As commercial real estate growth remains sober in cities across India leading to high vacancy levels in Malls, space owners these days adopt new strategy to bring tenants to cover rental revenue loss.
As per the new trend, retailers agree to pay less monthly rental but part a percentage of their monthly sales revenue to shop owners. However, in the absence of a reliable real time sales data capture system, retailers show tweaked sales data to pay low rent to owners causing huge loss to the later.
But with the availability of new POS software to capture real time sales data from shops, mall owners sitting at remote place can relax. Not only this! They can use these data to find seasonal footfalls, popular stores, popular merchandise, peak time sales, customers’ shopping pattern and behaviour, and host of other vital business information.
As the concept is new and picking up in India, several POS software vendors offer reliable, transparent and sustainable Concessionaire Sales Data Capture solution to Indian retail sector. POS vendors also offer such services in international and domestic airports and shopping centres across India which can give real time sales to owners and cut revenue loss due to suppression of real sales data.
Airports and shopping malls require innovative technology to track sales from commercial tenants in real time and POS software such as Pathfinder’s POS PATROL offers exactly the same with additional benefits to both retailers and space owners in terms providing visibility of real time retail operations, customers’ preferences and analytical data on various parameters which can be used to improve sales.
The commercial structures are empowered to automate data capture processes through consistent and dependable system and the requisite data can be accessed online and interpreted for future usages. Sales Data Capture solution has revolutionized airports and shopping centres by offering Retail Intelligence services which has helped brands and space owners alike to improve operational efficiency, reduce cycle time, fast realization of revenue, high cash flow and improved non-aviation revenues.
POS Patrol, for example, has so far wired over 9500 retail outlets spread across 60 shopping centres and four international airports where every sale is accounted for consistent data flow and auditing.
Commenting on the trend, Bhaskar Venkatraman, Founder and CEO of JusTransact.com, a leading e-commerce portal dealing with Point of Sale technology products and solution in India, said: “Capturing real time sales data at Point Of Sales (POS) counters is the best possible way to track sales and avoid tenant-owner conflicts over rental issue. The sales data capture offers Retail Intelligence Services which is beneficial for both retailers and space owners.”
Benefits for retailers
Sales data captured can help airports and shopping malls to develop a good tenant mix, which brings more footfalls and revenue.
The sales and other information can be used to understand the Retail Dynamics of array of stores spread across vast area in just one stroke, which otherwise will be time consuming, difficult to manage, involves huge man power, and also error-prone in collecting sales data. The data on retail operations can be utilized by stores to improve insights on sales revenues and performance.
How it works
Take for example a shopping mall having more than 100 retail outlets. All these shops are provided with POS solution for billing, staff and inventory management tool. At the same time, a software tool is embedded with each POS system which sends every sales detail to the server of the mall owners. As these days, rents are paid on the basis of revenues generated per month, sales data capture software restrains retailers from concealing the actual sales figures to pay low rent to shop owners.
The same system also works for airports where Concessionaire Sales Data Capture system is used to wire all the retailers inside the airport premises to capture real-time sales data.