Mall.Global is due to go live by 2020 with over 2,500 branded stores and sequential launches across the GCC, India, North Africa, Europe, CIS and China
A Dubai-based tech firm has unveiled plans to launch a new $500 million online retail venture called Mall.Global.
The platform is due to go live by 2020 with over 2,500 branded stores and sequential launches across the GCC, India, North Africa, Europe, CIS and China, a statement said.
It added that Mall.Global will undergo testing with live customer sets early next year.
The platform will offer a personalised experience to each user using virtual reality and artificial intelligence and will accept cryptocurrencies as payment for products.
Serial entrepreneur and CEO of Mall.Global DMCC, Sofya Shamuzova, said: "Some of the best innovations of our time have come as a result of need. The need, in this case, was to attain a higher level of value and convenience, maintain all aspects of online shopping that consumers are used to and retain the essence of brand personas as in traditional retail.
"The platform is designed to address the most common wishes of customers with features like 'Try & Buy' where shoppers have the option of receiving certain products like apparel and footwear in a size above and below their chosen order to ensure 100 percent satisfaction in every sense of the word."
She added that Mall.Global is designed to be the true definition of a digital mall, where brands can do much more than just sell products and recreate the retail experience to deliver the perfect bridge between on-ground and online.
Every brand on the platform will have its own VR Store Design Toolkit that will enable them to design, create and constantly update their online stores in sync with their campaigns, collections and seasons.