up for Maya Business today to accept a wide range of payments with your Maya Terminal or Maya Terminal Lite POS device—and to drive more sales for your pop-up.
Signing up qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, allowing you to have another funding source to further expand your business. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Setting up a Maya Business Account also lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. Furthermore, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, letting you save more to invest in your pop-up and activation events.
Sign up for Maya Business today to enjoy the many benefits of Maya Business solutions.
