$9.6 billion was invested in the commercial real estate technology sector in 2018. Technology is not a trend, it’s a total disruptor — and retail is at the forefront of the technological change.
It’s an age of enlightenment. There are no limits in this changing retail environment. A handful of new technologies can be used for management and engagement. But we think that data and IoT in the customer experience present the biggest opportunities for the industry.
Here’s how:
Data is the Future Commodity for Real Estate
Data is the driving force behind all commercial real estate decision-making. Especially for retailers. Potential tenants can make more informed decisions than they ever have been able to before when selecting a property.
They want to know detailed demographics, how shopping center marketing campaigns impacted their sales and how to forecast future values of their property.
There are so many data sources available to both retailers and real estate owners now. The possibilities are endless. It’s just a matter of choosing the right tool and having the necessary support.
“Whether you’ve been in commercial real estate three years or 30, the only way to stay relevant is to leverage these new data sources and technology in your valuations, analyses, and site selection.” CCIM Institute Chief Economist K.C. Conway in his recent report “Long May You Run – An Essential Commercial Real Estate Tuneup.”
That’s why tools like Mallcomm are so vital to the success of shopping centers today. Mallcomm facilitates the collection and sharing of data in retail communities in one powerful platform. It integrates every form of desired data into one system that’s available for all mall management to use.
Through technology, there is limitless opportunity to connect to customers, drive sales and measure performance. Data mining and analysis can track metrics like customer flow and sales collection.
Customer Experience
By 2024, IoT in the retail market will exceed $30 Billion!
We are living in an experience economy. The most successful shopping centers are capitalizing on this with the use of IoT.
IoT connects everyone — the customer, employee, building — through devices like smartphones. It’s a powerful tool that has still not been utilized to its full potential. Not only in real estate and retail, but in all industries.
Features like self-service checkouts and location-based promotions allow retailers to be more flexible.
They also connect customers and make their experience more personal. It makes their buyer journey easier.
Using technology like IoT can clearly show you where your customers are at in their buyer journey. It shows what time, and in which locations the best opportunities for campaigns like flash sales will be the most lucrative. It offers unparalleled insights on consumer behaviors and valuable analytics for sales and marketing.
Mallcomm brings all of these features together in one place. That’s easy to navigate, accessible to anyone and available at any time and anywhere.
Create and send customer polls and surveys. Carry out and report on campaigns and events. Engage staff and set-up job postings. Manage your social media networks. Send requests to maintenance and cleaning. Order catering. All in one place.
How do you foresee big data and IoT revolutionizing the retail business and experience? Join the PropTech conversation and talk to us at Realcomm in Nashville, 13-14 June. To arrange an apppointment, click here.