Posted on Author Peter Mukulu Categories Learning Management, Logistics & Mobility

Redefining the real estate landscape: Proptech

Accelerated adoption and advancements in the latest technologies have disrupted the way organizations across industries do business. However, unlike retail, healthcare, or transportation, the real-estate sector has been considered a laggard in technology adoption. According to the latest report, Emerging Trends in Real Estate by PwC, COVID-19 has accelerated change in the real estate industry, focusing on social justice and safety, and wellness amid a backdrop of economic uncertainty. Real estate industry players invest and adopt accelerated digital transformation to stay ahead of the competition and ensure business resilience in a technology-dominated future market. Proptech is gaining momentum and is redefining the traditional way of buying, selling, renting, and investing in real estate.    

What is Proptech?  

Proptech refers to the practice of incorporating technology into the real estate industry. Proptech players are committed to creating efficient & customized digital solutions for real estate developers, investors, insurance providers, brokers, and property management companies. This cross-industry technology collaboration is set to change the way people research, rent, buy, sell, manage, and invest in real estate.  

Image Source: Proptech Capital

Here is a list of Proptech technologies redefining the real estate industry: 

Artificial Intelligence & Machine Learning  

AI and machine learning-enabled platforms allow enterprises to make insightful decisions. Processing a huge amount of available data enables companies to personalize and offer properties based on individual customer preferences, personality traits, and values, rather than just geographic location or size. It can also analyze and predict any safety hazard or construction defects, saving time and money. It also helps enterprises foresee future competition concerning any geography by evaluating the probability of occurrence of relevant events such as changes in the demographic pattern of the micro-market, income distribution of individuals in the vicinity, project viability in the future. Furthermore, correctly trained and designed Artificial Intelligence & Machine Learning algorithms are helpful to determine the property valuation and help predict the pricing trends more precisely.  

Augmented Reality and Virtual Reality  

The digital era has changed customer behaviour – people now search online before making any purchase. Potential real estate buyers are no exception. Augmented Reality and Virtual Reality technologies open a new arena for real estate providers to make the buying experience more exciting and accessible. Maintaining a demo project has been a pain for real estate developers, costing them time and money. AR/VR enables them to create and conduct virtual tours of properties for their potential customers, which will allow them to experience the final product even before construction begins from the comfort of their own homes. This will also benefit long-distance customers who can’t physically visit the project. Real estate providers can use virtual tours that detail various parameters of the property, such as temperature control, safety precautions, community guidelines and help them get acquainted with the property well in advance. Virtual tours can also provide a realistic view of the project to the prospective customer. Their expectations are set before project initiation and can help deliver the final project by meeting the customer’s expectations.  

Robotic Process Automation  

Real estate and property management involve multiple documents that are data-heavy & rules-based, which reduces the productivity of employees and the business. Real estate companies can now bank on robotic process automation to automate these rule-based tasks and enable valuable human resources to focus on business-critical functions. Real estate operations such as tenant onboarding, portfolio management, payment reminders, NAV calculations, KYC compliances, maintenance scheduling, work orders, listing management, rent management, etc., can be automated leveraging RPA. Focusing on business-critical functions, such as interacting directly with potential buyers and sellers, enhances the probability of more closed deals, resulting in positive revenue growth. RPA improves transparency and visibility into various business processes, thus enabling realtors faster and wiser property management.  

Internet of Things (IoT)  

The Internet of Things (IoT) is helping the real estate industry grow and manage businesses more efficiently than ever before. IoT devices can send alerts and notifications to tenants or property managers in case of a safety hazard or other emergency issues. They can also keep track of maintenance history, identify potential problems and allow for predictive maintenance. IoT devices can also help property managers understand tenant behaviour and preferences to improve properties and provide a superior customer experience. Before making a purchase, any prospective customer or tenant can evaluate the property’s history on maintenance, electric works, plumping, fire incidents, etc., through its connected IoT devices. Processing the immense variety of data available from IoT sensors through advanced analytics poses the enormous potential to offer meaningful & valuable insights that will change the way real estate works.  

The Future of Proptech  

The Proptech ecosystem is rising and will undoubtedly continue to grow, with budding start-ups becoming larger, global enterprises. Proptech will redefine the real estate industry, just like FinTech transformed financial services and InsurTech transformed insurance services. For real estate organizations to thrive and prosper in the increasingly digitalized future, understanding and effectively utilizing Proptech solutions is the way ahead.   

