The Future of Malls in the Age of E-commerce
With e-commerce rapidly expanding, mall owners face the challenge of staying relevant. This comprehensive analysis delves into the history of malls, product offerings, comparison to online shopping, unique value propositions, customer segmentation, and potential strategies to adapt. Beginning from the evolution of malls since the 1940s to the current online threats, the content explores the dynamics between malls and online platforms, emphasizing the need for malls to innovate and leverage their strengths to retain customers and remain competitive in the market.
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Presentation Transcript
ITS ALL ABOUT THE MALL Camel Consulting Alon Hagar Osnat Noa
Problem Definition With e-commerce expanding and disrupting the market what should owners of Malls do to stay relevant?
Malls - History 1940- Corner stores 1960- Department stores/Malls (due to rise in privet transportation) 1980- Big Box lowering prices 1990- Beginning of online shopping (Amazon) 2000- Online shopping increasing exponentially 2010 Global online player grow (Chinese) Online threat increasing
Product Analysis Movie theater Parking Food court Malls Clothes stores S-M businesses Electronic stores
Malls vs. Online Online Malls Price Very cheap Medium - High Convenience One click Out of home, but Products variety Very high, but confusing High, depending on inventory and store variety Accessibility Everywhere Out of town/driving distance Time to deliver Fast - Medium Immediate - fast Branding Trendy & young Older & conservative
UVP Malls Weather proofed Face to Face buy Meeting place Holistic purchase exprience Brick & Mortar market trend See physical product Future malls should leverage & innovate using UVP
Customer Segmentation Teens, Z generation (with no money) Older population who do not trust online Current mall customers Teens, Z generation Current online customers Midlife adults long work hours Millennials In 20 Years mall customer will be even more insufficient
Reaction Online App (sales options, navigating) Sales Festivals, play grounds & shows for children Not disruptive enough & not successful in marketing UVP to crucial customers
Consequences Sales Closure of many malls & profit loss Festivals, play grounds & shows for children Online App (sales options, navigating) Not disruptive enough & not successful in marketing UVP to crucial customers
Recommendation Meet Experience Talk
Meet Meet - - Mall as the new town center Designed specifically like the area it is located- culturally and geographically Safety Designed like a street- friendly and inviting atmosphere The mall as a home- safe for all Designated stylist customized for you- assistance in picking the right thing for you Open space in the center of the mall- Working areas, meeting points utilize for public events (hide & seek, escape room, concerts, town meeting) Increase sense of community- the mall as an interaction and meeting place
Improve Experience Experience Increase customer experience by the right store positioning- based on customer behavior Free parking and valet options Free shuttles and carpool systems Data analysis- survey and tracking app on customers Drive-in: Fast pick up of merchandise Going back to our improved roots
New Talk New Talk- - Marketing Rebranding You get what you see Community center -home Rebrand as cool and young We know you better - targeting Mall Instagram- improve the brand
Long term Recommendation Better locations, heart of town Smaller malls, more intimate and themed Mass renovating of malls though new investors
Risk Mitigation If you cant beat them join them- cooperate with AliBaBa China Use data collected to create tailormade events Individualism growth Utilize the mall as a renting place - conferences, small business, storage space. Financial crisis
