According to Jeff Gido, Goldman Sachs’s Global Head of Fintech, the sector’s about to enter its third wave.
Some say we’re already in the third wave as banks and digital start-ups look to collaborate to provide a better service to customers. One specific company that’s caught the eye is Appear Here; a platform that allows users to discover short-term retail spaces.
Perfect for pop-ups, with the start-up securing millions in venture funding over the years and winning awards. Most importantly, it’s helping small businesses to get a retail presence in major cities in ways that would usually be closed off to them, allowing them to mix with and compete against high-street brands.
Government figures have recently confirmed there are more small businesses than ever before with 5.5 million officially opening their doors. Interestingly, a survey of 1,000 small business recently has suggested that, despite an upcoming Brexit, 73% of them believe that they’re going to grow “dramatically or moderately” over the next two years, with digital advertising set to help boost that growth.
All of this not only suggests the UK is a nation of shopkeepers, but also confident ones that are determined to go out there and do it themselves no matter what the economic climate. There’s also greater opportunity for them, too, to go out there and create pop-up ventures to attract new local clients.
There are empty retail units countrywide, and with the pop-up scene worth £2.3 billion to the UK economy, it presents another avenue for companies to grow – especially those that operate almost exclusively in the digital sector, as Firebox has shown.
The strength of the pop-up sector also shows how essential it is for brands – not only smaller ones – to not just rely on digital to promote themselves. The success of a pop-up shop as well as any physical retail venture has to have an effective on- and offline creative strategy to grow.
That means investing in creative print techniques, display and point-of-sale solutions such as roller banners and promotion materials, not just to increase revenue but to better promote a brand identity and an experience that stays in people’s minds as soon as they cross your path on the high street.