MALLS AS RETAIL DESTINATIONS & COMMUNITY HUBS
Shopping malls are adapting to the evolving dynamics of a consumer-centric market and are now surpassing traditional norms by turning malls into dynamic retail destinations that also serve as community hubs. In the past, malls were centered on singular awe-inspiring focal points. However, post-pandemic, malls have witnessed significant changes in consumer behavior, which has altered the way the mall industry has functioned so far.” He further adds, “Today, new-age malls are reconceptualized as experiential retail destinations that encourage social interaction and focus on offering experiences to visitors. The objective is to ensure that each mall visit becomes a memorable experience, leaving a lasting impression that goes beyond the act of shopping. The integration of design, art, and shopping services, along with entertainment and recreational factors, plays a pivotal role in the success of experiential retail. All these factors create immersive environments that outshine the shopping experience, providing a meaningful experience and encouraging multiple visits.” Experiential retail aims to create memorable customer visits by allowing retailers to demonstrate personalized recognition and establish a more immersive connection with customers. Hence, emerging technologies like AR, VR, AI, IoT, and cloud platforms leverage consumer interactions on digital platforms, such as reviews and suggestions, to enable successful in-store digitization. This technological advancement is a valuable gift, serving as the backbone of development and evolving rapidly. These involve crafting memorable shopping experiences for customers, directly engaging them, and inviting them to experience your brand in a live, in-person setting. By engaging consumers at various touch points, technologies supporting experiential retail empower retailers to influence consumer behavior and offer unique experiences and amenities, making retail more customer-centric. Meaningful experiences create a desire to revisit due to great service, providing repeatable value distinct from online experiences. Hence, meeting shopper’s expectations leads to increased willingness to spend. Globally, a large number of consumers are ready to pay more for enhanced shopping experiences.
Tags : Shopping malls. consumer-centric market Experiential retail touch points technologies lasting impression