Online indie sellers and pop-up shops are moving into vacant brick and mortar stores as large retailers like Sears and Payless leave empty storefronts. E-tailers are becoming more aware of the importance and difficulty in obtaining the funds needed to open a physical storefront. Fifth Wall Ventures is here to help.
Fifth Wall Venture Capital is unique in that their partners and investors are the owners and operators of real property. Fifth Wall invests in companies that they believe would succeed, according to Kevin Campos (cohead of retail investments at Fifth Wall).
Campos stated that the main difference between us ventures and others is that we are willing to invest in companies we believe can be differentiated. “We want to ensure that we can accelerate these businesses through commercial partnerships and strategic partners.”
Add a dash of E-Tailers
Fifth Wall has supported more than a dozen companies and recently opened investment opportunities for online retailers that they believe are successful and can grow their business through a physical presence. Heyday, a retailer that sells skincare products, was the company’s latest investment. It will open a store in Los Angeles.
Campos stated, “We recognize from the outside that this is an interesting category and we reached out because we thought they had a great team.” After contacting them and learning more, we loved the results.
Technology for the Built World
Fifth Wall was born out of the intersection between technology and real estate. However, real estate has been slow in adopting new technologies. Your house looks the same today as it did fifty years ago when you first moved in. Real estate is an important market. Fifth Wall recognized that retail was a rapidly changing market. Fifth Wall saw this as an opportunity to expand their focus on the built environment.
Fifth Wall partners with Macerich. Macerich is the third-largest shopping center in the U.S. and Fifth Wall refers these brands to the venture company. Fifth Wall does outbound work constantly to help e-tailers become more successful and invest in brick and mortar stores.
Giving a helping hand
Already this year4,300 Store ClosuresAccording to CNBC, large companies like GAP, Victoria’s Secret and Tesla have announced new products. CNBC reports that consumers are shifting from big brands to small, mom-and-pop shops that offer unique and diverse products. This is bad news for large corporations, but good news for independent retailers who want to get their name out there and on storefronts.
Campos says Fifth Wall spends a lot time helping brick-and-mortar retailers. Fifth Wall is a great resource for companies that start online, as they often lack the necessary expertise. They can help with everything, including store design, building processes and staffing.
Campos stated that “Folks such as myself, who have gained experience on the ground, can help, or our partner can as well, which has tremendous experience opening stores and working alongside contractors.” We provide all that support on a regular basis.”
It’s never too soon
Campos recommends that online retailers looking to expand their businesses should consider opening an offline store. It’s not too late and it should be done from the beginning. It all depends on the company. While it can be difficult to do many things at once, it is important to begin thinking about it early.
Many online brands will open a store in their offices to test new products with customers. It’s a great way for consumers to give feedback and you can grow from there. You can keep track of your earnings without having to invest in large-scale operations.
Do you ever wonder how many people are viewing your emails? Nearly every retailer now sends emails with new product information, promotions, and other information in an effort to grab the attention of consumers. It can be hard to make your voice heard among the masses. The newStudyBacklinko Finds and Pitchbox offer advice on how to solve this problem.
The study analyzed 12 million emails and found that 8.5% of outreach emails received a reply. Many reasons exist for why emails get ignored. Fortunately, the study also examined several factors that could improve response rates and convert more people to email.
Your Subject Line might be too short
Average office worker gets121 emails per dayYou want to stand out from the crowd. According to the Backlinko Finds and Pitchbox studies, longer subject lines have a higher response rate than those with shorter lines. The best response rate is for subject lines of between 36 and 50 characters.
Longer subject lines are more likely to get a higher response rate because retailers have the opportunity to describe the contents of the message. If you want to inform your customers about a sale, a subject line like “Flash Sale” is not enough to describe the sale. The reader will likely delete the email and go on with their lives. Consumers will be more likely to respond to emails with additional information, such as “Dresses & Accessories 20% Discount This Weekend Only”
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The response rate is significantly improved by sending follow-up messages
As annoying and surprising as follow-up emails may seem, the study shows that multiple emails are more effective than one. Sending three or more messages leads to the highest response rate. However, just one follow-up can increase replies by 65.8%.
This tactic is effective because customers can easily scroll through a lot of emails each day and your chances of getting noticed or recognized are very low. A follow-up email can remind customers about the weekend sale. If they have deleted their last email, this reminder could be what brings them to your store.
Email Outreach: Personalization is a Best Practice
This is not surprising as the study found that personalized subject lines received nearly 33% more responses than those without personalization. Not only can the subject line be important, but the body of the email can have a significant impact on the customer’s response.
Personalization is becoming a popular trend in the retail industry. Victoria’s Secret and Sephora are two big retailers that make sure their emails cater specifically to customers. Sephora, for example, can track what customers have bought and send them offers on brands and products they seem to be buying more of.
The Best Day for Emails
According to Backlinko Finds and Pitchbox, Wednesday is the best day for outreach emails. It has a 22.1% greater relative response rate than those sent on Sunday. The response rate for weekdays is higher than that of Sunday and Saturday, respectively.
Social Media is not to be overlooked
The possibility of increasing response rates by linking to social media profiles could be a slight improvement. The average response rate for messages with links to social media profiles was 9.8% higher than messages without them, according to the study. Now is the best time to include your Twitter, Instagram and Facebook links at the end of your emails.
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