The 360 Mall is an innovative e-commerce solution: Shoppers can shop online in 3D, virtually walk around the stores and even pick up items. The beta site was successful and now about a hundred retailers are waiting for the project to go online.
Silicon Valley experts called it the ultimate online shopping experience, and now top Australian retailers are lining up with The 360 Mall 3D shopping platform to make it a reality. The e-commerce solution has garnered international attention from investors and retailers.
"We've unearthed a bombshell $695 million untapped market opportunity in Australian online retail," says the retail magnate Alex Danieli who has been likened to Ruslan Kogan and Mark Zuckerberg by the media. The seed-backed startup may change how we shop online.
The 360 Mall online shopping solution works on all devices, in browser
Danieli states, "Our cutting edge in-browser 3D shopping platform is an exciting paradigm shift. It's easy to get excited when you try it. It really feels like you are inside the store. Shoppers are able to walk around virtual stores using their keyboard […] they can even pick up products and interact with them."
Danieli reports the tech firm performed studies and product tests over the past five years in Australia and Silicon Valley that reveal the enormous market gap is due to the current nature of e-commerce, which lacks a tangible, holistic shopping experience. "Our 3D interface simulates the look, feel, and touch approach", explains Danieli, who pioneered the idea in his early teens. "48 percent of existing online customers would shop more often and buy more products if retail websites were more interactive and engaging," he adds.
Alex describes how they are market-ready, saying, "Our product is beyond the testing and validation stage. Our product has been proven through over 50,000 shoppers who flocked in their droves to step through our virtual doors and shopped at over 100 retailers."
Australien retail leaders line up to participate following a hugely successful beta site
The 360 Mall's research shows that to survive Amazon, Australian online retailers should adopt innovative strategies to improve the shopping experience for their existing customers. A BETA site, that was headlined by SABA and Sportscraft, revealed that 50 percent of existing online customers want to be better engaged through more interactive websites and better product representation.
"The timing is ideal for Australian retailers, given that Amazon is set to disrupt the retail sector in Australia. Amazon's disruptive fulfillment solutions might have Australian retailers on the back foot, but retailers who can implement an effective omnichannel strategy will leave Amazon chasing them," says the founder Danieli. "Let's not forget that 46 percent of shoppers still compare online shopping to on-site shopping, and 55 percent find the brick-and-mortar shopping experience superior to that of e-commerce."
The innovative platform hasn't been live to the public since the BETA as the tech firm worked to enhance its product and build private solutions in coalition with large corporates at home and abroad. The 360 Mall has since raised over 100,000 dollars seed capital and is backed by Slingshot Accelerator and leading early stage VC fund Artesian Capital. "Since re-opening our retailer program this month, we've attracted interest from over 30 high profile labels … and we have some big names launching next month," Danieli adds. "We have particularly strong interest coming out of Asia, but are keen to keep our focus local for the time being", Danieli concludes.