Performance-based rent model is often used in commercial real estate. Transparency over performance leads to positive results for all stakeholders.
Improving customer experience through the lens of data
Owners, tenants, and service providers collaborate to create the best customer experience. Data improves better decision-making and PropTech is there to help.
Landlords, tenants, and service providers have to collaborate with each other in order to create the best customer experience. Data helps when it comes to making better decisions. PropTech enables landlords to connect using such data.
Consumers expect and deserve a seamless omnichannel experience. Shoppers may visit centres in person and later go on to make purchases online, or they may do research online and later shop at brick-and-mortar locations. Landlords of commercial real estate destinations are tasked with delivering the best experience for visitors to their shopping centres. In order to create the best experience, all stakeholders – including landlords, tenants, and service providers – have to collaborate with each other in the best way possible. Individual stores contribute to their brand’s overall success, which means visitors might see products at a shopping centre or while passing by windows on a shopping street and later purchase them online.
The role of landlords
Landlords play an important role in the omnichannel experience by tailoring the centre’s tenant mix to the consumers visiting their centres. That is why it is important for landlords – as well as tenants – to strive to truly understand what their consumers want by making their visitors the foundation of their long-term growth strategies.
“A visitor who is going to a shopping destination wants to have a positive overall experience at that destination,” says Sander Verseput, co-founder, COO, and CFO of Chainels. “A landlord can ensure such an experience by means of an attractive mix of brands at the centre as well as by making sure the centre is clean and safe.” Together with Erwin Buckers, Verseput founded Chainels – a property management portal and community platform that enhances communication between all stakeholders. “Our platform can help ensure that better decisions are made since it can gather and combine data, such as store performance, footfall insight, events, and, looking toward the future, more data regarding the customer profile, spending patterns, and ESG,” adds Verseput.
While gathering data about visitors – such as footfall and dwell times – is not a new topic, Chainels’ all-in-one digital solution presents such data to landlords and enables them to make informed decisions regarding tenant mix and distribution within their centres in order to increase their tenants’ success. In addition to footfall, there are more trends emerging, including the gathering of transaction insight to analyse payment patterns. Loyalty programs via an app give shoppers discounts in exchange for the tracking of their payment patterns and the provision of their transaction data to landlords.
Chainels enables landlords to make use of such data and decide what information is visible to which stakeholders. “Landlords want to analyse the insight they gain about the people visiting their centres, then optimise the whole mix of tenants,” says Chainels co-founder and CEO Buckers. His platform aims to bring all of that data together. “Landlords can find interrelationships between shopper payment patterns, a centre’s catchment area and footfall insight, as well as tenant survey responses and turnover reports,” he adds. “While most landlords chose to keep those insights internal, there can be organisational benefits when landlords share the data with their tenants.”
Multi Corporation, one of Europe’s leading commercial asset management companies, strives to be more data driven. Elmar Schoonbrood, co-CEO of Multi Corporation states: “Technology provides the opportunity to ensure the tenants of our assets under management enjoy a seamless experience, and to be more effective in our daily operations.” Therefore, Multi has recently selected Chainels as their partner to implement best-in-class technology for the company. As an example, through data collection such as air quality and utilities usage, the company can improve operational workflows to better monitor its sustainability footprint. Further, the tool allows the company to better integrate consumer behavioural data into its decision-making processes, as well as feeding that data back to the tenants so they can improve their product offering. According to Multi Corporation’s co-CEO Steven Poelman, the organisation aims to “gain relevant data insights from our end-visitors and Chainels plays a role in making sure that the right data is accessible to the right person that can act upon these insights.” Co-CEO Elmar Schoonbrood continues: “We can make better investment decisions by having a closer look at the correlation between tenants.”
With the broader perspective of the entire centre’s visitors, and not just the perspective of a single store, landlords can oversee the general trends of the visitors who frequent their centres and, most importantly, how they chose to spend their money. If landlords choose to take on the responsibility of educating their tenants, they can ensure that the end consumers have the best possible experience.
Read the full post featured in Across magazine here.