This is an exclusive interview series conducted by the Editor Team of The Mainstream with Mr. Omesh Bhujbal, Chief Technology Officer at Nexus Select Trust
Artificial Intelligence (AI) is rapidly becoming a transformative force across industries, and traditional brick-and-mortar businesses like shopping malls are no exception. As per an MIT SMR Connections Research report of 2024, the use of AI, especially Generative AI, nearly doubled in the first half of 2024. While some organizations are still in the planning stages, others are moving ahead to explore AI’s capabilities, says Mr. Omesh Bhujbal.
Shopping malls reside at the tri-section of real estate, retail and hospitality. Unlike traditional retail, they do not carry inventory or own customers. Hence, this industry does not come at the top of list when one thinks of potential of AI.
Nevertheless, with the rapid evolution of consumer expectations and the rise of e-commerce, AI offers an opportunity to transform how shopping malls operate, engage with customers, and remain relevant in a digital-first world.
Areas where AI can play a pivotal role
- Enhancing consumer experience and engagement
- Personalized Recommendations: AI and ML based platforms can analyze customer shopping preferences, past purchase data, loyalty points redemption and online behaviour to deliver tailored recommendations.
- Virtual Shopping Assistants: Chatbots and voice assistants can provide real-time assistance, from store directions to product availability.
- Immersive Experiences: Augmented reality (AR) and virtual reality (VR) can help shoppers navigate the mall physical space, try on clothes virtually or visualize furniture in their homes.
- Optimizing Operations and Efficiency
- Energy Management: AI-powered systems can optimize energy usage by adjusting lighting, heating, and cooling based on foot traffic and weather conditions, contributing to sustainability goals.
- Predictive Maintenance: Real -time monitoring of escalators, elevators, and infrastructure health can reduce downtime by predicting breakdowns and by proactive maintenance.
- Driving Foot Traffic and Customer Loyalty
- Targeted Marketing Campaigns: Analysis of consumer demographics, shopping behaviour, and location data can create highly targeted marketing campaigns, delivering personalized offers and discounts to shoppers via mobile apps or social media.
- Event and Experience Planning: AI can identify trends and preferences to curate events and activities that resonate with the target audience, such as live performances.
- Data-Driven Decision-Making
- Customer Insights: Insights from foot traffic patterns, purchase histories, and social media interactions can help understand customer preferences and tailor mall offerings.
- Lease Management: Optimizing tenant mix by analyzing sales data and market trends can identify the most suitable retailers for specific locations within the mall.
- Performance Monitoring: Real-time dashboards can track the performance of stores, advertising campaigns, and mall events, allowing for quick adjustments to maximize ROI.
- Enhancing Security and Safety
- Surveillance and Threat Detection: Smart cameras can detect unusual behaviour, theft, or safety threats and alert security teams in real time.
- Crowd Management: Visual Analytics can help monitor crowd density and flow to prevent overcrowding.
- Health and Safety Compliance: In a post-pandemic world, AI can assist with temperature screenings, mask compliance, and maintaining public health standards.
Becoming Future Ready through AI
Shopping centres are beginning to embrace the shift towards modernization to compete effectively in the digital age. Malls can not only future-proof their businesses but also redefine themselves as dynamic, tech-enabled hubs that blend the best of physical and digital shopping experiences.
Hence, AI capabilities will be a critical investment for shopping malls seeking to stay relevant and thrive in a competitive landscape.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
