Thanks to factors like easy access in a connected age and more options available on fingertips, e-commerce has surged forward quickly in the past few years. Online shopping also received a further boost from the same lockdown that came as a blow to the business of physical retail stores in malls and markets globally.
Dubai is home to some of the world's most opulent malls, and was also able to reopen the retail market just in time for tourists to arrive during the shopping season. As malls compete to gain higher footfalls for a post-covid recovery, one operator is providing an AI-powered tool to storeowners for making data-driven decisions, which can help them meet consumer expectations.
E-commerce has capitalised on information about behaviour, preferences and spending patterns of consumers collected via social media, and processed through AI. Dubai-based Nakheel Malls has now hired an AI firm to track consumer behaviour and come up with solutions, that can enable retailers in its premises to attract more shoppers by catering to their demands.
The firm Artefact will collect data to generate insights into shopping habits of 90 million consumers, which Nakheel will then transfer to 3000 shops serving visitors in its malls. The smart business tool provides retailers with an edge to compete with e-tailers and also introduces a new dimension to Dubai's shopping scene, which is a crucial for tourism.
Mall operators have so far been using solutions like kiosks, thermal cameras for safety against covid and contactless payments to restore confidence among shoppers. Physical retail stores that suffered due to restrictions in the first few months of the outbreak are more willing to adopt tech for creating a hybrid experience, in order to position good old outdoor shopping as a viable option against online shopping.
Nakheel Malls has been helping brick and mortar shops stay in the race, and had also provided a relief package worth AED230 million for retailers last year.