Retail analytics provides a way for both Singapore mall operators and retailers to track customers' shopping trends and behaviours. By collecting this information, retailers and mall operators can find out shoppers’ browsing patterns, total time spent at the mall and at certain shops as well as analyse traffic flow within the mall. This information can be used to generate additional sales, promote customer loyalty and help tailor specific amenities.
Mall operators can also use the information to ensure that there is a right mix of retailers that will encourage shoppers to spend more and provide them with a better experience. In addition, they are able to measure base rental versus sales performance in order to negotiate better rental rates with the tenants when their lease expires to reach a certain Break-Even Point (BEP).
Mall operators can also rely on data analytics to optimise tenant rent according to the quality of zones, specifically high-traffic areas in the shopping mall. Armed with the right information, mall operators can make smarter decisions about where to place new retailers and what to charge for each location. With the data collected. they can also determine the right security services to provide, streamline maintenance activities, and better manage hosted events.
Retail data analytics is a new to many mall operators and knowing what information to gather and how that information impacts mall optimisation is critical. Equally important is to be able accurately gather and interpret such data so that it benefits everyone equally and fairly. Retailers must also learn how to use this data to lower their rental rates during lease negotiations based on the popularity of their store and the number of shoppers that they are attracting to the mall.
As shopping malls continue to face increasing competition from digital marketplaces online, operators and retailers must embrace retail data analytics in order to maximise in-store shopping experience and encourage purchases.
WE SPECIALISE IN SERVING REAL ESTATE & CONSTRUCTION BUSINESSES
Each industry is unique and the hallmark of a great business partner is the ability to understand and identify the needs and goals of each business in its own context. Our vertical industry units are designed to help companies grow through tailored services with insightful, practical and effective advice.
Learn more about our Real Estate & Construction industry unit!