5 Ways Shopping Malls benefit from using Visitor Analytics Technology
In response to the newly emerging retail scene, the traditional shopping mall has seen a decline in revenue generation. The digital age is upon us, and consumers are repeatedly opting to fulfill their shopping needs through online stores, as opposed to an in-person retail experience. But, there is something you can do about it. As buyer behaviors continue to change, shopping mall operators are turning to new technologies to help analyze consumer habits within their walls. Visitor Analytics Technology is a valuable tool that businesses use to provide insight and analytics into their customer’s activities.
Here are some of the important benefits for installing people counting technology in your shopping mall:
Total Footfall Measurement
One of the obvious benefits of people counting technology is gaining information about exactly how many people are coming through your doors. This is a key metric to look at in order to optimize the performance and success of your business. Total daily transaction counts and sales reports give only a mere fraction of the big picture of how well an establishment is performing. Customers do not always make a purchase during a first or even second visit to a business. Having the ability to accurately measure your mall’s footfall will shed light on how effective you are functioning as a whole. You can then use this information to push initiatives that better reach your customer base and generate revenue.
Learn which marketing initiatives are performing the best
With the help of visitor analytics software, mall operators can track which of their marketing efforts draw in the most footfall and measure the ROI of their events and activities. The cost of marketing materials and collateral can be steep, and knowing which measures are effectively driving business to your location is essential for developing and maintaining successful campaigns. By tracking consumer activity within your shopping mall, you can optimize and expand upon the programs that are the most successful, while eliminating efforts with little to no positive results.
Gain insight into popular floors and areas of the mall
Visitor analytics systems do more than just count customers at the door. These programs provide valuable insight into exactly where customers are going, as well as where they’re not going. This technology can be placed at any juncture within your facility in order to track customers entering different areas, reaching different levels of the building and how much time they spent there. This intelligence displays the most popular places within your mall and allows for you to strategically place information, kiosks, and advertisements. With this information, you can also target areas that need attention or even renovations.
Data backed leasing structures
One of the key responsibilities of a shopping mall operator is deciding which vendors to include in their establishment and how much to charge them for rent. Visitor analytics will do the legwork to scope out prime locations within your business. With this understanding, you can charge your tenants realistic rental rates, creating a mutually beneficial relationship between the mall operator and the retailer. This technology can also show you which locations are not performing as well and will help in assessing which leases you wish to renew, and which ones should be let go.
Security and Safety Awareness
People counting technology aids in revenue generation, but also contributes to the overall safety and security of your facility. Customers now have the convenience of shopping online from the comfort and security of their own living room. In order to compete with the digital market, you must ensure every corner of your mall is safe and well monitored. These efforts require a large amount of manpower and financial resources. You may end up shelling out extra money in attempts to control the potential for forms of criminal or dangerous activity. Malls People counting technology can help you pinpoint areas where security needs to be increased, or where customers tend to congregate, creating bottlenecks and potential hazards. With this technology, you gain insight on how to best distribute your resources, ensuring a pleasant shopping experience for your guests.
What this means for your business
It is vitally important as a mall operator to understand the flow and function of your business. Today’s customer is in control of the retail landscape, and mall operators need to be able to adapt quickly to their changing needs and demands. Visitor analytics technology is an essential tool in order to develop a deep appreciation of your customer traffic, high performing areas, and places in need of improvement. With the understanding provided by these systems, you unlock unlimited potential for your shopping mall, and harness the ability to meet the changing needs of the customer.
Ready to watch your shopping mall grow in both footfall and revenue? Click here to find out more about V-Count’s trusted solutions.