Offering a greater range of products in one place cuts back on the number of stops shoppers need to make to get everything they need. Today’s consumers are planning out their shopping excursions in detail to get all their shopping done in one trip.
Fifty percent of shoppers now claim to be “trip planners” versus less than twenty-five percent before the pandemic started. Trip planners are the type of customer who fastidiously map out where they’re going ahead of time. This means little exploration or discovery within the shopping experience, so offering a wider selection of products increases the likelihood these shoppers will end up in your store.
A creative and effective way that retailers are embracing this “one-stop shop” strategy is by opening smaller pop-up shops within larger retail spaces. For example, Kohl’s and Sephora have partnered up to open miniature makeup boutiques within Kohl’s department stores, with a plan for 850 locations by 2023.
Consider whether this option makes sense cost-wise, though. Securing a partnership is easier said than done in some situations, and for businesses without a ton of cash to throw around, massive inventory expansion might not be the best option. Start small, and see what your customers respond to before diving in headfirst.
This kind of experimentation and diversification is a great way to make sure both brands are still represented while expanding their inventories and customer bases—a welcome competitive edge that e-commerce can’t deliver as effectively.