Advanced Analytics

Improve Mall Management Operations with Retail Analytics

The retail industry has been severely affected by the pandemic. During the pandemic phase, consumers shifted from shopping in retail outlets to online platforms. However, the retail sector is gradually scaling up with effective mall management techniques. One of the main reasons for the rejuvenation of mall management operations is the experience of shopping virtually. According to Market Research Reports, offline retail accounts for 91% of the overall market in ASEAN. In his article for Tech Wire Asia, Aaron Raj shares how retail analytics can change the future of mall management.

How Analytics Can Improve Mall Management

Retail analytics helps outlets make data-driven decisions. It empowers transactional data visibility and enables mall management to accumulate the data without expensive data integration processes. Jun Ting, CEO of Aimazing, mentions that retail analytics can help retail outlets to amass data regarding peak shopping hours and ideal basket size. Furthermore, retail tenants can get an accurate idea of real-time market performance. Retail analytics is playing a crucial role in leveling the playfield for mall management with online shopping platforms.

How Retail Analytics Works

With the help of retail analytics, mall management has real-time access to offline transactional data. It helps mall owners and retail firms to analyze data and incorporate necessary changes to help customers. The accumulation of data per the shopping patterns of end-users also allows retail firms to make shopping a personalized experience for consumers. In a new integrational operation with machine learning, retail analytics can analyze the data from receipts and directly upload it to the cloud. It will allow the backend users to evaluate the data in real-time and use it to improve the overall shopping experience.

Retail analytics has been a tremendous help to retail tenants, firms, and management. The modern analytics system has helped malls attract a considerable amount of investment to expand the business which was a matter of concern only a few years ago.

Click on the link to read the original article: https://techwireasia.com/2022/10/retail-analytics-a-game-changer-for-offline-commerce/

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