By David Fuller-Watts, Mallcomm CEO, and Ben Chesser, Coniq CEO and Founder
That’s why Coniq and Mallcomm are working together to use our platforms’ vast data to deliver relevant content to shopping mall stakeholders.
Although each platform has different engagement aims, they can be combined to give all parties a better experience, bringing tenants, mall operators, and shoppers into one digital ecosystem – and the benefits are far-reaching.
Time and cost pressures have underlined the need to improve communication between landlords and tenants, creating greater efficiency. However, achieving this aim is challenging. With potentially hundreds of tenants to reach, there are challenges around consistency and effectiveness of execution.
Many shopping malls use multiple tools to try and reach tenants, including time-consuming manual processes. This can result in a blanket communication approach instead of more customized, targeted information.
Furthermore, lackluster or unclear communications can impact tenant productivity. For example, any questions or maintenance requests can take much longer to be addressed.
Investments in digital platforms are resolving these issues and reshaping communication strategies. A more responsive, productive, and collaborative environment can be created by centralizing communication and enabling two-way messaging.
Improved communication also means more effective engagement, paving the way for stronger landlord and tenant relationships. Through more collaboration, both parties will be better positioned to respond to market shifts and potential challenges. In the longer term, this will help to deliver higher retention rates and property values.
Consumers’ desire for quicker and more effective communication includes more personalization when interacting with retail brands. They want to feel like retailers understand them and to see this knowledge reflected across multiple channels.
The retail industry has had to quickly respond to these trends to remain competitive and build customer loyalty. Digital platforms have played a vital role in understanding customers by providing real-time actionable data. Through this, mall operators can gain a clear view of the customer journey and their preferences, aligning more closely with their demands and market trends. It enables them to make better, more informed decisions faster. In addition, customers can be targeted more effectively. This insight can drive further efficiency, performance, and retention for the landlord and retail tenants.
Behavioral shifts have also seen more consumers engage with loyalty programs to benefit from relevant deals. This presents a critical opportunity for shopping malls, which can adopt the same model to improve efficiency, engagement, and the bottom line. Connecting every brand within the same location, a shopping center loyalty program benefits the operator and its tenants. Purchase data and insights can be shared to strengthen relationships and enhance the customer experience. A digital platform will drive down costs, too, enabling retailers to communicate personalized offers to consumers while managing margins.
As the retail industry continues to evolve, digital platforms are an essential tool in the armory for all those who own or manage malls. By enhancing communication, the technology will increase operational efficiency and engagement, ensuring shopping centers keep up with the pace of change and are fit for an increasingly digital world.
Ben Chesser is CEO and Founder of Coniq.
David Fuller-Watts is CEO of Mallcomm.