Importance of data visualization in Shopping Malls- Retail Data Analytics Guide for Shopping mall Owners
Data visualization is not an unfamiliar term among mall owners. They usually collect data about their mall revenue and expenses. But those reports can’t help them to completely optimize the mall operations. Retail data analytics tools can generate insights that help the mall owners to get an overview of their visitors, rent calculation, optimize the retailer’s mix, etc. So there is no doubt that investing some money in shopping mall analytics tools is really worth it. These tools uncover all the data that had been neglected yet.
While digging into this point more deeply we can divide it into the 5 main facts.
- Mall visitor analytics to know your customer profile
Retail data analytics tools generate a huge amount of data. The customer journey inside the mall has a vital role in optimizing the rent and retail mix. Footfall counting sensors count the mall and store visitors and generate reports on the demographics, peak period of mall visits, recurrent visits, bottleneck areas, etc. The different types of reports from the mall analytics software help the mall owners in planning promotions on the specific stores and for the specific category of people.
- Optimizing the leasing -Providing answers that affect leasing strategy
Usually, in a mall, all the stores don’t have the same rent. The rent is decided by the management based on the floor, location, and size. It is a very crucial task to optimize the leasing. Mall management software verifies which area in the mall is more popular and which area has low traffic. These insights can be used to determine rent in those specific zone. These high-traffic zones can be used for displaying promotions and events. Mall management can help the low-traffic stores by conducting contests and events near that store. This will help to build a good owner-tenant relationship.
- Ensuring the visibility of all areas inside the mall
A mall layout should be in a way that all the areas can be easily accessible and all areas should have something that a visitor can be useful. The correct configuration of retailers, locations, restaurants, play areas, etc. can ensure the visibility of all areas at a similar level. It’s really important to make sure that the mall visitors don’t feel any uncomfortable and at the same time in a strategic way that mall visibility is assured.
- Tenant sales capturing for improved mall operation
Mall management software push sales data from Tenant POS to generate insights on the gross sale. These data can be used to find seasonal footfalls, most popular stores, peak sales time, customer profiles, and shopping behavior. This helps the retailers to develop a strategy for tenant mix and it will generate higher traffic and revenue.
- Develop new marketing strategies and promotions
Data visualization helps the mall owners to throw light on the customer preferences. Based on the peak time and customer preference new marketing campaigns and promotions can be planned. The insights collected from last events and promotions can be used to decide the success of that event. These reports will helps in the future to plan a similar event.
To conclude, it is really worth to investing money on a retail data analytics tool for your mall management, it can help to boost the mall revenue and customer experience. Data visualization through mall management software helps to manage your mall in more profitable and sustainable way.