The Shopping Mall of the Near Future
“Physical retail real estate is always looking ways to challenge the Digital, and now for the first time these two worlds can work together.” Markus Porvari - President and CEO at HyperIn Inc.
Multiple indicators encourage the innovation in retail real estate not only by blending physical and digital commerce with a seamless and unique shopping journey, but also a better management of the overall data for business insight and therefore increase loyalty and revenue.
The new waves of immersive shopping experience set high expectations from shoppers and tenants, and shopping mall managers should be prepared with the right technology to keep themselves one step ahead, for example the use of mobile intranet for internal communication.
In this post, we bring three differentiators that shopping malls of the near future should be focused on, some of these trends are pre-pandemic, but COVID-19 has made them even more urgent to adapt:
- Real-time analytics: unlocking true-value from data visualisation.
- Engaging in-store shopping experiences.
- Monetisation with media sales and eCommerce.
Real-time analytics: Unlocking True Value From Data Visualisation.
Sales reports, footfall analytics, big data management, and e-commerce statistics at your fingertips.
Having harmonised and real-time data enables efficient reports monitoring, analytics and up-to-date information that matters, and it is possible by utilising cognitive technology such artificial intelligence, machine learning, and big data analytics to reduce operational costs, drive consumer engagement, explore new revenue streams, and enable tenants to increase productivity rates.
In the shopping malls of the near future, will adopt the 5 themes for sucessful shopping mall management where managers and tenants will have access to a long list of true-value behavioural insights and metrics from which they can glean valuable data.
Augmented Reality for better In-Store Shopping Experiences.
Touch-less, pay-less, contact-less, door-less!
COVID-19 has accelerated technologies and services that allow consumers to shop with as little contact as possible. Shopping malls will certainly implement more solutions by integrating touchless technologies such as sensors, artificial intelligence, facial recognition, and voice-activation that can help reduce touch and eliminate physical interaction in-store.
We believe that Augmented Reality (AR) is an excellent way to interact with consumers and completely change their shopping behaviour. It blends the physical and digital world in a magical way allowing natural information flow while navigating throughout spaces.
AR technology is now becoming an integral part of major retail brands as consumer mobile device support is already there. The technology concept has been with us for ages, but is lacking killer applications to create phenomenons that could last like “Pokemon GO”.
As consumers move towards a more advanced shopping experience, new challenges are constantly arising to fulfil the management needs of the modern shopping mall.
Retailers are leveraging AR content for smart, interactive experiences for their customers, while seeing a significant surge in brand awareness, customer loyalty, and increased revenues. A few samples of what AR can do:
- Navigating shopping centers
- See offers On-The-Go
- Slide-To-Purchase
Increased Monetisation with Media Sales and E-commerce
New recurring revenue stream enabled.
Nowadays you can easily sell all the advertising and promotional spaces of your properties whether on your digital screens, specialty leasing places, voice commercials, websites, or even in mobile apps.
All can be managed in one single place, from advertisement sales booking calendars to sharing self-service access to your media buyers so they can fulfil your calendar and revenue targets for new non-rental income.
When floors and empty spaces are optimized for Specialty Leasing, retail real estate properties can generate additional revenues up to 10% of their annual income.
With the help of new technologies such as AR, tenant web shops can be linked as part of the retail real estate consumer journey, combining offline and online shopping experiences.
Shopping mall stores can be set available 24/7 for visitors, even when the physical stores are not available to serve. This will be one of the mandatory requirements for shopping centres in the near future amid- and post-COVID19 and we just can’t wait to tell you more about it in our next post.
Want to learn more?
Register for a systematic evaluation, and we will surely help you to take your shopping mall management to a whole new level.
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About Jean Carlos Delgado
A resourceful brand, marketing, and business development professional with over a decade of international experience in marketing, branding, technology and business development. His professional background comes from working with global brands in different continents and the growth of diverse and innovative teams.
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