To keep business moving forward, mall owners need to keep Metaverse – a business watcher

As you may have heard, malls are not doing well. During the pandemic, e-commerce went into overdrive. Recently, another more abstract threat has emerged in the form of the metaverse, a virtual setting that, in theory, allows shoppers to enjoy a traditional shopping mall “experience” without leaving home.

What many malls have yet to realize, however, is that the rise of Metavas does not represent the final note in the demise of malls, but the beginning of their successful rebirth. In fact, if you hope to survive in this new, increasingly digitized world, every mall needs its own uniqueness.

Often misconstrued, overused, and largely misunderstood, our current image of the metaverse is that of a fantasy setting with awkward avatars that don’t appeal to many people. For this reason, mall owners and managers must begin to change their basic understanding of the term in order to fully embrace the property:
A certain change.

In the real estate industry, Metaverse’s foundation lies in digital twin technology, which digitally scans the environment. Where the probe ends, the magic of the Metaverse can begin.

Once the digital foundation is built, the software processes this massive amount of data and creates a highly accurate digital model that launches a myriad of business-ready applications digitally layered on top of the building. The future of malls – and physical retail more broadly – ​​is in this opportunity to create immersive programming that blends the familiar world with the new and seemingly limitless digital realm, creating an entirely new consumer experience in the process.

Implementing a more digital mall will be a key differentiator between malls that thrive and those that don’t. For consumers, this digital experience creates a new world of efficiency and entertainment – ​​personalized promotions, rewards, coupons and the occasional NFT. What’s more, these platforms allow consumers to relegate more complex programming to their physical locations by participating in Pokemon Go-style games controlled by the retailer or mall themselves. Customers can be directed to their lost car in a busy parking garage.

While the mall experience may seem different, the importance of a shared space where shoppers can develop a sense of community is a cultural constant. Unifying the digital space with its physical counterpart modernizes this experience without losing the heart of those origins.

More importantly, Metaverse offers great promise to mall owners looking to capitalize on digital trends they missed decades ago, when e-commerce eroded foot traffic and sales became harder to track. The digital layer extends beyond the introduction of new tools and features. It can capture and hold the attention of consumers who never had so many shopping and entertainment options.

Shopping malls in the near future lack both efficiency and excitement, desiccating relevance and foot traffic. Creating an embedded mixed-use metaverse in the mall will attract customers who want a real-world experience, but with improvements that create the efficiency and speed they’ve come to enjoy in the digital world. This empowers mall owners to create a world of revenue opportunities.

With this new layer, owners can leverage new advertising, media and experience platforms from both tenants and other companies, creating a future-proof business model for a wide range of buyer choices.

Many mall owners are no strangers to adapting to rapidly changing consumer preferences by including offerings beyond shopping at the main drag of a theme park, entertainment megaplex or hip neighborhood filled with local boutiques. and restaurants. Their efforts include a revolving door of indoor ice rinks, high-end eateries and pop-up shops to fill vacant spaces.

Malls have always been at the forefront of innovation and community. It’s time to reinvent and rethink the mall experience, creating a new chapter where we add new digital layers, services and the mall Metaverse.

Jeremy Bergstein is Head of Global Experience at Resonay, a software development company focused on augmented and real-world user experiences.