So in my last post I talked about how there are still companies out there trying to go up against the Mighty Apple and their iPod | iTunes combination - I will continue this debate another time - however it does lead me on to another subject on Retail...
In 2007 what can traditional retailers do to combat against the online threat – this is a topic all on its own and I intend to address some of the issues faced, how retailers can combat them and just what traditional bricks and mortar retailers can do – and it’s not just multi-channel retailing (although of course it does help to have a solid strategy!)
However the question that I have been asked in the past is what can 'pure' online retailers (Amazon or Play for example) or key Brand Names (Playstation3, Paul Smith, Louis Vuitton) do to compete or enhance themselves on the high street, especially at that all important Christmas 2007 trading period looming? (I mentioned brands as well as retailers, because in some cases a consumer may well decide to visit a specific retailer purely because they have a certain brand or branded product – so the following fits into this thinking!)
So before I begin – I wanted to clear something up... yes...yes...yes I know I mentioned Xmas and it's only June, but of course anyone who has ever worked in retail will know that Christmas is pretty much already sorted out by now and are just waiting for the final release schedules, drops etc.. but in essence it’s done!
So back to the – “what can traditional retailers do to combat against the online threat and vice versa” there are many trains of thought on this and I myself have a few as well, however once specific one that is neither new nor overly complex: Pop Up Retail!
There has already been various discussions and some great implementations - but I would like to see this happen this year with a forward thinking retailer or brand that has decided to differentiate themselves from the rest of the crowd and deliver a truly unique Christmas Shopping experience, and to see the effect that this has across each City that it rolls into...
Thought 1 – Online Retailer - imagine your favourite online only retailer and how you tell your friends, family, work mates, cat, dog..... just how great their catalogue is, how wonderful their prices are, just how quick their delivery is, how great their community is and you have met so many likeminded people on there from all over the country – but they just don’t seem to share your enthusiasm!
Or
Thought 2 – Brand – example here is take the wonderful Paul Smith or Louis Vuitton brands and they create some real one off design exclusives that they produce a limited run of that once they’re gone..they're gone! or Sony decide to give something back and create a limited edition (RED)™ charity version of their Playstation3 – with a hefty price tag that goes direct to the (RED)™ charity
So where does my eat | shoot | leave come into the equation ? here’s the deal:
EAT – where the EAT starts...The online retailer will know what is going to be HOT especially at Christmas time – and with their integrated BI tools have forecasted what they expect to sell across this key quarter. Lets pick say the top 30 items that they plan to sell, at a discounted rate of course and work out with some more intelligent BI rules where their key demographic areas are and what the key city centres are (London, Manchester, Birmingham, Edinburgh or New York, Sydney, Paris, Toronto, Berlin) that will have a massive footfall over the period. Then decide on what kind of brand image they should go for – bus, container, inflated globe... and kit it out in striking branding!
SHOOT – from the hip using all kinds of great technology, word of mouth, your website, guerrilla marking, make the traditional high street retailers quake as they cannot compete against your agile deployment and delivery as it will take them weeks to decide on what to do, how to combat or compete against you, plan their next move – by then...
LEAVES – don’t out stay your welcome the point here is to be in and out deliver a “wow” experience and leave your high street competition eating your dust – leave it too long and the excitement will wear off (unless you are willing to change your offer every 4 days – if you have the vision, products and balls – you may just well change the entire retail landscape forever)
How would you plan it....
· The Unit– what will you use – an old bus, freight container, un-used shop unit, inflatable bubble...whatever – just get it past planning (we all know what local councils are like..!!)
· Brand Identity – it’s got to be cooler that cool – exploit your brand, give the consumer a real WOW! factor when they see your “unit” and even bigger OOOH!! when the step inside
· Technology – easy to set up or connect to a local Wi-Fi business to have your transactions secure and take card payments as well as some fun... have a Bluetooth broadcast that lets people know your there and give them an incentive to come on over and join in the fun
· Fun – make it fun depending on what you are selling (remember keep the physical stock to a small number of key lines that will be big sellers over that period) make it interactive – call it Web2.0 for bricks & mortar, make it an event, let people play, use, listen, wear, try and most importantly BUY!!!
· The Longtail – don’t forget the Longtail – you maybe there for 3 days or 7 days but you may well have just gained yourself more loyal consumers that hadn’t heard or shopped with you before – and if you have kiosks with your entire catalogue available then you have just increased your offer by ‘000% by doing....nothing! – and increased your revenue potential and sales per sqft
· Duration – you don’t want to be part of the fixtures and fittings, but you don’t want to be so exclusive that you have missed the market or the market has missed you!. So plan around pay-days, and key shopping dates. You will want to make sure that you cover Thursday, Friday Saturday & Sunday – however there has been others who have gone against the grain of pop-up retail and stayed for a week or more... then at what point does it become pop up or a short term lease!
· Leave a Lasting Impression – If you remembered to make it interactive and fun then you should have taken pictures, comments, ideas, suggestions and use these back home on the server farm and show these elements via your core online business.
· Same again Next Year – Not on your life – you just created the greatest online experience in the middle of a city centre you “Eat, Shoot & Leave” – come up with the next version next year – you may well have just finished off some of your high street competition and you can always use their old shop space to sell inflatable Santas!
So, finally will we see some kind of UK Pop Up retail this year – I do hope so, but it takes a bit of planning, great thinking & strategy and a superb execution – and funnily enough, yes I have delivered a Pop Up retail venture that was deployed across 2 locations and were both a fantastic success....
Mulled wine anyone?