What does ChatGPT mean for commercial real estate operators?

With improved analytics & communication, AI promises revolutionary changes.

Ignoring the rise of AI is a costly mistake. So, it’s time for mall operators and mixed-use developers to start asking how recent developments can be integrated to avoid getting left behind.?

With retail consumption shifting drastically over the recent decade, as e-commerce becomes a necessary aspect of retailers' distribution strategy, mall operators are left wondering how to best utilize technology to optimize physical versus digital sales experiences. The same goes for office and residential property managers, looking to incorporate recent technological advancements to improve tenant satisfaction.

New tools like ChatGPT can manage tenant logistics, respond to customer questions, and most importantly, provide organizations with useful data. Operators of malls and mixed-use spaces can capitalize on this data by using rapidly advancing AI to improve customer experience, make inventory decisions, and various other forecasting uses.?

How does ChatGPT help with this? Well, with seemingly simple tools, such as chatbots, mall operators and owners of mixed-use property can collect a wealth of data that can be turned into actionable insights.

With the help of natural language processing (NLP) and machine learning (ML), retailers, mall operators, and property managers no longer have to make data-less decisions. These tools give commercial property owners a competitive edge in a quickly adapting marketplace.?

Many have been stopped from investing in AI because of rising concerns over pending regulations, questions over security, and fears over potential job loss. What these fears fail to consider is that AI is not a new phenomenon, in fact, automation has been around for decades. The recent improvements in generative AI just offer a path to improve already existing integrations while creating various new ones.

Greater AI integration can help mall operators in two significant ways: improve their own operational efficiency, and help attract potential tenants.

By using artificial intelligence to analyze data and insights, and predict future trends, retailers and mall operators can work out when and where to invest. In particular, information on customer interactions, inquiries and preferences can be used to decipher popular services and stores, as well as trends in visitor behavior.?

AI can be used to analyze data from various sources, including cameras, Wi-Fi, and social media. This data will help mall operators better understand customer preferences, identify popular areas within the mall and optimize future tenant placements.?

Predicting customer behavior is not just useful for operators, but also for consumers themselves. If malls base their tenants on past consumer trends, future visitors will have a more positive and tailored experience.

Mall operators can also incorporate chatbots, on hand and ready to answer common customer questions, such as specific store locations, hours, services, and stock availability. By adopting AI capable of generating conversational responses, the visitor can essentially “help themselves” through voice commands and text messages. By having this developed infrastructure, owners can attract potential tenants.?

Chatbots also generate and collect immense amounts of data. More data means a more personalized shopping experience for customers, as it enables programs to share personalized product recommendations and stores. These guided shopping experiences can be progressed further through services such as MappedIN which? helps physically direct consumers through the malls.

And the above AI software doesn’t stop with malls.

Operators of mixed-use real estate can turn to automation and AI integration to better accommodate tenant demands. Ultimately, this provides end-users with a more efficient service and helps property owners remain competitive.?

Using AI to analyze analytics can help with market forecasting; ensuring your commercial real estate offering is a competitive choice for tenants. By integrating role-based permissions into your platform, it becomes easier to ensure each individual has access to the data they need, without breaching privacy expectations.??

The more practical elements? AI is set to transform the operational logistics of running a workplace. By making it easier to manage and track packages for tenants, manage rent rolls, and organize parking and wifi access, technology can complete tasks for the operators, leading to faster resolution.

Is it time to implement AI-driven technology into your business strategy??

For the benefit of your real estate portfolio, it’s a no-brainer. Now is the time to invest in technology that will help your commercial real estate to stand out from the crowd.

NextRivet?is a hands-on technology consultancy working within the retail ecosystem to bridge the gap between physical and digital experiences.

NextRivet’s focus on digital innovation opportunities, supported by an expansive network of solutions, makes them an ideal source of expertise in this space. NextRivet turns theoretical innovation concepts into results-driven initiatives, enabling clients to bring value to their commercial spaces.