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In the United States, many shopping malls are dying or dead. The numbers are devastating. This trend can be observed in Europe as well and the retail industry must also deal with challenges that are similar to those in the US.
Then there is Amazon, the major threat to any kind of shopping mall or brick-and-mortar bookshops.
And most of us are thinking: “What the . . .?”
On the other hand, it is known that retailers must use social commerce techniques and -technologies for customer-facing sales initiatives. The customer journey begins with Facebook, Twitter, price-comparison websites, etc. The fact is, that a consumer has multiple digital connections with the retailer.
Social commerce creates new customer segments and drives sales because it is used in more cost-effective digital channels. Gartner research shows that social media content has a direct positive impact on physical retail stores as well as digital channels, thus being an important enabler of multichannel retail offerings.
Long ago, even before online, and to this day, the shopping mall’s primary idea is to have all products, brands, retailers at one location for their customers – just like online.
Nevertheless, it is very tiring to go shopping at a physical mall, not to mention that most malls aren’t centrally located. Most stores in these malls have their own online shop and nothing is connected, apart from being at one location competing against each other.
Joint forces off- and online would drive customers back to the malls, because of all the shared customer services and advantages. These places are perfectly suited to offer venues, shows, sports and leisure experiences that enlighten the customer, similar to Surf & Style at the Munich Airport.
This applies not only to shopping malls, but to all places where there are crowds of customers; this concept would work at:
Organizations should capitalize on this digital opportunity now, as today social commerce capabilities differentiate one site from another; the disrupting digitalization increasingly impacts retail and will play an important role within the digital strategy in the industry.
Joint forces bring joint opportunities and will energize businesses, and thus drive revenues to another, staggering level.
Composable business is an interplay of IT architecture, technological solutions and the corresponding mindset. Steven Bailey explains in an article at ComputerWeekly why exactly this enables telco companies to make a push toward digitization.
Knowledge of products that are frequently bought together enables companies to offer their product range in a targeted and customer-oriented manner. In etailment, Steven Bailey & Steffen Kopmeier explain how.