Smart apps to drive retail industry in coming years

Artificial intelligence is deemed useful in smart applications and mall management.

The retail industry will see more smart apps that will help drive its growth, along with the use of artificial intelligence and big data.

According to Selena Chua, Chief Executive Officer of WCT Malls Management, these smart apps are useful in consumers’ overall shopping experience, as it helps buyers navigate the mall without going to the information counter.

“And if they key in the kind of product, looking for the app can also guide them, so the apps can actually make it more convenient for the shoppers,” she said, “So obviously, through the internet with smart ads, it allows the shoppers to interact better with us and allows us to use social media also to reach out to all our shoppers.”

These smart apps, combined with the capabilities of artificial intelligence (AI) and big data, will provide unparalleled insights into consumer behavior and needs as it helps tailor retailers’ offerings to their shoppers, from tenant mixes to in-mall facilities.

Beyond smart apps, Chua sees AI playing an instrumental role in mall management.

“If you layer AI into your CCTV systems in malls, it will determine the hot spots or even the cold areas within your malls. So then you will know what you need to do. You will also know how many shoppers pass by the tenant unit and how many of them enter the unit,” she said. 

This layering can also provide actionable data on foot traffic past store fronts and conversion rates, allowing both landlords and tenants to refine their strategies.

Chua added that with the rise of e-commerce, shopping malls should focus on offering services that most people cannot do at home such as eating with peers and physically meeting up with family.

“We obviously need to focus a lot more on experiential shopping, as well as entertainment. You know, we need to of course have a lot more services because that's where you most need to change, like you have more beauty services, massages, things like you need to get our house to do,” she said.

However, Chua said the costs of consistently updating technology to keep pace with evolving trends is a significant consideration. She also pointed out the critical aspect of data security.

“Technology is constantly changing. So if we're not upgrading all the time, the technology will become outdated. And you know, then we have to keep investing to upgrade,” she explained, “You have to constantly look at what else is in the market, how things have evolved. Just like shopping trends change all the time. We need to constantly upgrade the technology to make sure it is suitable for the trends and needs at that point in time.”