The Retail Apocalypse: 25% of shopping malls are expected to close in the next five years.
The trend of online shopping has increased drastically since the pandemic, and Malaysia has seen a drastic increase in year 2021 alone, where 83% of Malaysian internet users are shopping online, and is expected to continue rising in coming years.
This may be an alarming number for the retail industry, and a proactive action plan is needed to redefine the future of retail shopping experience that ensures safety and convenience for shoppers.
Have we landed on the future of shopping in Malaysia?
Not quite yet, but we are seeing a glimpse of it.
If you are wondering if the omnichannel shopping experience is the path of the future, it definitely is!
A unified omnichannel strategy sets to redefine future retail experiences as a way to foster growth into the digital realm and that is through embracing technology to create an immersive and interactive lifestyle experience for the people.
What are some of the omnichannel strategies to redefine future retail experiences?
Here are some things you should look out for:
1. Hybrid Virtual Shopping Experience
A way to personalize and elevate shopping experience across all available channels is through a hybrid virtual mall. It allows shoppers to shop virtually at their own time and convenience without limiting the entire shopping experience.
2. Create and Innovate Social Spaces
Designing, curating and creating purpose-driven spaces that is safe and convenient for social interactions. Most importantly, these spaces have to both be functional and meet the social standards in order to prioritize and put the people first.
3. Digitalized Art & Culture
A creation channel for artists to showcase their work in its highest form that allows increased engagement and exposure on a digital landscape, remaining digitally intact with the global digital transformation.
4. Food Revolution & Innovation
We cannot replicate the social experience of dining out, but food revolution and innovation is possible and it is here to stay. Presenting food in a technological setting is a social experience like no other.
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