Make it now or never
When a store is always there with the same old collection, there is no rush to come and visit. As customers become familiar with the products, the need to touch and feel the goods is no longer enough to justify a trip.
But when retailers depart from business as usual with unique offerings and experiences, suddenly there is excitement. Customers want to go because they never know when the experience is going to disappear, and they cannot get it elsewhere. Think Insta-worthy pop-up concepts and one-off retail installations. The transient aspect of these experiences create FOMO — the Fear of Missing Out — in customers to drive them to the stores.
Across Asia Pacific, the concept of limited-time experience is booming among modern merchants. Cities are crawling with exhibitions, pop-up markets, and festivals. It intrigues the younger generation looking for interesting, novel activities to engage in and share on social media.
Example: Morioka Shoten, a bookstore in Tokyo, is a room with a single book. The title changes weekly, building curiosity as to what is next, intriguing customers and luring them to come back.
Opportunity in payments: The trend of modern pop-up drives the need for mobile point-of-sale devices. It enables retailers to accept cards wherever they are, in the store or on the road.