Retail landlords are leveraging big data and analytics to shake-up the Australian retail landscape and gain a more comprehensive understanding of consumer profiles and behaviour.
As well as enhancing customer insights, leading-edge consumer analytics tools are now helping retail industry professionals benchmark competitor performance, increase share of wallet and gauge the effectiveness of marketing campaigns.
While many landlords already collect visitor data using WiFi, Bluetooth, beacons, sensors and apps – this only gives them insight into consumer behaviour within their own properties.
The latest consumer analytics tools can leverage mass mobile data, enabling shopping mall owners and retailers in major CBD locations to collect intelligence – without any significant capital-intensive hardware installations.
New technology can track movements around the CBD to allow retailers understand how many people pass by or visit a building, as well as the demographic profile of these customers. Importantly, it is also possible to gain insights on where else these customers visit in the CBD, to assess cannibalisation and the additional reach that a new location will provide against an existing portfolio.
These tools also track footfall and other data to benchmark a mall’s performance metrics and compare it with competing properties. This information can be used by landlords and retailers to understand key battlegrounds between locations and the steps they can take to retain customers.
This is especially useful for landlords of underperforming malls seeking to diagnose the causes of underperformance in their property; considering a repositioning exercise; and/or wanting to identify and respond to competitors that are affecting their sales.
In an Australian first and major shake-up for the retail industry, CBRE has partnered with mobile data management company, HYP, to launch a new retail analytics based geo-targeting service for digital and out-of-home advertising. This unique service enables retailers to deliver targeted advertising based on the physical movement of customers through trade areas.
With the retail industry already extremely competitive, having the potential to tap into the exact location of customers and position a brand accordingly, is huge. It will drive competitive advantage, maximise customer impact and minimise ad wastage.