Introduction
The proliferation of low-cost carriers has led to revenue stagnation in the aeronautical segment. As a result, most airports are focusing on the non-aeronautical revenue segment to maintain sustainable growth. The rise in disposable income of the higher-income group of people who prefer to travel by air 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 taken center stage in the strategies of the big global brands that are vying for this customer segment. Some big players, like TATA and Shoppers Stop, could be seen at some of the biggest and busiest airports in the world. For efficient use of the space and to get the maximum out of this business, airports are investing in Airport Reporting and Business Intelligence software, which helps them sell more and also stay future-focused. One of the most popular airport retail BI software products that has been widely implemented across airports is WovVBI from WovVTech. This tool is an effective Airport Business Intelligence Solution. Here’s the 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 and next-gen analytics all set together in one consolidated platform that 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 and automatically capture data to deliver consistent and reliable information that could be accessed simply through a web browser on a very secure hosting environment, helping airport managers analyze and interpret the data for intelligent decision-making.
How is WovVBI helpful for airports retail industries?
It gives precious business insights.
Successful retail operations at airports demand that one take the right decisions at the right time. As an airport retail manager, these are some of the questions that you have to deal with: What is the cash flow? Which product categories bring in more revenue? Which brand is more profitable? Are there any shortcomings that you need to amend? These are some of the important questions that 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 every day’s sales data so that you can make quick decisions on a day-to-day basis and amend processes before it’s too late. Airport Reporting and analysis Software gives you absolute 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 its 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 brand 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 to select the right brand mix for your airport mall.
Right tenant, right location
Mall owners sometimes remodel certain sections of the mall devoted exclusively to certain product categories. These remodeling projects entail moving tenants to different locations within the mall. Assessing all the permutations and combinations is a back-bending exercise that requires the power of analytics. BI tools for the airport industry can estimate each brand’s omnichannel sales and the rent that it should pay for every possible combination of tenants and 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 and 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 occupancy costs.
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 research, tenant rent expressed as a percentage of total tenant revenue may vary from 5% to 25%. The rent of a unit in the mall is directly dependent on the quantity and quality of foot traffic and the sales productivity of the brand. An Airport Business Analytics solution can provide revealing insights for both of these factors. A clear, holistic view of the economics of the tenant combined with an advanced analytics pricing tool helps a mall owner set better rental targets.
WovVBI Features
WovVBI is an innovative analysis tool for airport malls that can capture retail data and analyze it through advanced intelligent tools. It offers customized views and results. Here are its key features:
- The software has an intuitive report builder that helps you build custom reports and pivots. All the sales data is available in a centralized database to get the required insights in minutes.
- Provision of extensive reporting, especially for airport malls. All key parameters and reports have already been defined.
- Dashboard has appealing visual charts that help you deep dive into data. You can change and customize the charts for better report representation.
- Integrate data from multiple databases like Yardi and Salesforce to build informative reports.
- This real-time BI solution has real-time reporting, instant notifications, a simple UI, and a user role and profile management option for better functioning.
- You can export the reports in Excel, Image, or PDF format to share them online or to take a printout and carry them offline.
WovVBI is a great Airport Business Intelligence system that has been exclusively designed to boost the airport industry’s performance. The solution has an intuitive Dashboard, pre-defined reports, and interactive, customizable charts, all designed to give valuable information that helps airport mall owners better manage their malls and stay profitable even in the face of stiff competition.
Conclusion
In this blog, we gave you a brief introduction to the current status of the airport retail industry. We also gave you a primer on why BI is required for the airport mall and took you through the benefits of WovVBI, an intelligence and analysis tool for airports. WovVTech is a renowned name in the field of digital transformation and business productivity-enhancing 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.
