Our Sirma expert talks feature an interview with Tsvetelina Hristova, VP of Business Development in the Retail vertical, featured at Forbes Bulgaria (read the full version here). She discusses modern retail’s challenges, winning strategies for building loyalty programs, and how technology solutions help businesses address them.
Q: Ms Hristova, what are the key challenges managers of modern retail chains, shopping centres, and their tenant retailers face?
A: Managers in shopping centres—whether malls, retail parks, or hypermarkets—face several key challenges. First, they need to increase visitor numbers. Second, they must identify whether visitors are merely browsing or ready to purchase, aiming to convert window shoppers into buyers. The third challenge is fostering customer loyalty, while the ultimate goal is to turn customers into brand ambassadors. Tackling these issues is complex, prompting large shopping venues to engage visitors and merchants through innovative technology solutions.
Q: What advice would you give potential clients to stay updated on trends and foster successful partnerships with technology solution providers like Sirma?
A: Retail companies and marketing agencies allocate a significant portion of their budgets to marketing strategies like social media, PR, and events. However, investing in software to analyse customer behaviour can enhance these efforts. By creating customer profile databases, retailers can tailor offers and improve communication, attracting more visitors.
In today’s digital landscape, access to up-to-date consumer data is essential for targeted campaigns, which can lower acquisition costs and boost sales. For instance, after implementing our loyalty platform and Salexor AI for marketing automation, one client saw a 10% increase in revenue per square meter of retail space in just three years, benefiting both landlords and retailers.
Q: How have loyalty program solutions evolved, and what technological innovations does your Loyax platform incorporate? Which businesses can benefit from these solutions?
Big companies now understand that loyalty programs are more than just discount cards. While loyalty modules are typically seen as expenses within ERPs, our software solutions aim to reduce marketing costs and boost revenue, aligning with key business KPIs. The Loyax platform, developed by the Sirma team, features innovative tools like mobile apps, AI-assisted search, and exact targeting. Our technology enhances data monetisation and customer communication, lowering advertising costs and increasing ROI.
Our products cater to large retail chains, especially those integrating various retailers with different ERP systems into a unified loyalty program and those seeking partnerships with other merchants. Users can expect a return on investment (ROI) within 18 months of implementing core modules.
Q: How are mobility, digitalisation and AI changing the industry?
A: Today’s customers expect immediate satisfaction, driven by e-commerce convenience and ongoing promotions. To meet these demands, retailers must adopt efficient solutions supported by streamlined processes, analytics, and skilled personnel, with AI at the forefront of their strategy. Our AI applications include analysing visitor behaviour across malls, websites, and mobile apps and dynamically scoring visitors to automate communication and enhance satisfaction.
As integrators and consultants, we support the development of our systems to help marketing, sales, and finance teams embrace digitalisation and improve collaboration and financial performance.
Q: What apps can boost sales and ROI for partners and customers? How can businesses enhance their loyalty solutions with AI-assisted shopping?
A: Mobile apps are a crucial investment for businesses, providing essential tools for customer engagement. Modern shoppers depend on these apps for round-the-clock communication with brands, facilitating sales and customer support. Companies are increasingly investing in mobile apps to meet the demand for immediate responses. The benefits include improved financial results and integration with existing ERP loyalty programs through features like discounts. We enhance these programs with mobile apps, kiosks, and referral modules to gather user data and create detailed customer profiles for targeted marketing. We track relevant metrics to ensure positive financial outcomes.
Q: How did your technology solution become a powerhouse for successful sales, promotions and exceptional customer experience for shopping centres?
Our solutions utilise data to convert customer traffic into subscriptions, leads, and sales, thereby enhancing engagement in shopping centres. By harnessing artificial intelligence and automation, we aim to increase foot traffic, boost average purchases, and deliver personalised marketing through various channels such as email, push notifications, and SMS. For instance, one shopping centre generates over 14% of its annual turnover from a highly engaged loyalty programme, while we also concentrate on improving satisfaction among over 30% of less-engaged customers.
Q: You have implemented several large technological implementations for shopping centres in Bulgaria, Serbia, and Croatia. Tell us more about them.
Ada Mall in Belgrade, one of the region’s first shopping centres to introduce innovative features during the COVID pandemic, has launched the Ada Loyalty Club. This fully integrated loyalty program includes over 80% of tenants and features international brands like Nike, Starbucks, and KFC. With an appealing app and online store, the club boasts over 55,000 users and collaborates with AirSERBIA, Radisson Collection Hotel, Derma Care Ada, and the Madlenianum Theatre, among others.
