Hong Kong shopping centre Tmtplaza is now officially on board the non-fungible token (NFT) bandwagon. Its Beauty Me NFT community is part of its development strategy, launched in line with the new Beauty World, which it claims to be the biggest beauty hub in the Northwest New Territories in Hong Kong, at 50,000 square feet. The space now features over 40 trending and international beauty brands. After a major facelift, Tmtplaza is now the first shopping mall in Hong Kong to feature a NFT
a NFT-enabled membership program with a local green NFT platform called Articoin.
Customers who spend HK$2000 on a single receipt in one day will be able to create their own avatar and own an NFT minted by local green NFT platform Articoin.
The first instalment of the program will give away 1,000 NFTs, whose owners will become the founding members of the Beauty Me NFT Community.
Exclusive and sustainable membership privileges will be on offer, including up to HK$1,088 welcome gifts, beauty experiences, dedicated beauty workshops, and shopping offers among others.
The city’s largest 540-inch in-mall LED display at the atrium will throw a spotlight on every NFT owner by dedicating screen time to their own avatar.
NFT-driven future
Bella Chhoa Peck-lim, director of asset management of parent company Sino Group, said that the NFT-driven membership program has a view to attract 1,000 buyers to become founding members, and she hopes tech-savvy millennials with purchasing power and a creative mindset will sign up.
“It is about time to launch the ‘Beauty Community’ to forge a lasting connection with our loyal customers. We are expecting that the campaign will bring a 15 per cent increase in footfall and a 30 per cent sales growth on pre-campaign figures for our beauty tenants,” she said.
The project drives forward Sino Group’s vision of supporting sustainable development and by reducing energy emission and its carbon footprint, as well as helping start-ups in their efforts to transform innovative ideas into consumer experiences.
A total of nearly $20 million in investments has been pulled for renovation and promotion projects.
Sustainability opportunities
Mr Wilson Ho, representative of Articoin said: “We are delighted to collaborate with Sino Group on this project. We share the same vision of integrating technology in everyday life and carrying through sustainability.
The process emits an amount of carbon equivalent to ‘a minute’s human respiration’ for one ‘Beauty Me NFT’ – a substantial drop compared to the traditional minting method which gives off carbon of ‘two day’s breathing’.”
Sino Group’s partnership with Articoin is certainly an interesting development in Hong Kong’s retail space. Chhoa explains that the Group aims to nurture start-ups on a long-term basis.
The generation Z factor
It is no secret that Generation Z and Millennials will be the main demographic for retailers in this region and Chhoa feels that Tmtplaza is uniquely positioned to draw them in.
Chhoa explains that Tmtplaza is leveraging more online to offline marketing tactics to remain relevant to the local shopping community.
She feels retailers must be mobile-friendly and use digital and mobile tools to create an optimised shopping experience. “Retailtainment” is a term that she uses to focus on engaging young customers through entertaining in-mall shopping experiences.
“Gen Zers take brand authenticity very seriously, and want to feel like brands are talking to them directly through personalised content. We always try to bring a human element to our digital marketing strategy in order to communicate in a personal and relatable way,” she said.
The Group makes the effort to personalise their brand message, effectively communicate their core values and build customer relationships. Video marketing is also another avenue that the Group uses to showcase their brands.
Evolutionary changes
Over the last two years since the onset of the pandemic, customer expectations have evolved and Tmtplaza has evolved considerably to adapt to new market realities.
Apart from offering more interactive experiences, the centre has also included more daily necessities in their shopping portfolio to meet customers’ needs.
From ham and wine shops, to homewares, pet products, electronics, appliances and lifestyle products; the offerings at the centre have become more holistic over the last two years.
“The pandemic has resulted in a massive change in consumer behaviour, making people more health conscious and willing to change their lifestyles to stay well,” Chhoa noted.
There is an increased appetite for health supplements and products with organic and natural ingredients. The Group launched new healthcare shops such as Picolabb and HKWS, and even introduced a new smart indoor farm inside the shopping mall.
It hopes to be a precursor towards planting the seeds of sustainability in the customer psyche and help bring the community closer to nature.
On another note, two electric vehicle chargers were also installed in Tmtplaza’s car park as another incentive for the electric vehicle (EV) crowd.
“Sino Group is committed to implementing environmental protection initiatives and strongly supports the use of environment-friendly vehicles,” said Chhoa.
Staying relevant
Customer relationship management (CRM) tools, tactical campaigns, social media activation, digital media advertising tools are all utilised to track customer demographics, spending patterns and behaviours.
All of this helps the business to analyse the retail mix for strategic planning and marketing initiatives.
Beauty Me NFT is an example of an online-to-offline initiative combining NFT identification and real-life perks, serving as a non-monetary virtual ID; as the exclusive NFT comes with the membership of the Beauty Me” community.
“We see this as a win-win approach to enhance customer engagement and loyalty while drawing in footfall, sales and repeat customers,” Chhoa added.
Laser-focused targets
Chhoa is of the opinion that Generation Z and Millennials react well to messaging around social responsibility. She feels marketers can captivate Gen Zs with authentic brand missions that resonate with their values as socially conscious consumers.
One such example was a summer campaign on bee conservation. The campaign had a series of interactive and educational games to introduce urban beekeeping to the Tuen Mun region. Influencer marketing campaigns are also very popular with this demographic, as it’s a powerful way to build brands, create positive and reliable word-of-mouth marketing.
Looking to the future, Chhoa is cautiously optimistic.The retail outlook for Hong Kong and the region is recovering as the pandemic becomes more manageable. She also cited efforts by the government to develop Northwest New Territories through a multi-pronged strategy.
“While Tmtplaza is located at the heart of Tuen Mun downtown and being the largest shopping and lifestyle flagship in Northwest New Territories, we are positive about the retail market for the second half of 2022, with rental and prices to recover on the back of better consumer sentiment.”