Shopping mall analytics- Key performance metrics to grow your mall revenue

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Online shoppers rate is drastically increasing day by day. More stores are also investing their money in e-commerce to ensure the smooth running of their business. This trending number of e-commerce shoppers is an eye-opener for mall management to reinvent their technologies and techniques to endure in this digitized environment. The implementation of a technology that measures customer behavior can help to bolster the mall operation. Shopping Mall Analytics software like E-Goal generates a deep analytics report which can be used as a revenue booster for the malls.

Why Shopping Mall Analytics?

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The turbulent economy is giving a serious headwind to mall operators. The past few years are showing statistics that are in favor of e-commerce. People prefer to spend their time and money on online shopping rather than experiencing a mall visit. The retailers want to employ data-driven technology to measure their store traffic and customer journey. Major shopping malls are made up of individual stores of various types, mall management can utilize this analytics data to better evaluate what is going on within them. It allows them to see where shoppers spend the majority of their time. Furthermore, where they are most likely to go after leaving a specific store.

Shopping mall Analytics metrics

The KPIs (Key Performance Indicators) indicate the quality of the relationship between mall management and stores and stores and customers. A KPI is a measurable value that retailers use to understand their performance level and whether they are achieving their target objectives. Mall management can take the shopping mall analytics report of customer spending time on each store, which can be used for prioritizing the tenants. Mall operators get a detailed report on tenant sales.

1. Footfall Analytics

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The shopper’s journey analytics is a key metric to improve the “in mall experience”. They’re figuring out the optimum shop mix, figuring out and designing store adjacencies that generate higher consumer spending and longer mall visits, and negotiating better rents with tenants.

Footfall traffic reflects the no .of visitors entering a mall, their root map inside the mall, engaging time in each location, finally the exit time. This generates a traffic pattern for each visitor. The traffic to the mall during different seasons, days, and promotion events can be measured. These insights are a reliable source of data to determine the success rate of an event or sales promotion and to plan the next promotion time.

2. Heat Map Analytics

The heat map is a graphical representation of data by using colors. Heat map data reveals the bottlenecks and hotspots of customer journeys inside the mall. Mall management can use this heat map data to analyze the traffic during proximity marketing events and the impact of any layout change or store location change.

It shows the highly engaged retail store and the lowest customer engagement store. This helps to relocate a low traffic store near to a high traffic store to generate more traffic thereby revenue. Placing attractive digital signage of popular brands in the bottleneck areas will drive traffic to those areas.

3. Proximity traffic

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Proximity traffic is another key metric to measure the No.of people passing close to the store. It is calculated by dividing the total No.of visitors passing close to your store divided by the overall mall traffic.

The type of the store is a factor that influences the proximity traffic value. Some stores have multiple entrances, the traffic through each entrance may be different. The low traffic entrance can be identified by shopping mall analytics solutions and take necessary steps to make it increase.

4. Sales Conversion Rate

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A shopping mall has many types of stores. The ability to convert an opportunity to a sale can be referred to as retail sales conversion. The no. of visitors and the conversions together provide the sale conversion rate. Shopping mall analytics gives the store traffic data to measure conversion rate.

Better customer experience is necessary to achieve high traffic.  Shopping mall operators have to implement some advanced technology elements to survive in the current market situation. By opting for Shopping mall analytics solutions like E Goal can enhance the ROI, customer experience, mall traffic, and many more.

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