How To Increase Revenue With Retail Store Digital Signage
Retail store owners continue to adopt traditional and technological means to improve revenue in their stores. One of these various methods is digital signage.
Digital signage is a cutting-edge technology that provides several mediums for retailers to attract customers, improve sales, and increase revenue. Below, we have provided the best ways to use digital
What Is Digital Signage?
Digital signage is a segment of electronic signage that uses digital display technologies like LCD, LED, and projection to show digital images and content. Digital signage is typically any sign shown in a digital medium instead of traditional signage.
Digital signage involves signage like electronic billboards and images displayed on TV or wall screens. Like traditional signage, digital signs are used to communicate public information, convey internal communication or share product information.
The world is beginning to welcome digital signage and embrace it as a way to interact with a large group of people at once. Traditionally, digital signage is thought to be used by large organizations only as the setup was usually expensive. Still, with the advent of small-scale digital signs, retailers are beginning to adopt digital signage to grow their businesses.
Digital signage can be implemented in various retail store settings to enhance customer service, pass information, and essentially, drive sales and increase revenue. This medium offers multiple benefits ranging from upselling to advertising, all of which aim to increase the store's value.
Why Retail Stores Need Digital Signage
Digital signage provides immense benefits to retail store owners. One of the significant benefits of digital signage is it is a more attractive option than the conventional signage retail stores are used to.
Think about it. If you are given a flier to read in a room where a bright screen displays colorful content of images and videos, would you prefer to look at the flier on the screen?
In a world where technology has birthed different digital devices like smartphones and tablets, it is easy to see that people have fallen in love with the immersive experience that screens provide. Behind every screen is a world of opportunities, fun, and information waiting to be explored.
Traditional signage like static billboards and magazines are starting to go obsolete when compared to their digital counterparts, especially in retail stores.
With traditional signs, it is easy to forget what a reader sees because these signs are mostly made up of texts and, of course, static images. On the other hand, digital signage is a mixture of texts, colorful images in high resolution, and even videos.
Digital signage is an excellent medium for stores to take advantage of the immersive experience screen provides and attract customers to carry out actions.
According to studies, 76% of American consumers enter stores they haven't visited because of attractive digital signage. In other findings, 68% of Americans have paid for a product or service because its signage caught their eye.
The benefits of digital signage are incredible. As a piece of versatile technology, digital signage can be used not only to attract new clients but also to influence their purchasing decision and drive up sales.
How To Increase Retail Store Revenue With Digital Signage
Digital signage is versatile and can drive up retail revenue in various ways.
1. Build Brand Awareness Through Outdoor Ads
Brand recognition is one of the driving forces of any business. It fuels the company and acts as a pointer that leads prospective clients to want to patronize the business.
Getting the word around your store doesn't require tons of tracts or flyers. With simple digital signage technology, you can tell everyone about your business and what you have to offer.
The average person encounters tons of retail stores on the streets every day. With so many other retail stores competing to provide the same goods and services you do, it is essential to stand out and convince potential clients that you have more value to offer.
Digital signage provides retail stores with a competitive edge through brand recognition. With a digital signage display placed at the entrance of your store, you can easily catch the attention of foot traffic, lure them into your store, and make sales.
However, it is one thing to simply put up a display and another to show valuable content on what sets you apart from other stores. To convert brand recognition to sales, you should implement a brilliant range and strategies of pictures, texts, and videos that are attractive and convincing.
Authentic brand ads outside your store can be the revenue game-changer your business needs.
2. In-Store Ads
Digital signage is not only helpful outside a store to bring foot traffic in but also to influence their purchasing decision when they enter your store.
There is no such thing as too many ads in retail businesses. Thankfully, digital signage is so flexible that it accommodates the different types of content.
In-store digital signage can be as modest as a large plasma screen used to communicate important information to the shoppers. With this interactive display, stores can showcase hot and new products to all shoppers within the store.
This is important because digital signage has the power to influence a shopper’s purchasing decision directly. While many people go to retail stores with a to-do list ready, they are always open to making extra purchases that they consider worth it.
A study showed that digital signage increases the average purchase amount by 29.5%. With indoor digital signs, you can showcase products, not on the shelves being scanned. Creating suggestions will encourage shoppers to make purchases, hence increasing store revenue.
3. Communicate Promotions
Digital signage is a great way to communicate time-sensitive promotions with foot traffic or walk-in clients.
FOMO, or Fear Of Missing Out, is a handy tool retail stores use to increase sales and ramp up their revenues drastically. People do not like to feel like they are missing out on a great deal. This causes them to act almost spontaneously and carry out a purchase they didn't plan on.
With digital signage, it is easy to communicate promotions and discount offers to clients. This provides a unique in-store experience and helps the shoppers feel they can save more money by spending more.
Digital signage can be used to show active timers, counting down and urging customers to carry out purchases or risk losing a significant opportunity quickly. It can also be used to display QR codes shoppers can scan on their cell phones to generate a discount voucher.
Essentially, using digital signage for promotions helps to draw in foot traffic from the streets and encourage shoppers to make more purchases. This helps to increase revenue.
Digital signage can increase retail revenue by directing customers to products they don't even realize they need.
Up-selling involves persuading a customer to buy an additional or more expensive item. This technique usually consists of a staff member inciting the customer to make more purchases or add-ons to increase revenue.
