Innovation is vital for stores to capitalise on the change in behaviour while consumers adapt and shop differently. However, trend forecasts for the retail industry can concentrate too much on seeking something otherworldly. Sometimes there is a revolutionary concept that nobody envisaged before, but more often than not, the most effective innovations are practical solutions that genuinely help to make the work that is already being done easier and faster.
We at ART Software group have been working closely with retail and leisure destinations for 20 years, and the need for faster understanding for teams to capitalise and adapt strategies is only increasing, so here we layout some practical pillars for retail’s road ahead.
To innovate requires sharp understanding of the reality
Metrics that provide visibility on how a site or a portfolio of retail destinations are working, where they can be improved and what is missing is essential. Without the right reporting in place teams cannot scout or measure innovations that truly add value.
Our mission has always been to deliver practical connection through the right tools for each task or role, and this people-centric approach is proving even more important as digital environments evolve. Our experience has helped us craft a blend of different reporting features that generate better results by pulling in key components that fuel understanding and drive performance in retail and leisure spaces. There is pressure to innovate, but the foundation for this starts with effective measurement of what is really happening on the front lines.
A dashboard is only as good as the data that is powering it
Dashboards may be a great way of seeing status at a glance, but a dashboard is only as good as the data that is powering it. Our PropTech solution Retail Advantage includes dashboards of course, but what sets the product apart are the different industry focused tools with accurate presentation and correlation of useful data that enables people to quickly get to important detail.
In February’s edition of RLI, ART’s Director Gareth Jordan highlighted the potential opportunities offered by taking a pragmatic view with accurate data: “With our history in solutions that support performance-linked leases, Retail Advantage has been particularly beneficial for those that are testing and implementing new lease structures, where clearly measuring different metrics and their impact on performance may well be the way forward for the industry.”
In touch but touchless
The trend towards touchless environments also featured in RLI in their ‘Global 2021 Retail Forecast – A Case For Optimism.’ The report highlighted the acceleration of consumers using their smartphones to interact with store environments. We absolutely see this happening, but this is not only the age of the connected consumer, we are also big advocates of more connected working for tenants, leasing, marketing and management teams. The productivity and performance of any brand or retail site relies on efficient access to strategic detail; through analytics. Now you can expect insights that drive decision making, share understanding with brand partners and access engaging communication feeds that support strategy and operational efficiency, from on or off-site.
2021 will be about helping people emerge with keen plans to build on and develop the successes that lie ahead. Get in touch to discuss your roadmap.