The great majority of advertisers have started working with retailers over the past year to reach customers. Those who haven’t say they’ll start within the next year. The retail advertising industry is valued at $100 billion globally and it accounts for 18% of the total digital ad spend worldwide. The results unequivocally show that retail media has swiftly transitioned from an emerging channel to a mainstay.
How can retailers benefit from the power of digital signage solutions to create a better experience for customers, while maximising revenue through advertising opportunities?
How digital signage has grown in retail
Digital signage has become increasingly popular in the retail industry in recent years. Our research found that 67% of marketers are determined to invest in engaging in-store experiences. The use of digital displays in stores allows retailers to create dynamic and engaging content that can attract customers and drive revenue.
It offers a wide range of benefits to retailers. One of the main benefits is the ability to easily update and change content in real time. This allows retailers to respond to changes in the market quickly, and make the necessary adjustments to their displays. Additionally, digital signage can also be used to create targeted and personalised content for different customer segments, which can help increase engagement and drive sales.
Digital signage can also be used for data collection and analytics. This can help retailers gain insights into customer behaviour and preferences. These can then be used to optimise marketing strategies and improve the overall customer experience. Furthermore, it supports brand awareness and storytelling, and can be used to create a brand experience. This is through the use of videos, images and interactive elements.
Overall, digital signage can result in increased engagement, improved customer service, and enhanced marketing and data analytics capabilities. As technology continues to advance, we can expect to see even more innovative uses of digital signage in retail in the future. One development will be using it for advertising opportunities.
Using digital signage to create advertising opportunities
Digital signage has opened up a world of new advertising opportunities for businesses. Large companies such as Sainsbury’s have seen a notable opportunity to digitise a proportion of its in-store media portfolio in the future and businesses of all sizes can capitalise on this. The use of digital displays in high-traffic areas, such as shopping malls, airports, and public transportation hubs, allows businesses to reach a large and diverse audience with targeted and personalised advertising campaigns. It can help to capture the attention of potential customers and drive them towards business.
One of the key benefits of digital signage for advertising is the ability to gather insights on customer behaviour. By tracking metrics like view time, click-through rates, and engagement, businesses can gain valuable insights into which types of content are most effective at capturing the attention of their target audience. This data can then be used to optimise future advertising campaigns and improve their ROI.
Another benefit of digital signage for advertising is the ability to create a sense of urgency. For example, using countdown timers or offering limited-time promotions can drive customers to make a purchase or visit a store.
Overall, digital signage offers a range of unique opportunities for businesses to reach their target audience and create effective advertising campaigns. As technology continues to evolve, we can expect to see even more innovative uses of digital signage for advertising in the future.
How to combine both digital signage and advertising to create a recession-proof organisation
Combining digital signage and advertising can be an effective strategy for creating a recession-proof organisation. The ability to update and change content in real time, means businesses can quickly respond to changes in the market and capitalise on new opportunities. This can be especially important during times of economic uncertainty, when businesses need to be able to adapt quickly to changing conditions to stay competitive.
Another benefit is it allows businesses to focus on cost-effective advertising campaigns that can be easily scaled up or down depending on market conditions. This can help to increase engagement and drive sales, even during times when consumer spending is low.
Finally, a key component of using digital signage and advertising is the ability to sell advertising opportunities to other companies. As discussed throughout this piece, the benefits of using digital signage are clear, hence why it is used by so many organisations. By having digital capabilities in-store, you can sell advertising space to other companies. This can act as an extra revenue stream that comes at minimal cost for businesses. During a recession it is vital to ensure that every revenue opportunity is maximised and this could be a great way for organisations to ensure that there is true ROI.
The bottom line
Digital signage has become an increasingly popular tool in the retail industry for creating dynamic and engaging content that attracts customers and drives revenue. It offers a wide range of benefits to retailers, including – the ability to easily update and change content in real time; create targeted and personalised content; gather data and insights on customer behaviour. Additionally, it has opened up a new revenue stream for retailers that could be crucial as we tackle the effects of the recession. As technology continues to advance, we can expect to see even more innovative uses of digital signage in retail in the future.