Digital signage has minimized the need for staff members to be invested in the up selling-process. With digital signs, retail stores can make subtle yet strong suggestions that will influence a client’s purchasing decision and lead them to make more purchases than they planned to.
Digital signage upselling techniques include:
- Highlighting products with immense benefits
- Guiding the customer’s eyes to more expensive options
- Displaying more product options at points of sales
- Promote packages instead of single offers
- Displaying best-selling products with other similar products that work with it.
5. Display Customer Reviews
Social proof is a great way to improve retail revenue. This uses the phenomenon that when clients shop, they look for reviews of other clients who have used the product.
Social proof plays a big part in influencing customer purchasing decisions and retail revenue. It breeds trust and loyalty, both of which fuel sales.
Customer reviews are the best type of social proof. It influences a customer’s perception of your business and convinces them to make purchases.
Digital signage provides a medium to share messages from your clients with your potential clients. It enables you to share testimonies on their experiences with your brand, products, and services.
The positive proof goes a long way in sealing the deal on whether a client trusts you enough to give you their money.
With digital signage, you can share reviews from your social media channels so foot traffic and in-store shoppers can see the good news.
6. Display Social Media Content
Displaying your social media on digital signs is an ingenious way to increase trust while simultaneously improving your social media activity.
Social media proof is a splendid way to increase your reach, encourage potential customers to trust you, and increase sales. The power of social media combined with digital signage is a game-changer still being discovered by many retail stores today.
Displaying content from your social media pages like ongoing polls, comments, and online promotions is a superb way to improve trust and encourage people to make purchases.
7. Interactive Catalogues
Digital signage can be used as a touchscreen sales tool to add a modern touch to your business. Integrating touchscreen digital signage catalogs not only promotes customer satisfaction through self-service but also gives your business a high-end feel.
Salespeople and staff can use touch-screen digital signage technology in your business organization to take orders, help your team serve your clients better, help them pull out necessary company information faster, and provide maximum customer experience.
This touchscreen technology is instrumental in high-end restaurants, consultation agencies, and showrooms.
Touchscreens can also be fixed to cater to each client privately. By fixing tablets to tables or walls, you can create a hands-on, personalized shopping experience that improves your brand image.
You can fix tablets on restaurant tables or retail store walls or deploy them to kids to help them stay busy while parents complete business transactions.
Touchscreens work wonders to increase clients’ comfort level, encouraging them to want to continue to be associated with your brand.
8. Educate Your Customers
Educating your customers is a tremendous yet often overlooked way to improve retail revenue. Passing helpful information will increase your clients’ shopping experience and will influence their purchasing decisions positively.
With digital signage, there is an endless amount of information you can pass to your clients. This can vary from informing clients where products are located on the shelves, displaying staff information to direct customers, frequently asking questions, or instructional videos.
Having information like this readily will provide your customers with a seamless experience that will help them make purchases faster and easier. It will also reduce the occurrences of complaints, lower bad impressions, and help customers remain loyal to your brand.
9. Gather Feedback
Other than its marketing abilities, digital signage can be used to gather feedback on your goods and services from walk-in clients. Getting genuine reviews will go a long way in spotting client pain points and providing the necessary solution to provide them with increased satisfaction and a better customer experience.
Instead of manually sending out survey forms, you can simply use a self-service digital signage station to get reviews. Mount a digital signage interface in your store to allow clients to submit their comments electronically.
This digital signage strategy will encourage clients to open up about how they feel about your service. After all, the most valuable product information is one gotten from your client.
Working on these comments will help you provide better goods and services, thereby encouraging your clients to become repeat customers. This is bound to make your sales increase exponentially.
One of the best ways to increase retail store revenue is to provide excellent entertaining content on in-door screens. Providing your clients with entertainment will keep them engaged, entertained, and interactive as they wait around the premises.
Entertainment is essential to reduce a walk-in customer’s perception of time. When customers wait to be attended to in a retail store, they are busy thinking of wasting time while simply standing there. The longer they are made to wait, the more displeased they become.
Providing entertainment will take the customer's mind off how long they are waiting and offer an immersive experience that keeps them relaxed. This causes their wait times to seem much shorter than it is as their patience is increased.
Increasing Your Retail Store Revenue With Loop
Digital signage can be used as a tool to increase retail store sales and revenue in different ways. This diversity makes it one of the best investments any retail store owner can have.
While some digital signage services cost a fortune, some will put a minor dent in your bank account, while some won't cost a dime. Loop TV is one of the rare free premium digital signage services that do not charge its clients for access to its digital signage features.
Loop TV is a free business TV and signage service that provides public businesses with unlimited entertainment and quality digital signage features.
Businesses that use loop get easy access to more than one hundred channels that showcase everything from music videos to funny fails, while also enjoying premium digital signage features.
With loop TV, you do not have to bother about paying licensing or subscription fees. Every service comes for free, including the free loop media player that will be shipped to you at no extra charge.
In addition, loop pays its client for using the service.
Loop is supported by premium ads that run every 10 minutes on average. At the end of each month, loop gives its clients rewards that can be redeemed for pre-paid Visa cards, gift cards, or even donations to charity.
With loop you can get paid for running digital signage in your retail store!