Nakheel Malls, the retail arm of Dubai-based master developer Nakheel, is driving on big data and analytics to help its consumer-facing tenants.
Nakheel Malls said it is partnering with artificial intelligence and data-driven consulting firm Artefact to set up a platform that will provide insights into consumer behaviour through vast amounts of data.
“Using machine learning algorithms and AI-enabled data products, the fully governed, advanced platform provides key insights to more than 3,000 tenants by studying retail habits, purchases and experiences of over 90 million customers,” Nakheel Malls said.
“The latest technology includes a state-of-the-art data lake that is constructed from a unique governance system. The five-year project plan aims to introduce retailers to new solutions to deliver tangible financial value, generate insights and support on building a solid data infrastructure for the entity,” it added.
The news comes just months after the company rolled out its e-commerce platform, dragonmart.ae, which is dedicated to the world’s largest trading hub for products made in China.
Nakheel Malls operates major retail establishments in the UAE, including Ibn Battuta Mall, Dragonmart and The Pointe.
Omar Khoory, chief hospitality and assets officer at Nakheel Malls, said that as the consumer markets continue to move into the digital space, it is now more important than ever to provide relevant data analytics to “assist retailers” and enhance their “offerings to consumers”.
“Our cutting-edge analytics programme has helped us navigate the shift in customer expectations and needs as a result of the pandemic, and has fostered a change in company culture, making us more data driven. New use cases are being tested and integrated into retail operations leading to both machine learning and AI in a five-year plan,” he added.
It is currently working to expand its portfolio with Circle Mall, a 530,00-square-foot mall located in Jumeirah Village Circle and Al Khail Mall.
Last April, the mall developer unveiled an economic relief package worth 230 million to help tenants struggling with the impact of the coronavirus pandemic.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021