Data is the new oil and for shopping centers, getting in the business of processing offline factual data (to be mixed with online statistical data) means a new and very lucrative revenue stream.
There is a yet untapped income stream lingering in plain sight just beyond reach. All those people generating all that data just walking around in the real world of a shopping center, data that is waiting to be collected, turned into insight and become added value to each visit, to each shopper.
More specifically for a shopping center manager or owner this means a new sort of alchemy: transforming data into advertising and this, in turn, into profit.
People still spend more than 87% of their time in indoor environments.
The indoor retail space is still attracting 1.7 billion shoppers each year and people still spend more than 87% of their time in indoor environments. With the rise of online shopping, the future takes the shopping mall back to its most basic, primary role: a gathering ground, the place where people meet, hang out, eat, walk, shop, fall in love and go about their leisure time.
These interactions generate an invaluable amount of usable data. A map to shopper behavior can translate into tenant rent predictions, brand cross promos, a decrease in marketing costs by precise targeting and so much more.
With the understanding of the most common indoor paths, shop relations, linger time, visit and purchase behaviors, another layer of information and insight can be added to the decision-making process when it comes to indoor advertising and the marketing process in general.
Offline insights are better (because they are new, they are factual and nobody else has them) but cross-matching full-fleshed, mature online data with its offline counterpart, can bring a holistic view of shopper-user journeys.
There is a proprietary AI technology that uses the venues already installed WiFi system and can anonymously collect and analyze shopper mobile data and transform it into offline behavioral data called INDOOR LOCATION INTELLIGENCE. The data collected from locating shoppers’ mobile devices can be then connected to online advertising audience data.
Up to 50% increase in advertising targeting precision for retail brands.
This way, the AI-driven ad tech can predict in-store shopping behaviors allowing retail property owners to collect, own, analyze and monetize indoor location intelligence through programmatic advertising & marketing automation. All this translates into an increase of their advertising targeting precision with up to 50% for retail brands.
The mining and refining of real-world interaction data bring a new possibility in the advertising world. Shopping malls can create valuable streams of advertising revenues by monetizing their own indoor location data. This model is made as such that each data collector can share the anonymous audience bundles with other advertising entities in order to monetize further on the offline information contained in the managed venue.
Let’s take a more tangible vantage point. Let’s say Sarah is a constant visitor with a high predilection towards shoes. The system will pick up on her mobile’s anonymous signature and showcase new shoes offers on the indoor display. If Sarah has opted in to share her data with the shopping center (via its mobile app or website) she can receive targeted advertisements on her phone at a time she is most likely to provide positive feedback to the message prescribed (at home, at the office, at the mall).
By making good use of indoor location intelligence crossed with online data, the tool at hand can pinpoint the moment when the right shopper is most likely to react to the right message and deliver the creative content on the format that is most likely to engage with the shopper.
Intuition has been replaced by the science of tracking incremental choices, figuring out the precise decision moment and swaying that decision in a positive way for the shopper, the brand, the mall … and the stakeholders.
There are various shopping malls that have already implemented the Footprints for Retail technology throughout Europe. The window of still calling it an innovation is closing fast as more and more retail asset managers see the benefits first hand and opt in to mine and refine their data and add a new stream of revenue from advertising services to their roster.
Because this technology uses the existing WiFi infrastructure of the shopping mall, the costs of implementation are minimal and the results are fast to come.
Indoor Location Data is the new oil and Footprints for Retail is the empowering technology to harness and monetize it.
Find out more about unlocking the power of your shoppers’ real-time data and the steps to be followed in order to increase your advertising revenues!
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