PropTech In Retail

Technology to Drive Profits in the Future

Property technology (PropTech) is a new force that’s taking the real estate industry by storm. It is the use of information technology to help individuals and companies research, buy, sell and manage real estate. Just the way FinTech focuses on the use of technology in finance, PropTech uses digital innovation to address the needs of the property industry.

This trend has gained pace since 2013 with the emergence of FinTech, the growing need for smart spaces, expansion of online marketplace and automation-linked productivity. Today, every step of the real estate life cycle is being re-looked and tested for redesigning with the help of technology.

Technology has also become the cornerstone of the new retail story in India. From the basic design stage to creating a superior customer experience, technology is prevalent at every step. Even as it streamlines and eases the entire process from designing, development, leasing and creating a customer experience, technology in retail is key to improving profitability.

Technology in Mall Designing

Developing a mall is not the same as building a residential or commercial asset and requires a specialised design and layout. This lesson was learned the hard way by mall owners/developers who struggled with multiple floors, high vacancy rates and failed malls. The last few years have seen the application of new technologies/ software to understand the design of a mall and make it more customer-centric.

Gone are the times of basic AutoCAD drawings. Architects and designers have now upgraded to software such as ‘Revit’ and ‘Archi Cad’ to optimise mall design and focus on customer experience. Another advantage of using these digital tools is the optimal placement of stores within the mall to increase visibility and, in turn, enhance customer experience.

Adoption of appropriate technology while designing a mall achieves: