The beginning of May saw the third Retail Digital Signage Expo (RDSE) take place at Olympia, London, which was co-located with Retail Business Technology Expo (RBTE) and Retail Design Expo (RDE). Sarah Adams, show director, Retail Digital Signage Expo gave a comprehensive insight into the digital signage industry…
Knowing the buying signs: harnessing digital display to drive in-store conversions
The global digital signage market is expected to balloon in size over the next few years, with recent Grand View Research report suggesting it could be worth $31.7 billion by 2025 off the back of an increase in demand from many industries – none more so than retail.
In the report, the technology’s expected growth trajectory is attributed to its power as an effective promotional platform and its ability to help organisations reach a wider audience, which is clearly a benefit to retailers looking to stand out from the competition. But that’s not all.
The return on investment (ROI) potential of digital signage should not be forgotten. Digital signage done well in retail can boost sales conversions, as well as the instore experience and a company’s marketing prowess.
Sports brands with a winning formula
Some years back, Adidas claimed that digital signage displays in some of its stores boosted sales by up to 40%.
This was during an in-store project it embarked upon with Intel, which saw the companies create an interactive video wall showcasing a range of the brand’s latest footwear.
It just goes to show the impact that touchscreen, interactive, visually compelling screens in-store can have in encouraging people to transact with a brand. Other High Street sports retailers have been quick to follow suit, with the likes of JD Sports adopting digital signage strategies to serve up connected and more personal in-store experiences.
Another sports retailer using digital signage to great effect is Pro:Direct. Originally an online-only retailer, the football equipment specialist opened a shop in London’s Carnaby Street and filled it with screens, digital touchpoints and full-size digital mannequins – even if the constant stream of engaging content doesn’t make you want to buy something straight away, it certainly leaves a lasting impression, which is great for brand reputation and future engagement.
Shopping centre investment
Shopping centres around the world from the small, privately-owned malls to the global property powerhouses are increasingly deploying digital signage across their sites.
As shopping centres continue their evolution from retail hubs to entertainment destinations with cinemas, gyms, restaurants and other services all under the same roof, there’s been a concerted move to brighten up the walkways with eye-catching signage..
Westfield rolled out new digital signage across 17 of its US malls late last year, and embedded in the technology was audience monitoring software to provide the shopping centre owner with insights about dwell time and customer journeys. Executive vice president Charley Delana emphasised the multiple commercial benefits at the time, saying the screens provided brands with “an opportunity for limitless creativity while offering live data and high levels of consumer engagement”.
The connected store
Analysts predict that as stores and shopping destinations, such as malls, get increasingly connected, there will be even greater value in placing digital signage at the heart of them.
There’s an argument that consumers will come to expect this type of technology as part of their increasingly digitally-influenced shopping experiences.
It is certainly prudent for retailers to consider digital signage as part of their wider in-store technology investments, as they continue to roll out their plans to create shops that inspire, inform and engage, as much as they offer a place to buy products.
Retail is driving the overall growth in the digital signage market, according to the GVR research, and with so many great examples to talk about it is not difficult to see why. The technology is not just for show any more, it’s driving real business benefits and, ultimately, helping retailers drive in-store sales.