Knowing why a consumer decides to go to a shopping centre, how long they spend there, which stores they visit, which route they take, which services they use, and how they pay are all questions that we would definitely like to be able to answer.
Gaining an in-depth profile of consumers is invaluable to managers, investors, property owners and retailers, as it allows each one to tap exactly the information they need.
Analysing all this data and anticipating demand – especially at a time when e-commerce has made such a big impact on our lives and consumer habits have changed completely – is clearly one of our key goals for the future.
“At CBRE, we believe that this can be achieved by accurately analysing the profile of today’s consumers. However, this is only worthwhile if we can turn the vast sums of accessible data into something manageable and easy to understand, that allows us to draw conclusions and present them in a constructive way”, explains Oscar García, Head of Retail Intelligence at CBRE Spain.
Only by developing digital initiatives, combining them and implementing them across the board, will we be able to produce a successful solution. This includes anything from improving the consumer experience with personalised marketing campaigns to designing the optimal customer journey for each profile.
In this regard, Location Analytics platforms are an excellent example of tools which can help us to generate an end-to-end understanding of the retail environment and consumers.
What does the future hold for Retail and Real Estate?
Enrique Benavides, Innovation Director for Retail & Asset Services at CBRE Spain, highlighted the importance of “understanding what you want the data for and how it relates to the business objective, because you can discover exactly how the customer behaves and use that information to your advantage”.
Antonio Moyano, Real Estate Development Manager at Sephora, explained that “we still don’t know how to fully exploit all the data at our fingertips, as it tends to be stored in disconnected systems”. Data, along with KPIs, should be viewed as a way of detecting problems and making decisions.
What are the challenges?
Where do people spend money offline and where does the opportunity lie? How do consumers alternate between channels (on- and offline)?
Tracking the customer journey and establishing whether they purchase on- or offline is one of the key challenges that we need to overcome. How do consumers behave and how do they make their purchases? Was it a trip to a store that led to the purchase?
As Oscar García, Head of Retail Intelligence at CBRE Spain pointed out, here at CBRE, we are leading the way in the digital transformation of Real Estate, and pioneering the areas of Innovation, Retail Intelligence, Technology and Data Analytics.
In the current world of retail, being able to access information is not a competitive advantage in its own right. The real competitive advantage, and what will help companies to thrive in the future, is being able to convert big data into useable data.
At CBRE, we are deeply committed to developing next-level solutions that draw on the numerous information sources within our reach, combining the leveraged data with our in-depth market knowledge to provide a unique and powerful tool that can aid companies with their strategic decision-making.
One of the key tools in this analysis will be Calibrate, a programme that is able to both understand and predict consumer habits, thanks to its ability to track smartphones. This technology will without doubt be key for the future of retail and is in fact already widely used in today’s purchasing processes. However, above all, it will be useful to measure and objectively compare key information that until now we have been unable to tap into.
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