Retailing is about attracting customers and extracting sales from them.
Our retail analytics platform recognizes that without knowing how many customers pass retail premises, it is impossible to measure selling efficiency or right size rentals and premises. It also recognizes that the only way to increase selling efficiency is by improving the efficiency with which retailers attract passing customers into their stores and extract sales from them.
Malls and retailers don’t routinely measure or manage these variables. This can only mean that they have the potential to increase sales. Our analytics capability was developed specifically to help realise this potential.
The number of customers passing retail premises determines their sales m² potential and rental m² value. This means that the integration of customer counts with sales and rentals is key to improving retail efficiencies.
Customer based ratios
Retailing is all about attracting passing customers into stores and maximising sales from customers in stores. The performance measures of malls and retailers need to reflect this.
When used with customer-based ratios, our reporting system objectively identifies and prioritises potential for improved performance by retail store – including the variables contributing to potential.
The integration of passing and retailer customer counts with other data enables the use of customer-based ratios. These ratios are key to identifying and realising sales potential and identifying rental imbalances and size of premises problems.
We have web-based software that automates the integration of data exports from different systems and, if required, facilitates the manual capture and integration of tenant sales, transactions & staff numbers. This enables the generation of customer-based ratios.
This software has a number of features to enhance the reliability of data capture, enables the alteration of data already integrated into a database and provides a complete audit trail of all data entries.
Customer based ratios
The pandemic proved conclusively that the sales m² potential and rental m² value of retail premises is not a function of the size of premises. They are a function of the number of customers that pass premises. Existing performance measures do not recognise this.
The figure alongside shows how bringing customers to account can change perspectives. For example, store 2 paid the highest rental m² but the lowest rental m² per passing customer.
Without knowing how many customers pass and enter premises, it is impossible to objectively:
- measure or influence selling efficiency or its underlying variables;
- identify a par rental for retail premises, which makes it impossible to identify where rentals are too high or too low; and
- identify when premises are too large or too small and bring this to account in sales and rental assessments.
All of these issues can be resolved with the use of customer based performance ratios.
Our Reporting Dashboard provides customizable, user specific reports in real time. This includes heat maps, stat widgets, tables, graphs and geographical diagrams. Features include:
- Developed specifically for malls and retailers.
- Enables remote users (including tenants) to access centrally held data on a permission basis.
- Ranks data against benchmarks and reports exceptions.
- Exports data from individual reports to Excel & multiple reports to one pdf file.
- Objectively identifies sales and rental opportunities and size of premises problems.
- Enables objective setting & the assignment of accountabilities.