As the conference season winds down and we’re all starting to get a bit festive, we thought we’d take a quick look back at MAPIC 2016. In an action packed few days we managed to fit in a presentation, a retail prop tech event on a yacht and more meetings and networking than humanly possible.
Sit back and let’s take a quick look over some of the best bits
MAPIC Presentation: How Loyal are your Shoppers in the Omnichannel World
There’s been a big change in how your shoppers have been shopping. Especially concerning their loyalty.
In one of the busiest sessions in the brand new Trends Hub, Ben Chesser, Coniq CEO tackled the issue head on to discuss if it’s still possible for shopping centres to build loyalty as the retail world quickly hurtles towards a complete omnichannel model.
We’ll have a full recording available soon, while you wait, here’s three top points from another great Coniq session:
1) Your Best Shoppers Aren’t Loyal to Brands – but They Can Be Loyal to You
Shoppers aren’t loyal to specific brands anymore. Surprisingly, this is a good thing. Why?
Coniq data* has shown that 74% of shoppers shop in multiple brands in the same category. This means that they’ll shop for jeans in different brands who both specialise in jeans.
Though these shoppers have a slightly lower ATV than shoppers who stay loyal to single brands, their total spend averages at £626, eclipsing shoppers who only shop in one brand per category.
*761k shoppers analysed over 2016
This means that you’ve got to latch onto these big spenders who like to shop around and start to spoil them. Build up the loyalty between the person and your centre – Not just the brands.
2) How to Mix Up the Perfect Cocktail
How’s your mixology skills? No, we’re not talking about mojitos or daiquiris. Shopping Centres now have a wealth of technologies at their disposal. With this tech, there is a huge opportunity for a centre to create the perfect cocktail tailor made for your centre and for your shoppers. Do your shoppers prioritise using their apps over receiving email offers? Then push rewards via an app or start to think about offering digital redemption. This is a key opportunity to start to re-trace and even automate the customer journey.
3) Brands are Chasing the Shoppers
Shoppers aren’t loyal to a centre or brand anymore. They’ll shop anywhere and everywhere. Whether it’s at an outlet, a full price centre or even at an airport. This means that the brands are fighting to be wherever the shoppers are. This in turn means that centres are competing for attention of the brands as well as shoppers. To do this, centres should create the best environment for the new omnichannel shopper where emotional bonds between brand, centre and shopper can be established.
PropertyEU – Retail Trends Outlook Panel
Getting things kicked off on the first day in style, Ben Chesser, Coniq CEO was invited to speak at a Retail Trends Outlook Panel. The panel, which was hosted by Redevco, discussed the ever changing changing retail and consumer trends and how centres and retail destinations can adapt and prepare for the future. With some big hitters in the industry pitching in, it turned out to be a thought provoking session. Especially in terms of targeting both millenials and the older generations.
Check out our highlights below, featuring Ben and the full panel.
Retail Prop Tech – Ideas Exchange
We hosted a fantastic networking session with a focus on Retail Prop Tech and ideas exchange. On a warm evening in Cannes, we organised an exclusive networking session to bring together thought leaders in the retail property tech sector with developers and owners to discuss the the current state of retail prop tech and what techniques and technologies we should all be aware of in the coming years.
One key takeaway from the event was the focus on adapting tech quickly to capture to elusive millennial market. However, Coniq put forward that it’s not just the millenial market you want to be chasing. Your shoppers who are over 50 often account for up to 40-50% of your revenue, and, we often see that they’re more switched on to loyalty, sometimes using up to 31% more offers when apart of a program.
As it was Cannes, it wouldn’t be a proper networking event unless it was aboard a yacht! We’d like to extend a very warm thanks to Pradera for hosting the session and to Lodestar for putting all the pieces together.
We’ll have more highlights and the full recording of our presentation available soon. If you can’t wait till then, why not check out our free Webinar. In this session, Ben Chesser, Coniq CEO and Sean Curtis, Retail Marketing specialist discussed research from over 500 shopping centre owners, managers, retailers and shoppers from across the world, to provide a comprehensive view of shopping centre loyalty and what the next few years has in store.
You might also find these posts interesting:
Check out our highlights from our Mapic Open Stage competition winning topic: ‘How to build better tenant relationships to maximise shopping performance.’
What does your industry really think about loyalty? We asked 500 shopping centre owners, tenants and shoppers to find out.