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The Singapore-based Nium Pte became a rare fintech unicorn in the city-state after raising more than $200 million in a funding round led by California-based Riverwood Capital LLC. The payments startup serving businesses announced that its value exceeded $1 billion after a Series D round. In addition to Riverwood Capital LLC, other backers included Temasek Holdings Pte, Visa Inc., Rocket Capital, Vertex Ventures, and Beacon Venture Capital. Singapore’s sovereign wealth fund GIC Pte also joined the round. Prajit Nanu, Nium’s CEO and founder, said the company plans to use the funds to expand operations in the United States and Latin America before pursuing an initial public offering in the US in approximately 18 to 24 months. Nanu also added that Nium may even pursue a secondary listing in Singapore at a later date. Earlier this year, the startup bought London-based Ixaris and Wirecard Forex India Pvt. According to Nanu, it will remain on the lookout for additional acquisition opportunities in the UK, Indian, and Australian markets. Nium reaching unicorn status marks a true milestone in Singapore, an affluent island city with a population of about 5.7 million. Aiming to position itself as a fintech hub, Singapore is home to more than 1,000 fintech startups that mainly focus on providing payment, personal finance, investment, and business lending services. Founded in 2014, Nium now has a network of over 200 clients, including Singapore Telecommunications Ltd. and Thailand’s Kasikornbank Pcl, among more than 200 clients. Similar to Stripe Inc., which became the most valuable US startup in March 2021, Nium offers software solutions that make it easier to accept online payments. It also allows its clients to send money and issue physical and virtual credit cards. Nium processes $8 billion in payments annually and issued over 30 million virtual cards so far.

By Milja August 04,2021

Pop-up shops have emerged as an effective, innovative way to raise brand awareness and encourage customers to buy products and find out more about businesses. In recent years, stores have been popping up everywhere, and for many brands, they represent an increasingly important and valuable means of generating a buzz and connecting with customers.  If you’re keen to explore the possibility of launching a pop-up shop, or you run a business and you’re looking for new ways to drum up interest and boost sales, this guide is packed with great pop-up shop ideas.  What Exactly Is a Pop-Up Shop? A pop-up shop is a temporary store, mobile shop, stall, or display, which offers brands the opportunity to sell products, and customers the chance to see and buy items they may not have come across before. Pop-up shops can open in a variety of settings, including shopping malls, vacant retail units, and other premises, such as theaters, markets, cafés, and outdoor locations. Pop-up stores usually run for a set period. They can be beneficial for online businesses, as well as companies or brands that already operate brick-and-mortar stores or premises. Examples of pop-up shops range from jewelry and clothing stores to food stalls, mobile shops, and vending machines.  What Are the Benefits of a Pop-Up Shop for a Small Business? More and more businesses are using a retail pop-up to showcase their brand and attract customers. Here are some of the key benefits of a pop-up shop for a small business: Raise brand awareness A pop-up shop is a brilliant way to introduce customers to your brand and get people talking about your business and the products you sell. You can use a temporary store or mobile pop-up shop to entice prospective buyers and encourage them to find out more. If you sell online, for example, opening a pop-up shop booth or operating a mobile pop-up shop can help you to cast your net wider, attract different audiences, and show people what you sell in the flesh. You can expand your reach and use the opportunity to tell customers all about the business and your backstory while also letting them see and try the products. If customers like the brand and the concept, and want to buy your products, you can capitalize on the first interaction and encourage them to become loyal clients.  Go multi-channel One of the most important benefits of the pop-up shop concept is the ability to go multi-channel. If you usually sell products online, running a temporary store gives you the opportunity to diversify selling platforms, discover new markets, and offer customers more choice in terms of how they buy products from you. Many customers love the speed and convenience of online shopping, but some prefer to go to stores and see and feel products before buying. By offering customers both options, you can create and convert more leads and ensure that you cater to diverse consumer preferences.  Try new products and collect feedback A pop-up shop is a fantastic idea for businesses that are looking to expand their product range or try out new ideas. You can run a pop-up store alongside a physical or online business and use it to introduce new products or services and collect customer feedback. If the feedback is positive and your products fly off the shelves, for example, this is a sign that your new products will fare well once you add them to your website or a physical store. You have the freedom to experiment and conduct market research without the need to invest substantial sums of money. Brands can also demo products that will appeal to different audiences and test the waters before they decide whether to target new customers.  Provide an interactive experience Pop-up markets offer a different proposition for customers who are used to buying or seeing products online. With a pop-up shop, brands can offer an interactive experience where you can test products out or sample them before you buy. This gives a different dimension to online businesses or companies that depend heavily on sensory responses, for example, beauty brands that sell perfumes, gift companies that sell candles, and food manufacturers and retailers. A bakery pop-up shop is an excellent way to attract crowds looking to enjoy delicious new snacks and sweet treats.  