Introduction
Philanthropist and tech jar Bill Gates has once famously said – “Your most unhappy customers are your greatest source of learning”. Can we get ahead in the process by focusing on solutions which can find out why customers are unhappy and solve the pain areas of the shopping mall owners. The fact that 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 which can boost revenue and increase shopping center revenue share. Shopping mall revenue management deals with managing the revenue earned by shopping mall owners & brands within the mall. It encompasses ways to share the revenue between owners & tenants, & also ways to increase revenue by streamlining different processes.
Issues in revenue sharing
Today shopping malls are contemporary from the inside out. They appeal as much to the aesthetic senses as the revenue they earned. But this revenue has to be divided between owners & tenants as most malls are functioning on the 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 in a month or so resulting in slow decision making. Moreover, there are insufficient details as full data is 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 Shopping Mall revenue management solution
Maximize revenue by digitizing the process of entering into better concessionaire agreements and shopping center sales report automation. Eliminate under reporting and delays by ensuring that tenants are reporting 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 box with Mall-In-Box solutionOur AI/ML driven framework leads to 360 degree visibility into shopping malls environment and helps in Revenue Management for Shopping Mall. Our WovVTech product suite includes business intelligence and analytics solution, billing and accounting automation, workflow management, reconciliation system, lease management solution, revenue assurance solution, audit & inspection management solution, experience management solution, and mall experience and loyalty app. Engage with us to implement our Mall-In-Box solution and keep time on your side.
