Frequent Ask Questions
We are invited to join the Connected Retail London – Competition organised by Transport for London. We will entered the the finalist. And after winning the top score on Moet Hennessy Global Accelerator Program , there are lots of questions from different parties and I want to summarise some key questions about Popsquare to share with you as my first blog post for PopSquare.
1. Why/how did you come up with this PopSquare idea?
Why? I discover more and more young people don’t want to work for a boss!
How? With the passion of helping young designers and inventors to launch their products in a more automated and cost-effective way by combining online and offline experiences
2. What kind of impact you are expecting if we choose to partner with you?
Transport for London (TfL) is the one of the longest history, busiest and most efficient mass transport systems in the World. I expect PopSquare lands to TfL will be exciting and meaningful because it’s like we are setting new role model of retail together for other mass transport systems around the World on how to make it simpler, more efficient, and more sustainable.
3. How many sensors are there and how do you protect the privacy of people walking around?
We have 8 cameras in PopSquare to monitor the behaviour that protect designer new product and improve our experience to visitor. PopSquare put privacy as our highest priority when we consider to develop functions. On the hand, we never share image to third parties, even the brands that rent our car. We are also doing a project of GDPR compliance by EU.
4. You mentioned one of the key challenges of deploying this concept is to educate people to convert from current behaviour. What are your suggestions of how to achieve a better conversion rate in a short period of time?
There are 3 suggestions:
Create fear of missing out: because we are popup nature, products and offers in PopSquare should be either very special or limited. Such as cross-over edition, limited edition, limited special discount, or limited customised gift.
Online and offer integration: Working with blogger, target promotion, that drive people desire to go to PopSquare to experience your products
Database collection: 90% of our customers buy online at the end. Brands should us PopSquare effectively collect data and you can do conversion campaign. It can create much higher conversion rate than you post an ad or articles online because you have tired.
5. How we promote PopSquare brand:
Good and Fun is our key value. PopSquare only show good and useful new products that improve quality of life. And by using video analytic, big data, 5G and IoT technology, we focus on designing the innovative and best experience that customers love. That’s our brand value to promote.
6. Your financial projection during the period and 1-2/and 1-2/3-5 years onwards?
If we keep 20 cars in 4 cities, we can break even by end of this year because we are able to sell over 70% of PopSquare car space. However, we will do fund raising for shaping better customer experience, while expand to more locations. We target to build PopSquare to over 50 cities, while is a UDS 1.6 billion business in 2029.
7. Your financial plan/ spending plan during the period?
I can provide the excel on our financial plan. We basically a retail as service model, like the retail of WeWork, co-working space. We can increase our efficiency by leveraging latest technology to operate a popup retail.
8. What’s your vision towards retail in the future?
Mobile Shopping Mall will happen that provide best product experience.
Shopping mall can be anywhere because it’s mobile.
Mix of brands can be very flexible because it’s mobile.
9. What kind of products should be targeted for TfL?
We start from 4 categories of products: Home Decor, Tech Gadget, Kid’s Learning; Beauty & Wellness
10. Why we should use PS?
Because it’s the future of retail that fit the next generation, while data is the next big thing of physical retail.
11. What are the top 3 advantages of PS? And the weaknesses of it?
Mobility makes flexibility
Automation save cost and provide better experience
Data makes decision smarter and faster.
Don’t expect PopSqaure retail sales up-lift can cover your cost. It’s just one of the key results.
We can only focus on products that you want customers to interact.
It’s still new, you should discover potential with us.