Major malls across the country are going Omnichannel. Is becoming a ‘smart mall’ (going digital / Omnichannel) on the cards for you in the near future?
I think Omnichannel is a necessity for the retailers and if they want to use their physical stores to sell products. I think developers who are partners on revenue shares will require a part of the action. However, the job of the mall is to create relative awareness to ensure the patrons come to the mall and spend their money, which may not have been planned. This incremental revenue is extremely important for the survival of the malls.
Magneto Mall has become a family entertainment zone – a place where families eat, shop and indulge in leisure activities, a place where families spend quality time together. Omnichannel requires a huge investment, a well-sequenced roadmap of digital marketing and channel integration initiatives rooted in a deep understanding of customer behaviour and related economics. We are in the process of developing an Omnichannel platform to maximise on footfalls, and providing a perfect customer experience.
In near future we have plans of going Omnichannel. We have plans of setting up of interactive mediums of e-portals in mall. This will provide both online and offline shopping experience to customers in mall.
Yes we are evaluating and keeping a close watch on the bigger players to follow them suitably.
Street is a brick-and-mortar mall. Though disruption across the country and in Eastern India has happened, however, for purpose of purchases of materials of fashion, lifestyle, daily needs, apparels have a long way to go in India. Honestly, we feel that there is a trust gap between the consumers and manufacturers/retailers and that is one of the reasons, Omnichannel may not work for the market. There may be occasional spikes in the varied product purchases but there is still time for consumers to get thoroughly into smart-phone shopping, online shopping. Till then, JD Hi Street will practice in giving the best on-site experiences to the consumers, entertain them and offer the best brands to the people of Ranchi. To be specific, Omnichannel expansion of JD Hi Street is currently on the cards.
Bishnu Kumar Agarwal:
For smaller centres, in secondary and tertiary retail locations, there is ample opportunity to level the playing field. As social media has very low costs as such, an effective idea need not be an expensive one, just one worth sharing. Lot of businesses in many categories, and shopping centres are still in the experiential stage. They are discovering that social media is not like any other medium at their disposal. There is not a silver bullet of measurement for an activity that crosses advertising, PR, market research, community relations and customer service is not a reason to turn away from social media. It is more of an opportunity to figure out that ‘if social media is growing at a furious rate, what do we need to do to be more relevant to the customers who are using it?’
The future of retail is Omnichannel. This modern trend towards an Omnichannel strategy will enable retailers to re-think their business strategy in order to tap the best of both worlds and maximise on footfalls. Omnichannelisation is definitely on the cards as this is essential in order to stay relevant to our customers.
Our approach to Omnichannel is very flexible. We will see how things progress in future and take action accordingly.