It’s fair to say that times are somewhat trying for retailers. In a world of high business rates and the evermore pervasive encroachment of ecommerce onto the industry, appealing to customers and standing out from the crowd seems more and more difficult than ever.
However, while retail stores do face their challenges, they also have a major selling point that their online-based competitors literally cannot rival: actual physical premises. This means that retail store owners like yourself can consider hosting in-store events; to find out more about this possibility, what an event entails, and how hosting one may benefit your business, read on…
Why should retail businesses host in-store events?
Many retail store owners know that they are facing a threat from the ecommerce world, particularly when it comes to prices – without the overheads related to physical premises, ecommerce stores are able to cut costs and subsequently lower their prices in a way that brick and mortar stores simply cannot. As a result, trying to compete with ecommerce stores will always be incredibly challenging; there’s no way of meeting their price points without severely harming your profit margin, so focusing on the advantages you have over ecommerce businesses is always preferable. Essentially, in-store events allow you to play to your strengths.
What are the benefits of hosting in-store events?
In-store events are primarily used as a promotional opportunity; a chance to draw attention to your store, and develop a reputation as an exciting business. This enhanced visibility should then translate into greater sales volume in general, establish your business within the local community, and develop a strong, positive reputation. Rather than just being another store on the high street, your store can be an interesting, dynamic store that people want to visit, because you’re always planning something new and intriguing.
What kind of in-store events should you hold?
The world is your oyster when it comes to deciding what kind of event to hold and why you should hold it. Holiday events are always popular, especially if they coincide with a new seasonal product line – you can decorate the store accordingly, hire entertainment from the likes of Alive Network, and invite customers to examine the newly-introduced products (and hopefully make a purchase). With that said, you can host events literally for any reason – to celebrate a significant anniversary of the store, to thank customers for their support, to open a sale – whatever you wish.
What should an in-store event involve?
As we touched on above, decorations and entertainment are important for in-store events; you need to ensure that the store ‘feels’ different to how it normally would. This aside, you can largely do as you please – you could host product demonstrations, give speeches, or just allow attendees to mingle and enjoy the atmosphere as they wish.
In conclusion
In-store events are one of the best promotional tools in a retail store’s playbook, helping to set the store apart from online rivals and also boosting sales opportunities and brand visibility. If you own a retail store and have yet to host an event, it may well be an avenue you wish to explore in more depth sooner rather than later.