The future of shopping malls is uncertain. After the impact COVID-19 had on physical stores and shopping malls, interesting new trends have emerged.

Shopping centers and physical stores will continue to be a fundamental pillar of the retail sector, but how are they changing? Being aware of these changes prepares retail businesses to keep up and stand out in the future.

Retailers are preparing for the future of retail by investing in online platforms, enhancing customer experience, and strengthening the creation of in-store experiences as shopping malls continue to transform.

What will be the future of shopping malls?

The pandemic forced consumers to shop online, creating additional demand for omnichannel online sales and multiple ways to purchase, receive and return items, creating a new and enhanced shopping experience for customers.

“During the pandemic, e-commerce sales represented only 14% of total retail sales, indicating the importance of integrating store-level inventory within the digital supply chain.” (Deloitte). Reaffirming that much of retail shopping continues to happen in stores.

This leads us to believe that creativity and collaboration between mall owners and retailers will be essential.

New challenges transformed into opportunities

For shopping centers owners adopting a holistic vision will be of great importance, since “Offering a physical space for consumers to purchase goods is no longer enough; retailers must engage consumers with richer experiences that foster a sense of community.” (Deloitte)

This is an opportunity to create experiences that customers want to come across, so that retailers, together with mall owners, can carry out experiences that attract customers which ultimately leads to a mutual benefit.

4 Visions of the Future of Shopping Centers

Consulting firm Kearney believes malls of the past are evolving into Consumer Engagement Spaces, in which consumers will find experiences that relate directly to their specific needs and wants.

Thus, the consulting firm shares 4 visions about the future of shopping centers that we present here with an analysis of the future:

1. “Destination Centers: Large spaces centered around great attractions”

Having an anchor. Kearney tells us, this is a compelling social experience, “perhaps having an indoor ski slope, a roller coaster, a concert space, or a museum that provides immersive, experience-based entertainment.”

Examples of this are found in Xanadu in Spain, Mall of the Emirates in Dubai, and The American Dream Centern which is under construction in New Jersey and Miami. Visiting places like these will have without a doubt lots to say about the future of retail.

2. “Innovation centers: “intelligent” spaces where grouped tenant data is used to create specific offers”

Big Data seeks to make inferences about consumer behavior within the stores. Data collected on the flow of people and their activities inside the shopping center can be analyzed, yielding information that helps retailers know what to offer to their customers.

Kearney tells us that “a certain percentage of space can be designated for test stores that use the data collected on new concepts.

3. “Value centers: spaces that extract their identity and that of their tenants from shared values of consumers”

Tell me what your values are -what beliefs you hold?- and I will tell you where you shop. Shared beliefs can range from sustainable fashion stores, to political affinity, environmentalist positions or even racial identities and soccer teams.

4. “Retail spaces”: “lifestyle centers” or living areas aimed at specific demographic groups”

The “retaildencial” spaces are retail stores and services created for specific population segments. These can vary from age, and preference all the way to socioeconomic levels.

Kind of like environments that are focused on the lifestyle of specific people, in which residential, commercial, retail, entertainment, and experiential opportunities are found and ideally within walking distance.

For example, you can find this in Mexico City, in an area called Carso which even though doesn’t target a specific population segment, does offer various shopping malls, offices, museums, and entertainment centers. All this is situated in the midst of new residential development that comes complete with all kinds of amenities and facilities.

The area is visited by thousands of people looking for recreation and passing through the malls to hang out and shop.

Shopping Centers and the Retail of the Future

The retail landscape is changing. Shopping malls are becoming experience centers, with stores offering interactive experiences and entertainment. Retailers are also offering more personalized experiences, such as in-store events and additional services that consumers are looking for.

They are using technology to create a more seamless shopping experience through mobile apps or in-store. And they are rethinking traditional store models, examples of this being new specialized stores or pop-up stores.

Perhaps we’ll also find that shopping centers of the future will be constructed out in open-plan spaces. Examples of these can be found in The Grove in Los Angeles, California, and multiple locations in Mexico City like Antara mall, Artz plaza and Oasis mall found in the southern part of the city.

Retailers will leverage data analytics to personalize the shopping experience for each individual customer, focusing on creating engaging and convenient experiences that keep customers coming back for more.

As consumer buying habits change, retailers will have to adapt. Malls of the future will offer everything ranging from art installations, shows, and concerts, to cooking classes, wine tastings, game rooms, or interactive themed hotels. And all experiences yet to be imagined.

