Introduction
Proliferation of the low cost carriers has led to revenue stagnation in the aeronautical segment. As a result, most of the airports are focusing on the non-aeronautical revenue segment to maintain a sustainable growth. The rise in the disposable income of the higher income group people who prefer to travel by aero plane has given a big boost to airport retail. And this market is estimated to grow from USD 30 Billion in 2016 to USD 48 Billion by 2021, at a CAGR of nearly 9%. Airport retail has occupied a center stage in the strategies of the big global brands who are vying for this customer segment. Some big players like TATA & Shoppers Stop could be seen at some of the biggest & busiest airports in the world. For the efficient use of the space & to get the maximum out of this business, airports are investing in Airport Reporting and Business Intelligence software which helps them to sell more & also stay future focused. One of the most popular airport retail BI software which has been widely implemented across airports is WovVBI from WovVTech. This tool is an effective Airport Business Intelligence Solution. Here’s for this real time BI solution for the Airport industry.
Why is a real time BI solution required for the airport industry?
Airport Analytics Software provides accurate concessionaire sales data collection & next-gen analytics all set together in a one consolidated platform which provides real-time, breakthrough insights into non-aeronautical revenue generated by concessions at airports. Cloud based BI solutions empower airports to integrate with so many databases at a time & automatically capture data to deliver consistent & reliable information which could be accessed simply through a web browser on a very secure hosting environment, helping airport managers to analyze & interpret the data for intelligent decisions making.
How WovVBI is helpful for Airport’s retail industry?
It gives precious business insights
Successful retail operations at airports demand that one should take the right decisions at the right time. As an airport retail manager these are some of the questions which you have to deal with – What is the cash flow? Which product categories bring more revenue? Which brand is more profitable? Are there any shortcomings that you need to amend? These are some of the important questions which you need to answer without fail to bring in more revenue. Last quarter’s sales data alone won’t help, it doesn’t give that small-scale picture. ADSR gives you everyday’s sales data so that you can take quick decisions on a day to day basis & amend processes before it’s too late. Airport Reporting and analysis Software gives you absolutely authority to zero-in on a problem before it spirals out of control.
Brand evaluation
With WovVBI sales reports you get to know that this particular brand is doing well. Some logical questions arise out of it – Is there a great demand for this brand? Is this brand doing better than the competitors’? Is this a seasonal phenomenon? What is the future trend for this brand? As you tend to investigate these questions you develop a better understanding of the background of this brand which helps in selecting the right brands for your premises.
Similarly, if the ‘Brand wise sales report’ from the Airport Business Intelligence solution shows that a particular brand is not doing well, that also raises some questions – Is it an expensive brand? Is there no demand for this brand of products? Is it a seasonal variation? Does it have a proper location in the mall?
Again, getting answers to these questions will generate precious insights based on which you can fine tune your decision of selecting the right brand mix for your airport mall.
Right Tenant Right Location
Mall owners sometimes remodel certain sections of the mall devoted exclusively for certain product categories. These remodeling entails moving tenants to different locations within the mall. Assessing all the permutations & combinations is a back-bending exercise which requires the power of analytics. BI tools for the airport industry can estimate each brand’s omnichannel sales & the rent that it should pay in every possible combination of tenants & units. Such Airport Management software solutions can tell which ten of its prospective tenants should replace the ten current brands whose leases are going to expire, & which locations in the mall these new tenants should occupy. With the help of this ‘right tenant right location’ information, mall owners can increase mall sales while reducing tenant’s occupancy cost ratio.
Determining the price for every lease
Setting the rent for each tenant is quite a challenging task for mall owners around the world. Usually, malls don’t have a process for determining the rent for each tenant. Publicly available industry benchmarks are not that helpful. According to a research, tenant’s rent expressed as a percentage of total tenant’s revenue may vary from 5% to 25%. Rent of a unit in the mall is directly dependent on the quantity & quality of the foot traffic & the sales productivity of the brand. An Airport Business Analytics solution can provide revealing insights for both these factors. A clear, holistic view of the economics of the tenant combined with an advanced -analytics pricing tool helps a mall owner to set better rental targets.
WovVBI Features
WovVBI is an innovative analysis tool for airports mall which can capture retail data & analyze it through advanced intelligent tools. It offers customized views & results. Here are its key features:
- The software has an intuitive report builder which helps you to build custom reports & pivots. All the sales data is available in a centralized database to get the required insights in minutes.
- Provision of extensive reporting specially for airport’s malls. All key parameters & reports have been already defined.
- Dashboard has appealing visual charts which help you to deep dive into data. You can change & customize the charts for better report representation.
- Integrate data from multiple databases like Yardi, Salesforce to build informative reports.
- This real-time BI solution has real-time reporting, instant notifications, simple UI, & user role & profile management option for better functioning.
- You can export the reports in the Excel, Image, & PDF format to share it online or to take a printout & carry it offline.
WovVBI is a great Airport Business Intelligence system which has been exclusively designed to boost airport industry’s performances. The solution has an intuitive Dashboard, pre-defined reports, & interactive, customizable charts all designed to give precious information which help airport mall owners to better manage their malls & stay profitable even in the face of stiff competition.
Conclusion
In this blog we gave you a brief introduction on the current status of the airport retail industry. We also give you a primer on why BI is required for the airport mall & took you through the benefits of WovVBI – intelligence and analysis tool for airports. WovVTech is a renowned name in the field of digital transformation & business productivity increasing software. WovVBI is a great step in the same direction. Try this retail BI software today to get the most out of your airport mall and maximize your non-aeronautical revenue.
