Concrete Analysis | How shopping centre owners and retailers can prepare for Web3 and coming transformation of retail

By embracing Web3, brands can tap into the all-important Gen Z and Millennial segments and reach their targeted audiences more effectively. By using NFTs, meanwhile, they can create a more strategic customer relationship management (CRM) programme and enhance customers’ experience and relationship with the brand.

As we move towards a cookie-less internet, in which data becomes more scarce, brands’ ability to identify and understand their targeted consumer segments will be disrupted. NFTs provide an excellent opportunity to understand and expand on their owners’ behaviour and preferences. Think of them as cookies for Web3.

Now, as more shopping centre owners and retailers hop on the bandwagon, it is vital to carefully plan out your Web3 marketing campaign to succeed. First and foremost is the need to partner with professional and reliable blockchain or Web3 solutions providers. To transition smoothly to Web3 and unlock its unlimited possibilities, brands should work with firms capable of providing total solutions, from the design and development of metaverses or NFTs to the launch of token ecosystems, or even their own blockchain.

They are also advised to enhance their Web3 and smart contract design, focus on security to mitigate risk, set up and integrate different fiat payment methods to enhance ease of use and reach a wide audience base. Otherwise, brands can fall victim to security or technological issues, leading to a loss in revenue or even PR crises.

One of the biggest challenges facing shopping centre owners and retailers is how not to be drowned out by the content tsunami in Web3. When brainstorming Web3 campaigns, brands should focus on aligning with their unique identities and remaining consistent with their own guidelines.