Introduction
Philanthropist and tech jar Bill Gates once famously said, “Your most unhappy customers are your greatest source of learning”. Can we get ahead in the process by focusing on solutions that can find out why customers are unhappy and solve the pain points of the shopping mall owners? The fact that the fat disposable income of city shoppers makes them focus on experience and comfort gives serious headwinds to shopping mall owners, who now will have to look for an advanced solution that can boost revenue and increase shopping center revenue share. Shopping mall revenue management deals with managing the revenue earned by shopping mall owners and brands within the mall. It encompasses ways to share the revenue between owners and tenants, as well as ways to increase revenue by streamlining different processes.
Issues in revenue sharing
Today’s shopping malls are contemporary from the inside out. They appealed as much to the aesthetic senses as the revenue they earned. But this revenue has to be divided between owners and tenants, as most malls operate on a revenue sharing model. The owners have limited control over processes, resulting in revenue leakages. In the absence of automation, sales data is collected less frequently, probably every month or so, resulting in slow decision-making. Moreover, there are insufficient details as full data was not collected. In the absence of a proper reporting mechanism, business owners lack insights into the sales data, and hence they face problems in predicting, which is key to business success in the contemporary competitive world.
Benefits of a Shopping Mall Revenue Management Solution
Maximize revenue by digitizing the process of entering into better concessionaire agreements and shopping center sales report automation. Eliminate underreporting and delays by ensuring that tenants are reporting the correct value on time. Automate the entire revenue sharing process, from contract management to billing, and get better insights through footfall analysis and loyalty management. Integrates well with existing POS systems to draw daily sales data and help in sales data analysis. Get a standardized platform to measure and analyze performance, which leads to revenue improvements. Implement auditing and control through automation.
Cash in a box with the Mall-In-Box solution Our AI/ML-driven framework leads to 360-degree visibility into shopping mall environments and helps in Revenue Management for Shopping malls. Our WovVTech product suite includes business intelligence and analytics solutions, billing and accounting automation, workflow management, reconciliation systems, lease management solutions, revenue assurance solutions, audit and inspection management solutions, experience management solutions, and mall experience and loyalty apps. Engage with us to implement our Mall-In-Box solution and keep time on your side.