By offering unique experiences and utilizing technology, retailers will future-proof their businesses and position themselves for success for years to come.

Many retailers are already entering the retail of the future in shopping centers of the future. Are you one of them?

Prepare for the future of shopping malls with a world-class Retail Omnichannel Solution.

Schedule a Teamwork POS PRO Solution Demo and discover how you can prepare your business for the future of shopping malls.

Generation Z is causing the world to evolve. A product of the digitally driven environment that we now live in, zoomers (as the group is more colloquially known) are the first generation of people that are digital natives, and have never known life before a technology-first approach.

Born between 1997 and 2012, the eldest of Gen Z are now in their mid-twenties – in full-time employment and spending their hard-earned cash. As more and more digital natives grow older and become consumers in their own right, retailers must consider how they can best cater to the demanding needs of zoomers.

The Need for Balance

According to IBM, 25% of Gen Zers said they spend more than five hours on their mobile phones every day. Naturally, it would be right to assume that this probably means they also do most of their shopping online… correct? No. In fact, the same IBM report claims that 98% of zoomers still prefer to make their purchases in brick and mortar stores.

So what does that mean for zoomers? Firstly, if your operations don’t include an online presence, you’re not off the hook. Zoomers spend a huge amount of their time online through a range of devices. Just because they purchase in-store doesn’t mean they don’t do their research and rigorously browse for the products they want – reading reviews and comparing prices.

Retailers need to find the balance between in-store and online sales channels, providing a seamless omnichannel experience that allows Gen Zers to shop on their own terms. Whether that means buying online and picking up in-store, shopping completely online, or visiting the high street and browsing before purchasing.

Delivering the Ultimate Omnichannel Experience

With Teamwork Commerce’s natively integrated retail management solution, retailers can deliver an all-encompassing approach that delivers the ultimate omnichannel experience – ranging from inventory and order management, through to Secure CRM, Mobile Point of Sale (POS), and analytics and reporting.

Retailers can gain access to real-time insights that provide both in-store associates and customers with up-to-date information as and when it is required. All solutions are interconnected, and automatically feed information into one another. As a result, customers can jump between multiple sales channels and stores at different times and continue to receive an exceptional customer experience that encourages them to return. Their information and preferences are analyzed, and retailers can even make recommendations or provide personalized offers for them based on their purchase history.

Customer Experience Should be a Top Priority 

A study recently undertaken by Zendesk found that 21% of 18 to 24 year olds claim to have higher expectations in terms of customer service interactions, compared to only 11% of consumers over the age of 55. As the digital-first generations continue to grow in numbers, higher expectations will naturally increase.

In a world where competition is so fierce within retail, and where consumers will happily choose an alternative retailer if they suffer a poor experience, high quality customer service should be a prime priority for businesses. 

Teamwork Commerce’s retail management solution provides the foundation that enables retailers to provide top-quality customer experience. All the way through the customer journey, from initial interactions right through to checkout.

With Teamwork’s secure CRM function, retailers can record and track customer preferences and nuances that allow in-store associates to become more personable in each specific encounter – from shoe size to pet names. Furthermore, With a mobile POS solution that can track inventory from a handheld device, staff can track down items for customers without ever having to leave their side. Once customers are happy to checkout, the same member of staff can take payment wherever they are situated in the store – removing the need to find the queue.

Our retail management solution is designed to deliver ultimate convenience to both retailers and their customers. Customers can enjoy a seamless shopping experience however they prefer to shop. Suddenly, the apparent threat of Gen Z is gone.

To better understand the full range of Teamwork Commerce’s retail technology solutions, click here.

Video content is becoming an essential tool in the digital world for online sales in the retail industry. It can be used to create a product demo, present or show how a product works, as well as share testimonials from satisfied customers.

Videos are also a great way to engage with customers and keep them interested in your products, services, and brand experiences, since they communicate a story, allowing the brand to convey emotions with the consumers.

In addition, videos can help improve your brand’s presence in search engine rankings (SEO), potentially generating more traffic and sales, and can also be shared on social media platforms, helping to reach a wider public. Here is some information about the importance of video content marketing. 

Why Video Content Marketing is Essential for your Business.

Statistics on Video Marketing.

Online shoppers are more likely to purchase items after watching a video about the product, according to recent studies. By the end of 2022, online video will account for more than 82% of all Internet traffic, 15 times more than in 2017 (Cisco).

In fact, as of January 2018, 85% of all Internet users in the United States viewed online video content on any of their devices on a monthly basis (Statista, 2018).

