Future of Shopping Malls- Role of Analytic tools in Reinventing Malls

analytic tools

Are you a mall owner? If yes, this guide is for you.

You may notice a sudden change in customer shopping behavior, especially, during the pandemic and post-pandemic. The unexpected entry of COVID-19 changed the entire retail world in such a way that customers became used to purchasing anything online even it is grocery items or electronic gadgets.

To overcome the influence of e-commerce, mall management is forced to provide an extraordinary shopping experience that stands out from hundreds of its competitors. The pandemic time is an eye-opener for retailers. Now the retailers understood the market trends and sticking to the old traditional methods in marketing and technology may affect their business very badly anytime without giving any prior notice.

According to Alain Bejjani, Fo­­rmer CEO of Majid Al Futtaim, there is an increase of 104% in spending on online shopping in 2021, compared to 2019. Customers are retur­­ning now with lots of expectations as malls are an important spot where many people want to spend their leisure time with family and friends. It became a part of their lifestyle.(Source: FC Middle East)

According to him, the pandemic and OTT platforms couldn’t redefine the role of malls. The malls will continue to evolve with the evolution of customer behavior.

In his speech, he mentioned the importance of reinvention which is necessary for running a mall successfully in this metaverse era.

The future of malls completely depends on customer experience. The primary thing you have to keep in mind is, it is tied to how well you can blend the technology and design to provide a unique omnichannel experience.

Role of analytic tools in reinventing malls

mall analytic tools

Malls are undergoing an evolution from traditional to digital by adapting new advanced technology solutions which can offer a better shopping experience to the customers and improved revenue to the retailers. Analytic tools are such technology inventions that can provide insights of head to toe mall activities including sales reporting, revenue sharing, footfall data, sales capturing, tenant management, etc.

airport analytic tools

Rather than just adding an ordinary analytic tool that provides your mall revenue analytics only it is always best to choose one that comes with an “all in one” solution that provides all the insights and features that are related to managing a mall effectively.

EGoal is a retail analytic solution offering unrivaled features for automatic sales capturing, revenue sharing, footfall analysis, loyalty programs, digital receipts, etc.

A data-driven approach can help malls to stay competitive in the modern environment. The retail mall analytic tools provide a historical and predictive analysis report that can be used for improving the customer shopping experience and tenant performance.

Tenant mixing is another important thing that helps to increase customer experience. Analytic tools offer tenant sales data reports that clearly show each tenant’s performance metrics in the mall.

If you want to know more about retail analytic tools for malls and airports please don’t hesitate to contact us.

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