Funan needed a new branding and content strategy to win in the social media space.
The E-Commerce Disruption
The e-commerce disruption is a massive force of change in the consumer goods world which makes being a shopping mall landlord a risky business. Ever since the inception of e-commerce, online shopping has been slowly but steadily eating into the share of brick and mortar stores.
Consumers Are Presented with More Choices & Distractions Than Ever
E-commerce has enabled consumers an infinite shelf – a world with literally millions of choices. A simple search for “watches” on Amazon generates over 200,000 results and when we scale this up to a less defined purchase say “gifts for men” or “gifts under $200”, the choices are endless. As the world is changing, so are consumers who now have far more choices and distractions than ever.
Shopping Malls Can No Longer Rely on the Merit of Its Tenant Brands
A mall could succeed largely on the merit of its tenant brands a decade ago. However, it must be able to anchor its own community of supporters and followers today. Relying on F&B tenants is also not the solution as saturation has occurred with too many restaurants being put into malls.
Marketing to Millenials
The Millenial generation has been identified as the most valuable and coveted demographic of Funan 2.0 – but what do Millennials actually care about, and how can Funan break through to them?
Sustaining Interest in Shoppers
Funan 2.0 must be built upon a strong model that is key to sustaining interest, excitement, and curiosity of shoppers. As with trends, fads, and hypes that can come and go quickly, Funan needs to understand that it could draw a big crowd during the grand opening period, but what is more crucial is the level of interest among shoppers for them to make return visits.