This will provide mall operators and retailers with data on consumer behaviour and their business performance.
The retail-tech company, Aimazing, launched a retail analytics solution that will analyse transaction data to provide mall owners and retail businesses insights on their performance and shopping trends.
The retail data platform of Aimazing enable mall operators to use technology “to capture, structure, and sort real-time retail transaction” to access mall management data such as consumer purchasing behaviours, sales, and performance which can track how and why customers shop.
The hardware solution is in the form of a tiny black box connected to the point-of-sale systems of retail businesses and uses technology similar to the image recognition used by Google Translate.
The data from the receipts will be analysed and organised through a machine learning engine and is directly uploaded to a cloud where mall operators have direct and real-time access.
“We aim to enable shopping malls to support their retail tenants in making decisions by understanding data such as peak shopping periods in the malls, average basket size, best selling items and how various categories of merchants from [food and beverage] to clothing and retail are performing in real-time,” Aimazing CEO Jun Ting said.
“This data has already been widely available to e-commerce marketplaces but not to physical retailers and mall operators. We aim to bring physical marketplaces to a level playing-field with this data visibility, as before this they were batting blind,” he added.
It cited market research reports that offline retail represents 91% of the total retail market in Southeast Asia and will be the dominant channel of retail sales in the “foreseeable future.”
The company currently processes three million data points a month from over 1,000 devices in the region and there are 10,000 devices to be implemented in the next 12 months. Its pilot projects include the completed project with Hong Leong Holdings through Enterprise Singapore’s Open Innovation Challenge Programme and other projects in malls in Singapore, Malaysia, and the Philippines.
Article by Singapore Business Review.