Market your business cost-effectively Setting up a business can be costly. If you have physical premises and you want to expand, or you’re considering launching a business and renting a retail unit, for example, a pop-up shop represents a cost-effective way to market your business and carry out research. The cost of running a pop-up shop is likely to be much lower than renting space, and there is more flexibility in terms of contract length. There are also appealing deals on units and spaces that have been vacant for a long time. For owners, it’s better to have the space occupied for a short while than for the unit to be vacant for prolonged periods. This gives businesses leverage when negotiating rates for a pop-up venture.  Pop-Up Shop Ideas There are multiple benefits of pop-up shops for businesses across a range of sectors. If you are looking for pop-up sale ideas, here are some suggestions you may want to steal: 1. Seasonal pop-ups Seasonal pop-up shops are increasingly popular. If you’ve been shopping in the run-up to the holidays in recent years, you may have noticed a few extra stalls, collaborations, or stores. Seasonal stores are an excellent idea to push sales during peak periods and attract attention from customers who are actively looking to buy gifts, decorations, or festive food. Running a seasonal business requires careful money management. If you can host a pop-up store, you could earn a lot of money while spending relatively little on running costs. A pop-up shop is likely to be more cost-effective than renting retail space during the holiday season.  If you’re thinking of launching a holiday pop-up shop, it’s an excellent idea to research locations and choose the right timing. You want to maximize sales by reaching out to customers when they are most likely to make purchases. Most people start buying gifts and stocking their kitchen cupboards between the end of October and the middle of December.  2. Food pop-up shops Have you ever wandered around a market or a mall and been drawn to a store by the smell of freshly-baked bread or delicious chocolates and cakes? Food pop-up shops are popular and they can make an amazing difference to retailers, hospitality venues, and product creators. The great thing about food pop-ups, such as a bakery pop-up shop, is the ability to use products to attract attention and boost sales on the spot. Customers have the opportunity to actually taste the product and see the range of cakes, sandwiches, drinks, or snacks available and they can enjoy samples before they buy. Sampling tents, market stalls, carts, and food trucks can help businesses increase footfall for existing physical premises, including stores and cafés, and encourage buyers and passers-by to learn more by following the brand online.  One of the most effective ways to maximize sales with a food pop-up shop is to draw attention. If you have a line outside your store, people will want to find out what’s so special about it and get involved. Make sure the store looks good, use branding to set it apart, give out samples at the door and lure people in with aromas that make their mouth water.  3. Themed stores Pop-up shops tend to be smaller than traditional retail spaces. If you want to promote your brand, but you don’t have room to showcase the entire product range, consider boutique ideas that center around a theme. This could be linked to the location of the pop-up, the time of year, or special occasions and events. If you sell gifts or decorative items, for example, you could run a wedding-themed pop-up in spring/summer. If you sell confectionery, you could use your store to display festive food in the run-up to Christmas or frighteningly delicious themed treats just before Halloween.  4. Product demos Online shopping is fabulous, but the downside is the inability to see or try products before paying for them. One way to solve this problem and improve the user experience for your customers is to use a pop-up store or tent to provide product demos. From toys for children and cutting-edge gadgets to the latest must-have products for pets, you can use a pop-up to let people take a closer look at products they might have seen online and try them out. If you do plan to take this route, it’s essential to make sure that you check your products before you open and that your team knows how to work them and showcase them in all their glory. Be prepared to do demos, answer questions and provide more information about your brand and the items you’re selling.  5. Vending machines Although most of us usually conjure up images of retail units when we think about pop-up shops, the range of options is increasing and diversifying all the time. You don’t have to stick to popular pop-up shop examples or use classic vendor pop-up shop ideas. Think outside the box to find new ways to raise brand awareness and connect with customers! A vending machine is an ingenious idea for small products. Rather than renting a unit or setting up a stall, you can place vending machines filled with your products at locations that will attract passing trade. From mini beauty products and food to small toys and books, there’s scope to provide a fast, convenient, and fun way to buy products.  6. Outdoor pop-up shops It’s well worth exploring outdoor pop-up shop ideas if you’re selling products that are used outside or you’re looking to attract buyers who enjoy spending their time in the great outdoors. If you’re trying to upsell foods, such as ice cream or cold drinks, what could be better than offering samples outside on a sunny summer’s day? Choose your location carefully and think about the season and the target consumer. You want to select a spot that will enable you to reach buyers who will have a genuine interest in the product.  