Automated income computation based on revenue sharing rules and provisioning of the computed income as input to the billing system

Airports face a lot of challenges when it comes to managing the contract repository. In many cases, sales data integration is done manually or automatically leading to errors. The absence of a reliable repository of concessionaire contracts and rules can lead to inaccurate billing. In such cases, software solutions like StoreSense not only enable automated maintenance and updates the contract’s repository but also aid in automated income computation followed by billing to the concessionaire. This eliminates the errors leading to inaccurate billing. Apart from this, StoreSense also helps airports with comprehensive analytics and business intelligence for timely and accurate decision-making.

Up until the last decade data was used merely as an option by a handful of corporates and retailers, however with the turn of the decade, Big Data got a major boost as a tool for revenue generation.

Life today is indispensable without a mobile phone. As passengers rely on their phones as a part of their travel experience, a huge amount of data is created each day, and the ability to harness this data in the right way can lead an airport to long-term success. Recently the iGA Istanbul airport implemented AR technology allowing passengers to view objects virtually and in 3D, providing a real-world experience. The platform also provides information about the stores, offers directions to the shopping arena, intimates about new campaigns and offers, and store excursions. The huge amount of data thus generated can be used by retail stores to differentiate between potential shoppers and returning locals.

Airport hubs are continually upgrading their space to improve their retail ecosystem

Passenger data is captured in real-time helps in sales predictions. The sudden spurt in passenger traffic post-pandemic, airport modernization plans, and easing travel experience for different passengers, have put tremendous stress on the airport authorities. Hence benchmarking commercial space performance with other best-in-class airports has become a necessity. StoreSense provides solutions based on AI for strategic placement of general, retail and duty-free stores for maximum passenger footfalls, eventually leading to increased revenue. The software also provides competitive benchmarking of duty-free item prices creating greater revenue generation options. The lack of real-time automated campaigns leads to huge revenue losses which could be easily incentivized by tracking loyal customers and acquiring new ones.

Attractive discounts plus the ability to view the 3D product image at the click of a button is enticing airport passengers to shop more

Real-time data is also used to launch promotions or build in-house brand experiences. Retailers can use real-time data to generate discount coupons, lucky draws, and gift options at the start and end of a promotional campaign thus generating higher ancillary revenue. By identifying travelers based on their frequency of travel, previous shopping history, etc., the retailers can improve their product placement in the store.
With this simple solution, retailers can anticipate who will be spending more time at the airport and is more likely to visit the store, and can enhance customer satisfaction accordingly. As per the Airports Council International 2016 Airport Service Quality survey, an increase of even 1% in global passenger satisfaction generates approximately 1.5% growth in retail growth. Post-pandemic, people are willing to travel more and in turn spend more.

Analyzing Big Data can be challenging, but with the right data-driven tools retailers can enhance sales by targeting their current and potential customers with precision. Similarly, airports can manage their concessionaires more effectively. Combining customer experience with operational data is the sure-short recipe for delivering retail revenue profits.