Technology has been an integral part of the retail industry for a decade and going by the current situation, it has stayed on to become one of the key elements of the industry’s survival. The 4th Industrial revolution has brought technologies like Artificial Intelligence (AI), Internet of Things (IoT) and Block Chain etc, which are being adapted not only by the retailers but also by the shopping centres on a large scale. Shopping malls, as major market centres have become major partners in integrating technology to make retail business operations seamless. Thus, it is important to evaluate the current scenario of integration of technology in shopping malls and their preparedness to embrace upcoming changes.
In terms of segmentations there are clear distinctions on how the established malls are operating and how the first timers are operating. And their focus on technology is also important to note. The new setups boast of the new model and have been more prompt with technology adaptation, while established ones have been a little shy in terms of technology investment. The shopping centres and developers who are serious about the business will have to invest significantly in terms of digital engagement and physical customer engagement. Most players have already invested, and others are following the inclination. The mall apps are one of the significant results of this. There are certain beacons which have already been put, there are various reports which are already being generated, and there is a lot of data which is already coming into play. Going forward, all the malls in some years will turn into marketplaces. So the course correction which has to be done, has actually been initiated significantly, with COVID, coming into play and technology being bestowed upon us, most developers have also embraced technology. And so digital is here to stay and technology is the decisive change in this course.
-Sandeep Kumar