Videos Improve SEO Ranking. (Search Engine Optimization)

Videos can be used as a tool for SEO (Search Engine Optimization), since it helps to improve the ranking in search engines such as Google, to attract more traffic to the company’s website.

Wyzowl notes some relevant data, especially in its most recent study with video marketers: “The State of Video Marketing 2020“

• 89% say that video gives them a good ROI.
• 83% say that video helps them with lead generation.
• 87% say that video has increased traffic to their website.
• 80% say that video has directly helped increase sales.
• 95% plan to increase or maintain investment in video in 2020.

Videos Help Explain your Product and Build Trust with Your Audience.

Video content is an engaging and effective way to communicate with customers and sell products. That is why retail businesses that want to increase their online sales should invest in creating engaging product videos.

Video can be used to create an emotional connection with potential customers and show them how the product can be used. You can also help build trust by providing customer testimonials and demonstrating product quality.

Overall, video is an extremely effective way to promote products and increase online sales. By including videos on their website, retail businesses can see a significant increase in conversion rates and revenue.

Types of Video Content For Your Retail Business.

There are many types of video content that can be created for online retail businesses. The most popular types are product demos, how-to videos, and customer testimonials.

• Product Demos: These are a great way to showcase the features and benefits of your products. They can help persuade customers to make a purchase.

• Instructional: Videos can teach your customers how to use your products correctly. This may reduce the number of customer service inquiries your business receives.

• Customer Testimonials: Give potential customers the confidence they need to buy your products and services. With videos, customers can see real people talking about how your business has helped them solve a problem or improve their life.

• Vlogs (video blogs): This is a great way to showcase your products and create a connection with your customers. In addition to product videos, you can also create videos that provide information about your company or industry. These types of videos can help build trust with potential customers and encourage them to visit your site.

• Interviews: This format is becoming an increasingly important part of online sales for retail businesses. They provide a personal connection with potential customers and help build trust. In a video interview, the customer can see and hear the retailer’s representatives, helping to create a more personal connection. The customer can also ask questions about the products or services, which helps build trust.

• Sales Presentations: These are important for online retail businesses because they provide a personal touch that cannot be replicated with images or text. They help show products in use, which can be helpful in convincing potential buyers to make a purchase.

• Live broadcasts: Known as Live Selling, these videos can help create a personal connection with customers and give them a behind-the-scenes look at what your company is doing. It also helps show customers that you are a genuine and trustworthy business, and provides a sense of urgency for the purchase.

• Ads: They are a great way to attract potential customers to your website, and to show your products and services in a more dynamic way than just text or images. According to Statista, the videos had an audience reach of 91.4% of internet users worldwide. A LIGS study reveals that video ads can help increase purchase intent by up to 82%. This is because video ads allow customers to see the product or service in use, which can help them understand what they’re buying.

If you’re looking for ways to improve your online sales, consider using video ads. They are an effective way to emotionally connect with potential customers, explain your brand’s products, and differentiate yourself from the competition.

Create engaging video content.

There are a few things that retail companies can do to create compelling video marketing content.

Length: Viewers don’t spend a lot of time watching long videos, so it’s important to make sure your videos are short and to the point.

Creativity: Retail companies need to use creative videos and animations to grab the viewer’s attention. Staying on top of trends of Tik Tok and Instagram, using trending music and hashtags, among other attention-grabbing features will help businesses to have more reach on social media platforms.

Educational: Videos will be better perceived if they provide interesting and informative content, as they will be considered of greater value to viewers. Content like “how to”, checklists, and demos, will be of more interest to the audience since it is not just trying to sell a product, but to educate and inform its users.

Wrap Up.

By creating engaging and informative videos, retailers can improve their website visibility, traffic, and conversions.

Additionally, videos can help create a more personal connection with customers, which can lead to increased loyalty and spend.

Therefore, video is an important marketing tool for online sales of retail companies. It can help increase brand awareness, drive traffic to websites, and convert leads into brand-engaged customers.

Are You Ready to Make Videos for Your Retail Company?

It is vital that you have the best technology that allows you to create experiences that are worth telling your customers about.

Teamwork Commerce is a leading Omnichannel Solution, providing retailers with Point-of Sale, Order Management, Inventory Control, CRM and Analytics. They also boast an ecosystem of integrations with top solutions making unified commerce a seamless activity. Serving top retailers in over 20 countries globally including, Moose Knuckles, Colorado Rockies, Asics, Milwaukee Bucks, Catbird and Paul Stuart. Learn more at www.teamworkcommerce.com

Consumer habits have seen radical change over the past two years thanks to the pandemic and now they are in a state of flux again as the cost of living crisis bites. So how can you best operate in this dynamic environment? Jonathan Maurer offers some order management tips.

