Our team recently explored the retail property management industry and developed some insights about addressing a need for potential mobile app products and features.
What we uncovered is this: the relationship between property management and tenants has to change and evolve into a partnership driving towards the same goal. Essentially, providing tenants with prime real estate, basic operations and security won’t be enough in the very near future. Providing a technology-driven, personalized, and time-effective retail experience that will drive more foot traffic and revenue opportunities is the ultimate objective.
Are mobile apps the answer?
We know that smartphone ownership and use is significantly higher among consumers who are 25–34 years old. Within that demographic, 65 percent own a smartphone and 68 percent use it to help with shopping in a brick-and-mortar retailer. Research also shows that 52% of adult mobile phone owners use their devices while in a store to get help with purchasing decisions.
With this information in mind, we think there’s a great need for the retail property management industry to build mobile applications that consumers actually see value in using. Mobile apps that offer value and savings to consumers in exchange for collecting consumer data would provide valuable insights for retail tenants including:
- Measuring the effectiveness of marketing events and promotions.
- Understanding the shopper, know more about who is shopping, and who isn’t.
- Knowing the duration of their visit.
- Understanding in which stores they spend their time.
- The flow of shoppers around the mall.
- The frequency of return visits.
An effective, well-built solution will help retail property managers optimize store operations, and enhance strategic planning and management. A solid app that provides accurate real-time data will also enable property managers to:
- Monitor the performance of each mall and across mall portfolios
- Optimize the tenant mix for maximum attractiveness to local shoppers
- Increase advertising revenues
Using the power of mobile apps wisely
But a word of caution: building a mobile app for the sake of building a mobile app can also be damaging. There are a number of organizations in Canada that have released an app that actually hurts their brand because it is, basically, unusable. Given severe technical issues, adding no value to the consumer, and poor execution on good ideas, organizations waste valuable money and time – not to mention putting customer loyalty at risk.
We enable our customers to take their organizational objectives and “big ideas” and make them real through ideation, design and development. Through our prototype journey, we literally show you what is possible – allowing you to connect to your idea to a practical and attainable reality. Contact us to see what’s possible for your organization today.
As a sales leader at Architech, Christian drives creativity and innovation to clients that achieves results beyond the minimum requirements. With a customer-first approach and emphasis on strategic alignment, he assists organizations realize true business value in the software investments we deliver. Connect with Christian on Twitter or via LinkedIn.