Why is Technology Increasing Commercial Real Estate Value?
What gets consumers to dive back into the brick and mortar world? The answer appears to be personalized consumer experiences. Commercial real estate owners have been forced to get creative, needing to increase foot traffic and flip the preconceived notions about “malls”. We’ve started to see signs that interactive technology can bolster revenue for retailers while building brand loyalty and consumer engagement. So, how do we really turn the corner?
Traditional retail centers feature a variety of vendors that operate as individual entities. In most cases, static displays of clothing and goods stand lifeless with the hopes of drawing the attention of consumers. Why aren’t retailers trying to transform this model into something more exciting? Something that draws in consumers with engaging interactions and promotes the concept of “gamified retail”, creating an inter-connected environment.
Jumping ahead of the curve, IGP Business Group has taken a major step forward with one of their properties — The Oviedo Mall in Oviedo, Florida. The Oviedo Mall will soon have its very own mixed-reality marketing app that promotes brand loyalty through consumer engagement and interaction. The question that I imagine most consumers are asking is, “what exactly does that mean?”…
Navigating the mall has never been easier. Your favorite mall’s new app will have a number of features to assist you in finding the fastest way to get to the store, restaurant, or restroom you need. Enabling GPS features, visitors are saved from the typical situation of walking in, looking at the directory, only to realize that you’re on the exact opposite side of the mall from where you need to be. Taking things a step further, The Oviedo Mall is even introducing an augmented reality “wayfinder” to overlay visuals of exactly where you should be going.
An interactive mall application will also allow retailers to “gamify” the journey from store to store, incentivizing consumers to engage vendors and events. Retailers will be able to directly notify consumers of discounts and store promotions before anyone else hears of them. Push notification will create a direct line to consumers, giving retailers a new advertising medium for drawing in paying customers.
How often have you gone to a mall and couldn’t find your car when you were done? Well, there’s an app feature for that. Once you park, you’ll want to open the app and scan the QR code at your spot. This will help you keep track of where you’re parked so finding your car at the end of a successful shopping trip is a breeze.
Sure, there’s plenty of functional solutions that a mall application can offer to customers. However, the inclusion of AR-enhanced interactions truly brings the virtual world into your retail center, offering new and memorable experiences that will keep visitors entertained and eager to return. The shift from traditional brick and mortar to e-commerce has been tough on many retail centers. In adding technology, such as an interactive app that brings the digital world into the mall, people everywhere are excited to try the new “experiential retail”.
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…and don’t forget to check out our past blog entries on how technology is transforming retail and how coworking is empowering that technological transformation!