COVID-19 has seen the closure of many businesses due to a lack of footfall from the restrictions placed on retail in Paris and many other cities around the world. However, putting all the doom and gloom to one side, there are some great opportunities available in rent commercial property in Paris at a fraction of the cost pre-COVID.
You can use a retail space for rent Paris as a learning hub as you also take advantage of the opportunity to interact with customers and obtain instant feedback for services and products. Having a store also offers the opportunity to gather data that is critical to the success of your brand.
Knowing your target market is first and foremost your biggest asset, as it will determine which part of Paris would be best suited to your business. Champs-Élysées, for example, offers one of the most famous shopping streets in the world, but it would not suit every type of business model and would not attract the right kind of customers for some businesses.
Major chains and trendy boutiques would likely opt for a retail space in Les Halles and Rue de Rivoli, where as a business offering fine art or handmade crafts would be better suited in Marais quarter.
Here are the top 5 ways you can grow your business by investing in a high-street shop:
Give customers a chance for sensory interaction with the product
While it is true that consumers are making a shift to online stores due to COVID-19, many more still value the opportunity to have a physical interaction with a product before deciding to purchase. This is especially true when it comes to high-value items. Having a store allows retailers to display their product range before consumers without having to bear the costs associated with setting up and running an online store. Customers appreciate the opportunity to try out a product or even work with an expert to make the right decision.
The format of high-street stores provides the opportunity for brands to have direct interaction with customers. These stores can create a memorable experience for customers. They provide an opportunity for brands to strengthen brand engagement with the existing customer base. When visitors go through stores, they feel as though they have had an authentic experience.
Creating a social/digital buzz
Although most of the traditional retailers have established ongoing social media dialogue with their consumers, the peak is often a product launch or sales event. They take this opportunity of interacting with customers physically to create ongoing social media buzz. This may involve engaging influencers or coming up with a catchy hashtag that draws attention to their brand. Consequently, visitors to the store will share images and keep the buzz going.
Launchpad for new product, service or collection
Customers are often keen on trying out a new service or product before making an actual purchase. Having a brick-and-mortar business allow brands to position themselves in front of consumers so that they have first-hand consideration. This in-person experience with products is the missing link for retailers who exclusively sell online.
This interaction is particularly important when launching a new service, collection or product because you get to receive feedback directly that may be important in developing product updates or improving your marketing plans. Paris is one of Europe’s biggest shopping cities and having a store may also be a great option when you want to clear out old stock or excess inventory. You could use them to strategically drive sales and act as an additional source of revenue even as you introduce your customers to a new product line.
Acquisition of new customers
One of the ways to tell if your business is growing is by having an increased customer base. Setting up a high-street shop in Paris usually allows retailers to attract new customers and grow their customer base. You will be surprised at just how setting up a store may result in a spike in the number of online sales and, of course, revenue. This is because customers who get a chance to interact with you and the product will mostly buy into the experience whether it is directly in the store or later when they visit your website online from home.
When designed properly, acquiring retail space in Paris can be a remarkable and valuable way of growing your customer base and generating exposure. However, you must ensure you decide on the goal that you want to achieve with your store before finding an ideal location where you can build an experience that is linked to that goal.
Take time to evaluate the performance of your store against the goals you want to achieve. Social media is usually a great platform to gauge the performance of your store. You may also solicit feedback from customers who came by your store so that you track their experience. The lessons you learn from the experience may help you improve your overall customer experience. Remember, if you set up your store in a location where there’s too much traffic, then you might be overwhelmed and unable to provide a proper customer experience.
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