The retail industry has been operating in the midst of unique times even prior to the covid-19 pandemic.
The market is under pressure as it responds and adapts to the disruptive force COVID-19 and the internet on traditional business models. However, retail is far from dead as consumers will continue to shop – only in a different manner – and centres which are able to adapt to the modern world will succeed.
Ever-demanding consumers are making the shopping journey more complex
The retail sector has evolved rapidly over the past decade, as the internet has fuelled price transparency and expanded consumers’ retail options.
Your customers have become increasingly sophisticated and demanding in terms of how, when and where they want to shop. Immediacy, cost and quality have become their new expectations.
Online retailers also have a strong advantage when it comes to capturing meaningful data and using that data to good effect with marketing strategies. But there are also technology solutions available for bricks and mortar retailers that can match the power of Google Analytics, Google Adwords and other online dashboards when used correctly.
Péarlaí provides shopping centre management and tenants a service that allows you to analyse in-depth detail about the visitors to your centre and engage with them while they are in your centre and measure the conversion rates of those engagements.
No apps, no beacons, no Wi-Fi required, just one simple smart fob that works across every tenant in your centre. Simple.
When you enter a tenant meeting, it’s common that the first few points on the agenda will include showing evidence of your marketing activity and how it has increased footfall into your centre and your tenants stores. Then a little further down the list, you’re probably asked what the plan of attack is for the weeks and months ahead.
Péarlaí can supply you with all the information you need and enable you to answer those commonly asked questions immediately through one easy to use shared dashboard. Your tenants can see how many VIP shoppers have registered, how many selected their store as a favourite, the demographics of their VIP shoppers and concrete evidence on the number of customers that entered their store after receiving an SMS from Péarlaí, this is what we classify as a conversion and we currently have an average conversion rate of 27% across all the shopping centres currently using our system.
It will be impossible for any tenant to question your efforts, you’ll be applauded for competing with the online world with an innovative technology solution and you’ll have impressive results to back you up.
We can impress you with promotional content, telling you how great our solution is, that wouldn’t be difficult, we know Péarlaí’s platform increases footfall and sales better than any other retail analytic tool available on the market, we know it’s more accurate and we know it has more features than any other platform.
But, that’s not what we’re going to do, let’s look at things from a different perspective – what would you be missing out on by not trialing Péarlaí’s platform? Firstly, you can’t continue with the marketing strategy and channels you’ve been using for years. You already know that because you’re taking the time to read this article.
Marketing evolves continuously, and the retail industry is very different to what it was ten years ago, or even six months ago. You need to be inventive, always seeking new ideas and you need to collect accurate data.
If you don’t know the demographics of customers, how do you attract more likeminded people? If you don’t monitor the behaviour of shoppers how do you plan tactics to change their behaviour and spend a little longer in your centre, or visit different stores?
You can continue to use vanity based footfall figures to appease your tenants but everyone knows that there are so many things that can influence those figures. It’s okay having footfall figures but if you don’t know where those customers go when they enter your centre the footfall figures are often open to many arguments’ from your tenants as they don’t see the proportionate level of footfall. Péarlai gives you the ability to know how many VIP shoppers are entering each and every one of your tenants facilities.
It has never been more evident that a professional analytics platform to share insights and give your retailers access to the right tools to engage with their customers is an essential service in today’s world. Investing in innovation is not a nice-to-have, it’s a necessity to just stay in the game.
We all know that the next three to five years are going to be very challenging within shopping centres and retail in general. Top of consumers’ minds for the foreseeable future is their health and wellbeing.
When they actually do venture out to shop, consumers now know they can get virtually everything they want online and often cheaper so when they do go shopping they want a good experience and better value than they’ve had in the past and your tenants budgets need to go further with less income so they need guaranteed results from your marketing activity.
We can all see that COVID-19 has sped up issues that were already brewing within retail, don’t shy away from these issues, they won’t disappear. You need to be exploring modern technology to ensure your centre stays attractive to shoppers and in turn financially viable for your tenants.
Péarlaí’s platform can help deal with all these challenges, we provide crowd management solutions, online time slot booking features, an effective marketing channel for your centre and tenants.
We can even help you deal with occupier demand as our dashboard gives all stakeholders a shared insight into the efforts being made, and we can put you in a much better position to compete with online shopping by offering insights on your customers that nobody else can.