And Neeti desired some decorative pieces to decorate her home. Unfortunately, her schedule did not permit her to go to her favorite mall.
She didn’t prefer online marketplaces. Who has the time or patience to locate the perfect product among all of the choices.
That’s how she first learned about the digital version the mall.
By tapping the phone of hers, she made an order for everything she needed for the holiday. It was delivered in the evening.
We are in the age of online shopping 2.0 A time where consumers don’t just order an item on the internet. They look around and explore items just as they would at a mall in the town.
What is a digital mall?
Also referred to as an internet-based mall virtual mall is a virtual representation of a real mall. The majority of stores offer every item or collection of items on the digital platform. Users can browse and purchase the products in real time by using online payment.
Aren’t online malls similar to an online market?
On the surface the digital mall certainly is akin to a marketplace such as Flipkart as well as Amazon.
When you go further, you’ll see several important differences.Online marketplaces are simply platforms that connect sellers and buyers. Customers purchase products advertised by trader or brands on a specific marketplace. The problem with marketplaces is that their emphasis is on providing the best deals and variety rather than improving your overall experience.Online marketplaces are platforms where a brand or seller runs independently. The range of products is limited and is often limited to a specific segment, such as clothes or furniture.Digital malls mix the best of both offline with online retail, providing an experience that is omnichannel.
The need for digital malls
For malls’ stores The concept of digital malls offers an opportunity to grow their operations. A lot of retailers are beginning to get back the profits they lost due to the COVID-19 pandemic.Let’s examine the advantages of this hybrid method.
Digital malls have many features.
- Video Shopping: Instead of watching the images of products, customers engage with sellers via video-calling options.
- Customers can test the product using LIVE interactions and resolve their questions instantly. Sellers have the chance to convince the buyers to explain the advantages and features of the product by demonstrating the features.
- Hyperlocal delivery: These stores can provide same-day or next-day delivery for those living within 5-10 kms of the center.
- Click and Collect: This method allows clients to place an order and pick it up from the mall or shop is already popular all over the world. Statista predicts that the sales generated by Click and Collect to reach $141 billion within the US in the US alone. This is among the most important features of any online mall.
- Returns from Stores: Customers can return the items they bought from a shopping mall. This will stop stores from wasting a lot of money in reverse logistics.
Other benefits for the stores
There are additional benefits that mall retailers could enjoy through selling their goods online.
- Monitoring customer behavior: The data about the customers of the online shopping mall could be extremely beneficial for retailers. They could alter their stock and offer based on the habits of their customers. The stores need to connect with the development/management team of the digital mall to get this data. They will also be able to get updates in real time.
- Loyalty programs: Retailers are able to keep their customers for a long period of time with loyalty programs. They may offer the option to use loyalty points when shopping at their mall or store. The malls may also publish online newsletters that inform customers of the latest collection along with the latest trends, as well as tips and tricks for shoppers.
- No technical knowledge is required The retailers do not require any technical knowledge for the creation or managing their online versions of mall stores. The professionals who design the mall online can advise them in managing deliveries and inventory with the simplest possible way.
- Pay with ease Retailers can accept payments made through all the main payment options: be it Visa, MasterCard, mobile wallets, or net banking. They could also go one step further and accept cryptocurrencies as payment options. Central Retail Corp, a mall developer located in Thailand has already embraced this idea with the cryptocurrency C-Coin. It is possible to do this without the need to create a website.
What is it that Vinculum Group is bringing forth this revolutionary change
Vinculum Group is at the leading edge in the Digital Mall revolution in India. The renowned service provider has integrated all the technology required to run a digital shopping mall. With this service, malls and the brands can manage their catalog of products as well as provide video-calling to their customers, make local deliveries and also integrate payment systems. Vinculum also offers pre-integrated POS to provide efficient visibility of inventory. Contact a representative of Vinculum to learn more about how that these tools can easily digitize your retail store.
The Future of Digital Malls
A number of malls around the world are becoming online. The American-based Bal Harbor and Centennial are notable examples. In the coming years, all malls will offer an omnichannel experience for its customers.
In the context of India the realm of digital malls is just beginning to take shape. The first players in this area are certain to take the largest piece out of this pie.
Looking ahead to the future of malls that are digital, technologies such as virtual reality and Metaverse will enhance your shopping experience even better.