The rapid advancement in tablet and mobile technology is shaping the way an increasingly online population shop. Consumers are progressively in favor of making online purchases from the comfort of their own home.
Unlike majority of the mall operators and brick & mortar retailers, online retailers are able to trace and track their customers’ user journey online with data analytics and are able to confidently make more informed data-driven marketing and sales decisions. Specifically, quality customer data enables them to strengthen their brand and product proposition, effectively target their customers, personalize their shopping experience and up or cross sell products and services.
How can mall operators and brick & mortar retailers regain competitive edge?
Mall Operators face the following challenges:
- Stores ending their lease due to unprofitability.
- Crowds have been affected by the irregularity of shop offerings, while more turn to online shopping.
These challenges cascade down into real problems for brick &mortar retailers such as:
- Less crowds and loss of business profits
To regain control and monopoly in the retail industry for brick & mortar retailers, mall operators must:
- Discover how to better plan their which tenants to lease to and where to situate them
- Increase overall spending in their malls and keep customers loyal to their mall to become the leader in retail industry
Today, iBeacon technology offers brick and mortar retailers and mall operators this same business intelligence and data insight on their customers which was previously not available.
iBeacon technology provides mall operators and brick & mortar retailers with insights on:
• Key target consumer groups and shoppers’ profile
• Popular or unpopular products and shops based on customer traffic (footfall) and dwelling time
• Shoppers’ exact location in real-time to maneuver or ease the traffic during peak periods
By leveraging on the data, mall operators and retailers are able to:
• Plan and experiment with different advertising and promotional campaigns to test effectiveness, whether it is to drive sales, awareness or engagement
• Fine-tune their marketing and sales strategy over and over again to determine what works
• Anticipate future purchase behavior based on predictive analytics
• Personalize shopping experiences for different customer segments to attract and convince them to spend on products and services in accordance to their preference
iBeacon technology is more than just about encouraging purchases. When used creatively, it is about creating fun and unforgettable experiences for people. In the near future, the pressure on mall operators, property developers and retailers will intensify as consumers eschew subpar retail offerings for the likes of online purchases. The time to strengthen their market position as a leader is now.