CBRE is leveraging big data to shake-up the Australian retail landscape, introducing a new advanced retail analytics service that provides a global-first analysis of buyer behaviour.
Combining property expertise with digital media, CBRE has partnered with HYP, a mobile data management company, to launch a new retail analytics based geo-targeting service for digital and out-of-home advertising, which will enable retailers to deliver targeted advertising based on the physical movement of customers through trade areas.
Leveraging real estate analytics from big data, the advanced platform will provide valuable insights, enabling retailers to undertake more targeted and consumer-centric digital and out-of-home advertising, including greater focus on competitive and high-traffic locations. It will also provide meaningful data on shopper patterns and user profiles, as well as conversion information on store visits from ad views.
CBRE’s Head of Retail Analytics, Australia, Matt Copus said the combination of retail analytics and geo-targeting would create a powerful differentiator in the retail industry.
“The launch of our new retail analytics based geo-targeting service is an excellent demonstration of big data application in real life, with the potential to cause significant disruption in the retail industry,” Mr Copus said.
“The retail industry is extremely competitive, so 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.”
Mr Copus said the new platform marked an exciting move for CBRE.
“Moving into the digital media space is a big shift for CBRE and highlights the growing convergence of the physical and digital elements of retail. With a more holistic approach, we can enable clients to target and reach customers in a smarter and more efficient way.”
The new platform has uncovered a number of insights about retail traffic movements in Australia’s largest capital cities.
CBRE’s Head of Retail Leasing for Australia, Leif Olson, said the platform had already highlighted the positive influence pedestrianising George Street was having on the surrounding retail precinct.
“The data has shown areas that are positively impacted by pedestrinisation and which will benefit directly from increased flows of affluent customers shopping along George Street and the main Sydney retail precinct,” Mr Olson said.
“These insights are allowing us to deliver previously untapped data to our clients, that will help shape and transform their retail strategy to better capitalise on buyer behavior trends.”
-An analysis of more than 100 million GPS signals reveals there has been a noticeably higher level of connectivity between Wynyard and the main retail precinct between King and Market streets since that section of George Street was pedestrianised.
-The volume of people using the King Street intersection has increased and traffic levels have also improved in Martin Place as the CBD becomes better connected
-An analysis of more than 100 million GPS signals conducted to understand the flows of people through the Melbourne CBD.
-St Collins Lane plays an integral part of customer flows through the CBD with the centre benefiting from the 5.7 million pedestrians moving along Collins Street in the last 12-months.
-St Collins Lane’s prime location at the south of the Melbourne CBD enables it to reach high value customers either working or shopping in an area of the CBD where the penetration from offers north of Bourke Street Mall, such as the Emporium, begin to diminish.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.