According to Reuters, Trading Economics, Economic Times and several other reputable research firms, retail sales in shopping malls around the world are anticipated to increase. Retail sales in the US have recently experienced a tremendous increase, and to varying degrees, the same is true in other major markets around Asia and Europe. After the pandemic, the world is settling into a new normal and the dread of leaving the house has been replaced by getting out and making up for the time spent indoors. Data indicates that retail and shopping malls will continue to grow in the next years, but there will be a rough balancing period during which the sector will achieve its new equilibrium.
Thus, the question of how shopping malls can withstand the approaching instability and emerge more resilient than ever arises. The key in this situation is adapting to changes in the industry and constantly changing consumer behaviour. Making decisions based on trustworthy and accurate data is the best and most dependable way to monitor these changes. The performance of your shopping malls will be enhanced by timely technology adoption. Retailers can increase sales, maximise profit, and operate at peak efficiency by knowing the occupancy rate for each and understanding customer demographics and the performance of anchor stores.
This blog post explains how reliable and accurate data from people counting solutions can help you improve many aspects of your physical locations. This data can also be leveraged to identify improvement areas in the malls.
Why You Should Use People Counting in Shopping Malls and Retail Centres
- Measure the impact of your marketing programs.
- Accurate and Informed Leasing Valuation
- Optimize Scheduling and Allocation of Staff
- Traffic Monitoring and Real-time Occupancy
- Measure Anchor Store Occupancy
- Enhance Customer Experience
- Compare the performances of Shopping Malls
1. Measure the impact of your marketing programs
Shopping malls don’t just provide vast shopping choices to customers, they also serve as gathering spaces to meet with friends and family. They provide entertainment options such as cinemas, arcades, and gaming zones. The entertainment factor contributes significantly to their appeal, and where there is entertainment, there are numerous marketing opportunities.
Going into a marketing campaign blindly and not knowing when and by which demographics your shopping mall is most active will lead to poorly optimised marketing campaigns and you’ll most likely end up wasting money and other resources. However, if you employ zone analytics and demographic analysis tools, you’ll be able to identify which areas of your mall are working well and pinpoint the reasons why they’re doing well (or poorly) as well as the people who are making these areas popular. A successful marketing campaign depends on knowing your target audience, and for physical locations, only the best people counting technologies can provide you with the accurate, insightful and actionable data you require.
Utilizing a mall traffic counter would give you the insights and vital information you require to influence your customer’s purchasing decisions. Clearly, for all of that to work, your traffic counting sensors should include a mobile-friendly, customizable online shopping mall dashboard that receives regular updates to meet the needs of the constantly evolving retail sector.
2. Accurate and Informed Leasing Valuation
It’s never easy to sit down with your tenants and try to persuade them that your lease valuation is reasonable. However, if you’re leveraging traffic counts, the entire dialogue may develop differently and, in the manner, you had hoped.
A reliable people counting solution can give you data on the number of people entering and exiting your malls, popular and high performing areas and frequently visited customer locations. If you can provide concrete data in the form of actual numbers to support your lease valuation argument, it will be easier to persuade your tenants that the rent is justified.
This data can be used to support lease negotiations and help you comprehend how external variables like holidays have an impact on consumer shopping behaviour. As long as your people counting solution can properly estimate traffic footfall across floors, zones and entrances, you should be good.
3. Optimize Scheduling and Allocation of Staff
There’s a reason why individuals prefer shopping malls when they’re travelling to a new location. They have a similar sense of warmth and safety. Most shopping malls use a similar layout and design ideas to achieve this feeling of security and comfort. However, a significant portion of that feeling comes from the staff members who ensure the mall runs well. Both the management and the employees are included in this.
Your traffic counter solution should be able to supply you with enough visual data to help you determine how many staff members you need to run the mall efficiently and what their work schedule should be. You will need more security and cleaning workers when your mall experiences high foot traffic during weekends and busy times to keep things operating smoothly and your customers satisfied. You may plan accordingly by knowing exactly when these hours are with the use of a dependable people counting system. You’ll save money not only on staffing expenses and compensation but also on energy costs, as having fewer workers means lower electricity costs all around.
4. Traffic Monitoring and Real-time Occupancy
Real-time traffic data can be used in a variety of ways at your physical locations, but accuracy is crucial in each case. V-Count, the people counter solution offered by RetailCare, has no rivals in this area. By using its Ultima series sensors, it can accurately and instantly count the number of people entering and leaving your malls with 99.9% accuracy in real time.
To create a solid foundation for your future initiatives, you can integrate real-time occupancy and traffic monitoring systems with other KPIs, produce clear, actionable reports, and compare them to one another.
You can manage your occupancy limitations in real-time and adhere to government regulations on health-related issues with the Covid-19 pandemic being the most recent example, all while remaining anonymous. Ultima sensors count individuals, track gender and age but do not store any facial data and are completely GDPR compliant.
Additionally, you can use an API to incorporate the occupancy data from VCare’s real-time occupancy solution into your own application and inform your customers about the current foot traffic in your mall.
5. Measure Anchor Store Occupancy
The largest department stores in malls are called anchor stores, and they are typically the main attraction for shoppers. The number of anchor stores varies according to the mall’s size, storefronts and surrounding areas present excellent chances to increase foot traffic at your shopping malls.
Installing mall traffic counters in strategic areas like food courts, cinemas, gaming zones, arcades, and restrooms will provide you with a wealth of information on how your shopping mall is doing and what can be improved or modified.
6. Enhance Customer Experience
A satisfied customer is a loyal one who will frequently visit your mall and spend money there. You may get all the important insights from mall traffic counters in a style that is simple to grasp and allows you to act right away.
People counting solutions enable you to anticipate and solve problems before they arise. You will have a toolkit at your disposal to convert regular customers into loyal customers.
7. Compare the performances of Shopping Malls
If you manage or own multiple shopping malls, the traffic counting solution you choose should have simple comparison features integrated into its online dashboard and application. You can make significant discoveries and identify problems by comparing people counting data from different malls.
Additionally, you can utilise the comparative data to optimise and enhance your underperforming mall while maximising performance and income from the mall that is currently producing positive results.
V-Count people counter offered by RetailCare is a future-proof solution built on cutting-edge technology. Footfall counting is important in gaining insights and acknowledging the aspects that contribute to this great shopping experience for customers. Having a people counter is vital for retailers of all sizes. A people counter, when used wisely, can impact your business in ways other than merely providing information on foot traffic.
People counters offer actionable data that can make a significant difference, from pinpointing popular mall areas to determining how spaces are used. People counters can also be utilised to better assess shopper movements and highlight trouble points such as packed or overcrowded corridors, resulting in higher visitor satisfaction. Furthermore, reasonable rentals for retailers can be determined by evaluating visitor footfall and areas of high/low traffic. Finally, people counters can assist visitors to have a better shopping experience and distinguish your retail mall from the competitors.
If you want to take your retail business to the next level by adding people counters, contact RetailCare today.