Retailers are under pressure now more than ever to think outside the box to deliver new and exciting ways for their customers to shop. Today we thought we’d talk about someone who has used the box (and many of them) to create a new solution for shop owners- My Cube.
To give you a quick wrap up about My Cube, it began in 2010 as a way for entrepreneurs to be able to start their retail business without the high price tag attached to leasing space in shopping centres. My Cube offers hundreds of ‘cubes’ within specifically leased shops, where these entrepreneurs can sell their products from as little as $5 a day. That means low cost, low risk, with high exposure. Sounds pretty good, doesn’t it?
There’s quite a few positives that first come to mind. The Cube concept is great for giving startup retailers the springboard they need to test the waters and it also allows for a higher number of retailers to gain exposure within one space. It provides small retailers with the opportunity to stay afloat and be seen amongst a sea of larger dominating retailers, while giving customers access to a greater choice of unique products.
But what about the challenges that come with this model?
Although My Cube allows for a higher number of retailers to fit into a space, how does someone stand out in this more crowded environment. It’s like being at a food market where you’re met with so many interesting and exciting food stalls right before you- how do you know which one to pick? Or where to even start? This is where marketing will need to come into play for these retailers to make sure that they’re in touch with their customer base and are using strategies to make their brand stand out. Marketing could be in the form of social media to keep their customers updated across their digital channels, email marketing, and/or search engine marketing (SEM). The downside is that these strategies take time and it is becoming more and more difficult to cut through the ‘clutter’ online.
We think the future ahead will be very interesting for My Cube, and we’re excited to see where it will go. We’re always on the hunt for innovative retail concepts and would love to discuss others that we discover later down the track.
Till’ next time,