Technology’s impact on the commercial real estate industry is revolutionary. One of the best places to observe data and technology’s growing influence is at the annual International Council of Shopping Centers RECon. This convention highlights the upcoming year’s newest gadgets, software, and tools that are changing the way our world works.
As Smart Home technology grows in popularity, the convention is having a heavier effect on the CRE industry. Professionals can see what the newest tech is and how it’s going to impact consumer experiences in the months to come.
Check out this year’s debuted technologies at ICSC REcon that are shaking up the CRE industry.
Virtual Reality
Virtual reality (VR) and augmented reality (AR) stand as some of today’s hottest technological developments. AR and VR are having heavy impacts on industries across the globe, and CRE is no exception.
Distance has always been an issue for commercial real estate. Clients who lived abroad, had very busy schedules, or couldn’t facilitate a tour were unable to see the property in person. Pictures only show so much, and even videos have gaps. Uncountable deals fell through because of the inability to take a physical tour, but that’s where VR comes in.
Contemporary VR can create virtual models of a property, opening up the possibility for virtual tours. VirtualAPT announced their new VR-powered virtual tour service at the 2019 convention, and its impact on CRE is astounding. These digital tours can be accessed from anywhere in the world, and they’re helping to market CRE spaces for global brokerages.
Big Data Analytics
Insight is everything, especially when it comes to CRE’s retail industry. The power to analyze data is revolutionizing contemporary retail, and services like Trendalytics are giving brands the power to predict what consumers will want next. This enables companies to plan for the future and change along with the times – rather than waiting until it’s too late. Trendalytics debuted at this ICSC REcon and it’s helping retailers market more effectively than ever.
Improving CRM
Any business’ success lies in its ability to provide positive customer experiences. CRE is always looking for ways to improve their client interactions by optimizing their sales process.
As usual, the key lies in technology. The Internet of Things (IoT) is helping the commercial real estate industry provide their clients with better service, greater specifications, and increased autonomy.
This year’s ICSC REcon showcased RetailNext’s new integrated IoT system which is bringing a new liveliness to brick-and-mortar. Shoppers can receive specialized recommendations and personalized content based off of their habits and actions.
The New Era of Smart Tech
Real estate is constantly getting smarter, thanks to the growing pool of smart home technologies. As the notion of tech-driven spaces gains global popularity, more companies are providing smart real estate solutions. The sea of smart options include thermostats, security systems, lighting, entertainment, and more. Consumers are wanting to integrate these possibilities into their commercial spaces, so it’s having a strong effect on CRE.
Source: NAI Global.