Shopping Mall Analytics is all about Visitors that flock to shopping centers are of all ages, genders, and personalities. It’s really a fireworks display of different people, with different personas, preferences, and purchasing behaviors. This is why marketing for malls can be difficult. You’re spending on ads, digital displays, etc. to present to a general audience without actually targeting potential buyers and gaining any conversion.
What marketing efforts like these lack is the essential first step for any marketing campaign: analytics. The most important part of marketing is first understanding your audience, learning as much about them as you can, and uncovering insights adequate enough to help you craft solutions that will meet their needs and help them find what they’re looking for.
What Locus IT offers is shopping mall analytics.
Shopping mall analytics and insights help you do just that — understand your shoppers, their behaviors, their pain points, and their preferences, so that you can create personalized and targeted campaigns that delight your shoppers, and drive sales.
LocusIT’s software solutions can deliver unprecedented insights about your shoppers in comprehensive, custom reports that give you clarity on the people contributing to your mall’s foot traffic. With these analytics in your arsenal, you can optimize the value of your mall and make better leasing and marketing decisions, and overall business decisions.
Importance of Mall Analytics
Although marketing for a general audience seems like the best way to reach a wider scope of potential buyers, businesses that use this approach end up spending time and resources that don’t generate conversions. Without a specific target group, they risk reaching only one in a hundred viable leads and customers.
It’s been well-established that in order for a marketing strategy to truly work, businesses must narrow down their audience to a more specific group composed of people who actually need and want what they are offering. By targeting your marketing efforts and implementing strategies that suit an ideal customer’s demographics, behaviors, and interests, the chances of your shopping center marketing and advertising efforts leading to a sale, skyrocket.
But before you can find your ideal customers and achieve appropriate targeting, you first have to know and understand them. This is possible through LocusIT’s shopping mall analytics software that delivers all the information you need about your shoppers.
We do this through the Mall Performance Cloud (Customer Data Platform for malls) reporting powered by Microsoft Power BI. Our software combines data from digital interactions between your shopping mall and your shoppers. This data is comprehensively organized into dedicated reports that provide insights on customer behaviors, demographics, preferences and interests, past visits, and more. With access to this unprecedented information, you have a solid basis for your marketing campaigns, leasing decisions, and business goals.
Shopper Insights: Understand Customer Behaviors
The LocusIT’s analytics solutions safely collects shopping mall analytics from digital interactions between you, your retail tenants, and your shoppers. Data may include past purchases and visits, demographics, event attendance, preferences and interests based on history, loyalty performance, coupon redemptions, transactions, and other data source integrations like parking.
Collectively, these little bits of information uncover the purchasing and shopping behaviors of your customers, telling you what they buy, where they shop, what interests them, etc. Being armed with this information about your customers gives you the foundation of your marketing efforts. It tells you how you can better engage your shoppers and inspire them to come back and make additional purchases in the future.
By understanding what it is that your customers are looking for, you can create strategies that meet those needs and expectations, not only improving customer experiences but creating a journey that brings them back to your shopping mall time and time again.
Measuring Mall Performance & KPIs
The LocusIT’s shopping mall analytics software solution can reveal insights on:
● KPI Dashboard – displays the most important information that you need to make good sales, marketing, and business decisions.
● Shopper demographics – helps you understand the unique identifiers of your shoppers, including their age, gender, marital status, location, etc. This allows you to segment your customers and find similar individuals, “look-a-like” audiences who are very likely to be interested in shopping at your center.
● Shopper preferences and interests – retrieved from shopping activity, these insights can help you identify the marketing campaigns you can implement for specific market groups.
● Loyalty performance – identifies your most loyal customers to help you pinpoint the best strategies to keep them engaged and attract new shoppers.
● Coupon redemptions – shows the nature, type, and specifics of coupons redeemed by your customers, giving you a better idea of what promotions work and which ones you should continue offering or scrap completely.
● Campaign & sending performance – allows you to measure the success of past campaigns (email, SMS, etc.) and strategies, identify points of improvement, and determine performing and underperforming efforts.
● Transactions – shows the transaction histories of your purchasers, i.e. where they’re buying and what they’re buying. This gives you a better understanding of what types of promotions to give them or what campaigns to implement to keep them coming back.
● Shopper visits – tells you where your customers are in your mall, which retailers they visit, and how you can influence them to return and make a purchase.
● WiFi, footfall, and parking data – enables you to capture more accurate insights on shopper traffic and monitor their engagement in certain areas of the mall.
● 3rd party analytics platforms (GA, Instagram, Facebook) – this data expands your reach from on-site shoppers to off-site ones, gathering information from digital interactions in social media platforms or other websites.
● Trade area movement – allows you to monitor the movement of your shoppers in the mall, how long they are spending in specific areas, and their engagement with displays or products.
Boost Your Revenue Through Advanced Analytics
Locus IT offers a shopping mall analytics software solution that enables you to understand your shoppers like never before. Get full and valuable insights on their on-site and off-site behaviors and retrieve data that will help you create targeted and effective business decisions. Boost your revenue, accelerate your ROI, and make your shopping mall the place to visit with Locus IT’s Analytics Solution.
Reference for the more content is available here https://learn.microsoft.com/en-us/industry/retail/overview-smart-store-analytics