Stand Out from the Crowd with these ‘Out of the Box’ Business Ideas!
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The modern shopper craves new shopping experiences and retailers are scrambling to think of ‘Out of the Box’ ideas to lure shoppers in. Convenience and flexibility are two key factors a consumer considers before making purchases, and many businesses are tailoring their business models to meet these factors.
As a result, traditional retail spaces are slowly being phased out to help businesses shift their focus, in full or in part, to e-commerce and other alternatives to cater to consumers’ needs to experience new shopping trends.
Here are a few interesting examples of how businesses are changing their business models to keep up with the modern shopper.
Retail party stores are now few and far between in town or heartland malls. Many retailers have taken their business online or to alternative spaces to advertise their services. Instead of spending money on renting retail premises, they funnel the cash into setting up a user-friendly website and online advertising to maximise sales.
Take, for example, a balloon business that caters to individuals as well as events. Storing boxes upon boxes of deflated balloons and clearing space to inflate the balloons when clients need them can rack up considerable costs in a popular retail location – but is paying for the space even necessary when the customer placed the order online with a future collection date? Absolutely not!
Precious dollars can be saved by renting a hybrid work and storage space. Starting from as little as $390/month (A/C and lights included), businesses have plenty of space to fulfill orders and even use the whitewashed walls to take some Instagram-worthy pictures!
Online shopping accounts for more than half of overall retail purchases of millennials. USA Today reports: “The 18-34 age group is now making 54% of its purchases online, up from 51% last year and 5 points ahead of the 49% of online purchases made by non-Millennials.”
What does that mean for traditional retailers? Traditional retail spaces are slowly being phased out. Less people want to ‘touch and feel’ before making purchases, especially for low-investment items like clothes, books and inexpensive leisure merchandise.
However, when it comes to luxury items that require more investment, consumers still prefer to examine the real product before making a purchase. As a result, some of our e-retailers use their space to create a gallery that’s separate from their storage and workspace. This is to ensure that if clients choose to come down to view any products, there’s a clean and trendy space for them to take a leisurely look. Mannequins can line one wall with the latest designs, and shelving can be set up to feature smaller items like branded bags.
Some people have the luxury of doing what they love and making money out of it! If you’re looking for a cost-effective workspace to carry out handicraft making, toy modelling or any crafting hobbies, we have the solution for you. Not only can you set up a workstation with the tools you need, you’ll also be able to put up shelving and display cabinets to show off your handiwork!
Further, if you intend to sell your crafts online, you can also perform order fulfillment tasks in the same space!
We’d like to hear how you’d use our spaces creatively! Send in your ideas within 100 words OR with an illustration on how you would set up your own creative workspace! You’ll stand to win a sponsored workspace at Work+Store.
E-mail your entries to email@example.com or call 6631 0033 for more info!