Tuesday, September 29, 2020

Settling into Click-and-Mortar: The New Prime Real Estate

click-&-mortar

The brick-and-mortar business model has taken a drastic shift. Real estate has lost its relevance; no more "location, location, location." So, what is the new adage? Data, data, data. Brick-and-mortar in the age of COVID-19 has failed to fulfill its purpose, which begs the question: what is the value of real estate, and how much physical space is needed in the new click-and-mortar art world?

Collectors and art aficionados are migrating away from the dense blocks of larger cities and opting for the Hamptons or Hudson Valley. These metropolitan cities which have historically been the heartbeat of the art market are now sharing the limelight with their neighboring, smaller cities. As business continues to adapt to this work-from-home lifestyle, technology infrastructure and educating oneself on how to operate in the digital market is now the key to success. For centuries the art world has lagged behind other sectors in utilizing technology in its day-to-day business, relying on an antiquated system of communication.

A recent data point by Erica Dhawan states, “75% of in-person, face-to-face communication is body language.”  In order to drive sales consistently in this new environment, it is critical to understand the data behind digital interactions, from email to online viewing rooms. Tracking engagement ensures the momentum of the conversation while the trail is fresh. Rather than relying on the 'spray & pray' method delivered in an email blast, data allows the dealer to target clients based on their expressed interests.  Further, email connected to inventory enables auto-population of client data and the building of robust profiles. With strong tools to easily centralize all communication, dealers can keep their discussions relevant. In a recent article by Tim Schneider at artnet, he emphasizes the urgency of collecting data has become a critical building block that the art market is missing.

As a dealer, how do you juggle the reality of this new world? Can you lower your overhead and be profitable? Main street has moved online, the solution is to learn more about digital tools that can positively improve your business. In this burgeoning online market, having the best digital tools ensures a tremendous competitive advantage over other key players who are unwilling to accept the importance of technology and data. The new brick-and-mortar is officially Click-and-Mortar. 

Interested in adding a strong digital toolset to your workflow? Learn more about ARTERNAL here