7. Meet and greet Many businesses and brands now use social media influencers and celebrities to promote, advertise, or endorse their products. If you’re working with influencers or celebrities, or you sell products that have a connection to famous faces, a meet and greet is a striking way to draw crowds. From book signings to makeup or beauty product demonstrations, you can encourage people to come and join you to meet the stars they admire.  8. Mobile pop-ups Mobile pop-up shops offer a raft of advantages. You can move from one location to the next, you can advertise on the go and save money on rental fees. There are many options to consider, including branded vans and vehicles, food trucks, clothing boutiques on wheels, trailers, and tents.  9. Exclusive pop-up shops Most pop-up shops sell items that are either available at other store locations or online. If you’re launching a new product, have you thought about making your pop-up shop exclusive? By selling just one product, you can create a buzz among your target customers and persuade them that they need to attend the pop-up to get their hands on a product that won’t be widely available. You can do this with a limited edition product or special versions of bestsellers, for example, celebrity collaborations. This is a marvelous idea for clothing brands, beauty businesses, and food retailers.  10. Supporting good causes More and more consumers strive to learn about brands and understand what they stand for and how they contribute to the community or broader society. A pop-up that supports good causes can help you enhance your brand image, attract customers, and distinguish your business from competitors. Consider ideas such as donating a portion of your profits to a charity that is close to your heart or offering to make a donation for every purchase of a specific product, for example. Studies show that over 70% of consumers prefer to shop with brands that align with their values.  If you support a charitable organization or contribute to initiatives, such as planting trees or wildlife conservation, make sure your message is clear. Provide customers with information about the causes, what they do, and how you are helping.  11. Clothing pop-up shops Fashion pop-up shops are among the most popular pop-up shop ideas. If you sell clothing online, or you have a store and want to drive traffic and increase sales, a temporary stall, shop or mobile pop-up can help you achieve your objectives. You can sell a selection of your products, curate a capsule collection for your pop-up, or set up a temporary store purely for a collaboration or a limited edition range of items.  12. Virtual pop-ups We usually think about physical spaces when considering the benefits of a pop-up shop, but not all pop-ups are located in malls or markets. Virtual pop-ups offer an alternative and they are great for brands that are launching new or limited edition products, as well as those that are joining forces with other businesses. If you have a beauty brand, you could host a virtual pop-up on a site that sells a wide range of brands to get customers interested in your products.  Tips To Succeed in the Small Business Pop-Up Market Retail, food, and candle pop-up shop ideas can send sales soaring and help businesses attract large numbers of new customers, but success is not always guaranteed. Here are some tips to help you succeed: Prioritize aesthetics Aesthetics are key when designing a pop-up. The pop-up shop decor should be relevant to the brand and the target customer, and it should lure people in, whetting their appetite for more. From the signage and the shop window to the rails and racks, it’s crucial to make an effort so that the store looks breathtaking. Showcase your products in the best possible light, make sure the space is clean, tidy, and inviting, take your customers on a journey through the shop and make your store or stall stand out.  Make the experience interactive One of the most attractive selling points of a pop-up shop is the opportunity to let customers see, touch, smell, and try your products. Make sure the experience is interactive by letting customers sample the products, providing demonstrations, and encouraging engagement.  Advertise your pop-up shop The aim of a pop-up shop is to get people through the door, show off your products, and tell them all about your brand. To do this, you need to make sure people know where to look for you. Advertise your pop-up shop on social media, print flyers, and use signs to direct customers to your store. Sidewalk signs are great for busy streets and city centers.  Underline the importance of timing Consumers tend to make decisions faster, and they are more likely to buy if they feel like there is a limited timeframe. If you are selling limited edition products, or only in town for a few days or weeks, underscore the importance of acting fast to secure these coveted products.  Choose the best location Location is one of the most important driving factors for pop-up shop success. As a business owner, you want to find a spot that will attract the right people and draw in customers. Try to research areas with high footfall and think about where your target customer hangs out and shops.  Go the extra mile to make the experience memorable A pop-up shop shouldn’t just provide visitors with the chance to buy a product. It should offer an experience for the customer. Simple touches like encouraging buyers to take selfies, adding feature walls and eye-catching decor, inviting special guests, providing snacks and drinks, and offering the chance to enter competitions can set your store apart and enhance your brand image.  Give out promotional merchandise Every shopper loves a freebie. You can drum up interest, attract larger crowds, and reap the rewards of free marketing by giving away branded merchandise, such as key rings, drink bottles, and eco-friendly tote bags. 

By Milja May 11,2022