The need for malls that lure in customers with experiences that go beyond shopping has never been more evident. For years, digitalization has manifested itself in our societies and after more than two years in a pandemic world, the phenomenon has found a permanent spot in the retail industry.
Thus, it comes as no surprise that malls have struggled to remain on their feet in a world, where online shopping has become the new normal. However, instead of viewing malls as a dying breed, let us consider them as one that is evolving.
By creating a space where people genuinely enjoy spending their time, you will see significant changes in customer satisfaction and hereby also their willingness to spend money. Let us show you how to create such a space.
Tenant Revenue Management for Better Overview
Shopping malls rely mainly on rent from their tenants to survive, while tenants rely on malls to provide spaces that attract customers. The mutually beneficial relationship between malls and tenants is key to effective tenant revenue management.
Data solutions, such as Vemtenant, provide you with a transparent two-way communication system between mall owners and their tenants. Through this software platform, tenants can easily import revenue reports to let the mall owners keep track of the overall performance of their stores.
With this insight, mall owners can instigate layout management, since they have the needed data to know where to place anchor stores for a better customer journey. Understanding the customer journey is especially important if you wish to improve the overall customer experience. Here’s why.
Customer Journey & Behavior
Most mall owners are already well-aware of the importance of placing their anchor stores strategically to increase sales and improve customer flow. By placing your anchor stores in corners, ends, or central locations, you can provide focal points for your visitors to flock to and, hereby, secure a smooth-running traffic flow throughout your mall.
Using people counting devices to obtain data surrounding traffic flow, path tracking, and customer behavior lets you accurately discover where the most popular areas are to install flagship stores and high-revenue vendors.
People counting devices can be placed anywhere in a shopping mall to track customers entering different areas, follow movement patterns, and measure how much time they spend in certain areas. With this intelligence at your fingertips, you can optimize the mall’s layout and enhance overall mall efficiency.
Knowing exactly how customers behave inside your mall, enables you to create a pleasant space where people want to spend their time and money.
A Mall of Experiences
Data is an efficient tool for optimizing your daily mall operations. With data in your hands, you can start making fact-based decisions that improve profitability through enhanced customer experiences.
Offering more than merely a shopping experience is important if you wish to survive in the digital era of online shopping. People need places where they want to spend their time and money. Places that offer experiences upon experiences and leave customers feeling happy and satisfied with their visit.
With data, people counting, and tenant revenue management, you are one step closer to creating a smarter mall of experience that ensure great customer experiences.