The past couple of years have transformed consumer behaviours. Whether they are comparing prices across different sites, managing pick-up for an item they would like to purchase or arranging delivery for a purchase, consumers have started to take advantage of online platforms more than ever before. 

According to a study conducted by Google, it is evident that the online shopping habit of consumers is here to stay. In the fashion sector alone, 57% of shoppers expect to shop online in the next six months. 

What’s more, a range of popular retail giants have already started to leverage these advanced systems to enhance the omnichannel experience for consumers. 

Consumers are now turning to a blended approach towards purchasing – some prefer reviewing the product online and then buying in-person, or buying online and picking up in-store, whereas others are comfortable with carrying out their transactions completely digitally. As consumer demands continue to evolve with technology, retailers must utilise next-generation order management to fulfil consumer requirements and avoid any potential pain points throughout the customer journey.

The recent surge in the cost of living will only make consumers more fastidious about their purchasing decisions. In what has become a difficult time for many consumers, retailers must continue to cater towards consumer habits and preferences to personalise and provide the desired experience. Whether it’s with faster returns or a more seamless shopping experience in general – optimising order management can enhance the customer experience. In an era where consumers have become quite selective about their purchases, a high quality customer experience can serve to be a powerful tool for retailers to retain customers. 

Simplifying order management

E-commerce has been growing for years, but the market has undergone further exponential growth specifically since the pandemic. Although through their own ecommerce platforms, retailers initially gained a surge in sales, it isn’t enough in today’s cut-throat competition just to have a standard website and app. Retailers need to ensure that their services on these applications are simple, swift, and systematic. A lack of efficient order management can cause delay in delivery or even stockouts – resulting in a bad consumer experience. The question remains how can retailers avoid these?

This is where the role of technology comes into play – brands can leverage order management systems (OMS) to automate the entire process. OMS can be directly connected to a retailer’s e-commerce platform for automatic shipment generation, with an allocated location. All this is made possible by the use of real-time data that not only saves time, but significantly boosts accuracy – creating a much more efficient workflow than if the task was to be undertaken manually.

Maximising visibility

To bridge any gaps and maintain accuracy within the entire selling process, it is essential to keep track of different areas such as point of sale (POS), customer relationship management (CRM), order and inventory management, and analytics. Typically, each of these processes will operate independently from each other. Without complete integration of each platform into one ecosystem, retailers run the risk creating friction along each stage of the customer journey and hindering the customer experience. 

Today, retailers can take advantage of advanced platforms that allow the integration of multiple processes in one place. Through this integration, order fulfilment can be simplified and made more efficient. What’s more, the single pane view through these platforms can strengthen a retailer’s offering across the entire customer journey, provide real time insights across all areas and enable quicker and more effective decision making. 

Boosting customer loyalty

In an ideal world, retailers would have a minimal number of returns to process and manage. However, returns are an inevitable part of modern consumers’ purchasing habits. According to a survey of 18,520 consumers from more than 20 countries, 55% of consumers believe that an easy shopping experience (check out and returns) plays a vital role in keeping them loyal to the brand.

Consumers expect a seamless experience during the returns process, just as they expect when purchasing items. Faster returns with a variety of options, such as quicker refunds or online exchanges, have now become table stakes. And consumers who have had a poor experience during returns with a retailer are less likely to shop with the brand again. 

Implementation of the right technology to make returns as efficient as possible is key to winning consumer trust. Modern platforms allow faster returns and automatically process refunds to consumers regardless of the channel used for purchasing. Brands can also leverage next-gen software to generate pre-approved return codes that allow consumers to return or exchange with minimal efforts. 

Gearing up for the peak

An essential factor for brands to keep in mind is that by utilising the right retail software that provides an all-in-one solution, retailers can simplify their entire operation and create a much more streamlined experience for both the user, and more importantly, the customer.

As we step into the second half of 2022, and begin the countdown to the festive season, retailers can stay prepared to make most of upcoming key dates later this year by implementing advanced technologies that automate and streamline their operations. Furthermore, insights gained now from these technologies can also enable retailers to make effective decisions during shopping days such as Black Friday and Boxing Day to ensure maximum returns for retail’s most opportune time of year.

Read more at: https://internetretailing.net/guest-comment/guest-comment-navigating-changing-consumers-habits-with-order-management/