We are living in an age where online shopping is preferred by many. Majority of consumers lead a busy life where they can’t spend time to go around malls looking for something they need. Instead, they turn to online shopping. With this, malls are responding accordingly in order to compete with online shopping. They are offering more services and facilities such as co-working space. It is common to hear about hotel co-working space in Bangkok and now it will be available in top shopping malls in the country.
While many consumers are patronizing online shops, physical stores in Thailand are not bothered by this because it has been predicted by analysts for several years now that malls will come to an end soon but it is far from happening. As proof, owners of major shopping centres found in Thailand said that they are seeing brighter times ahead in terms of their earnings despite the boom of online shopping.
They are furthered given confidence after a big online company such as Amazon decided to take its business offline in order to increase its hold in marketing as well as distribution. Up to this day, consumers still prefer the interactive experience more than anything. If they are planning to buy something, they are more likely to purchase it if they have seen or felt it with their own hands. Impulse shopping also happens only in physical stores and rarely in online shops.
According to the executive vice president of a lifestyle mall in Thailand, WuttikiatTechamongklapiwat, malls are undergoing huge transformation in order to cater to things that the online shops cannot provide. They are focusing on lifestyle products as well as experiences which is what the customers are looking for.
One of the trends nowadays is hotel co-working space in Bangkok and this is what the malls are bringing inside their fence. With their transformation, they are planning to allocate 70 per cent of the floor space to services such as fitness, recreation, food, co-working spaces and tutoring centres. While the effect of e-commerce is inevitable, the malls are also changing in order to cope with the times.