 

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Posted on Author Peter Mukulu Categories Digital Lending, Learning Management

Technology trends remodeling the Retail Industry

2020 put businesses across industries in quite a challenging position. Many that struggled to keep up with the disruption reimagined their business models to function in the new normal. Retail is one of the industries that the pandemic affected the most. Although eCommerce and online shopping weren’t new concepts, they took centre stage, and many new technologies were adopted to redefine the retail process. The modern customer does everything virtually and has started to see the world differently. Therefore, retailers must develop unparalleled innovations to provide unmatchable online shopping experiences that meet customer expectations and changing demands.  Emerging technologies such as Artificial Intelligence, Machine Learning, Big Data Analytics & Augmented and Virtual Reality have paved the way for digital transformation in the retail industry for years to come. This article will take you through the top technologies and trends that are transforming the retail industry and helping businesses to stay afloat in the current circumstance. 

  1. Omnichannel customer engagement 

Omnichannel customer engagement goes beyond making physical stores’ products available online. It is about engaging customers on new online channels such as social media, marketplaces, brick-and-mortar stores, and offering a frictionless shopping experience across various touchpoints. According to a study by eMarketer, cashier-less checkouts, curb side pickups, and streamlined digital experiences contributed to increased shopping frequency and improved sales in 2020. Therefore, omnichannel customer engagement is vital to interacting with customers and providing a consistent shopping experience across channels. Retailers must synchronize various channels such as social media, phone calls, online searches, chats, and physical stores, ensuring customers interact with the business at various points and are provided a personalized experience on each of them.  

  1. Data Analytics to track customer behaviour 

It is essential to track the customers’ behaviour and activities across all channels to create a more intuitive shopping experience for them. Data Analytics allows retailers to monitor the customers’ in-store and online store activities. It gives insights into various metrics such as the number of visits to their store per day, new and returning customers, and the success of their marketing initiatives. These insights allow retailers to make more informed decisions and better engage their customers.  

  1. Contactless payments and seamless checkouts 

The need of the hour for retailers is to provide a frictionless customer experience while keeping human touch as limited as possible. Cashier-less checkout technologies and contactless payments are in high demand due to the security, speed, and convenience they offer. Touch-free technology provides a convenient retail experience by scanning each item that a customer picks up using an app and sensors and automatically charging them for the things they have picked. Contactless checkouts will flourish in the retail sector, and retailers are working closely with FinTech companies to build quick and efficient contactless payment models.  

  1. Demand forecasting with Machine Learning 

There has been a vast difference in customer demand due to the pandemic. As a result, it has become a significant challenge for retailers to understand and predict customer demand and take necessary actions to meet the shifts in the market and stay on top of the industry. Data and Machine Learning can make forecasting customer demand more accurate while improving inventory management and supply chain management. Machine Learning-based demand forecasting lowers logistics and warehouse expenses, prevents overstocking, and supports sustainable production and consumption.  

  1. Hyper-automation with Artificial Intelligence 

Speed, agility, and efficiency are the critical factors that determine the success of a business. Artificial Intelligence-led automation makes the retail processes more cost-effective and the shopping experience more convenient for customers. AI systems can assist the customers by directing them to the store’s exact location and suggesting related items that might interest them. Robotic Process Automation (RPA) enhances inventory management and distribution and warehouse management processes. It eliminates repetitive daily tasks that do not provide any additional value and improves service quality and compliance across the retail value chain. Soon, driverless vehicles and drones will also play a vital role in retail transformation.  

  1. Immersive shopping experience with AR and VR 

AR and VR enable retailers to make shopping more powerful and experience-driven. According to a recent study, by 2025, the AR and VR market will reach 1.1 billion globally. Since customers now shop more online than in brick-and-mortar stores, it is vital to give them a seamless ‘try-on’ experience to help them make quicker and better decisions. With Augmented Reality, customers can use their smartphone to bring products to life and see how they will look on themselves or in their homes. Companies like Sephora, IKEA, and Lego use AR and VR to make digital shopping a lot exciting and personalized. In addition, retailers can use experiential marketing and virtual fitting rooms to reduce their operating costs while providing safe and engaging experiences to their customers.  

The future of retail  

The adoption of emerging technologies has saved the retail industry from drowning and help in tackling the disruptions caused by the pandemic. As customers continue to shop and work online, these technologies show no signs of slowing down anytime soon.  Sarabi Tech is helping retail businesses in adopting new technologies to redefine their processes and offer their customers a safe and immersive shopping experience. We are digital architects, domain practitioners, and technology experts working towards fostering a digital retail world. To know more about our services and offerings and discuss potential growth opportunities, get in touch with us. 

 

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