Retail destinations are facing complex challenges that in many cases threaten the very existence of the marvelous local shopping hubs. Without due diligence, some of these challenges may mean a decline in tenant revenue or even closure of malls around the world.
Simultaneously, retail destinations have been overlooked in the design and supply of solutions to cope with these rapid changes, leaving often a very small management team in charge of changeovers that are both difficult, demanding and often-times risky business.
Customers not only demand relevance and convenience in marketing. In commerce customers raise the same demands creating yet another challenge to malls and retail destinations.
Customers love the convenience of online shopping, that's more efficient and less arbitrary, and we’re seeing an increase in online purchases worldwide.
Customers are not just shopping in online market places – they’re doing it on multiple platforms, wherever they are, and at any time of the day.
Constant accessibility is not coherent with the way most retail destinations work today, yet there is absolutely no reason why they shouldn’t tap into these consumer trends and -tendencies.
In fact, malls and retail destinations are in the perfect position to combine the benefits of online and offline shopping - if they adapt the features of online shopping and present it to their existing customer base.
Unfortunately, retail destinations have been overlook and have never been presented with tools to solve these challenge - let alone one of the most pressing issues in retail: Get to know your customer.
Unlike E-commerce, offline shopping lacks the possibilities to gain deep insights or solid data on their customer base. Retail destinations have limited possibilities in segmentation and characterizing customers, and oftentimes rely on visitor counter hardware as their only data source.
Without a deep understanding of the customers, developing and even communicating effectively can be tricky, resulting in either unsuccessful initiatives or total standstill.
However, with the right tools malls and retail destinations can gain crucial insights on customers, service their needs and once again reactivate their loyal customer base.