How To Use Retail Store Digital Signage to Increase Revenues
Retail store owners continue to adopt traditional and technological means to improve revenue in their stores. One of popular method is digital signage, a cutting-edge technology that provides several ways for retailers to attract customers, improve sales, and increase revenue.
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, such as electronic billboards and images displayed on TV or wall screens.
Digital signage is increasingly being embraced as an easy way to interact with a large group of people at once. Traditionally, digital signage was thought to be a tool only used by large organizations because the setup was usually expensive. However, with the advent of small-scale digital signs, retailers are beginning to adopt digital signage to grow their businesses.
Digital signage can now be affordably implemented in various retail store settings to enhance customer service, pass information, and essentially, drive sales and increase revenue.
Why Retail Stores Need Digital Signage
Digital signage provides immense benefits to retail store owners. 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.
Content seen on traditional signs, made up mostly with text and static images, is quickly forgotten. On the other hand, digital signage contains a mixture of texts, colorful images in high resolution, and even videos. This is why traditional signage like static billboards and magazines are becoming obsolete when compared to their digital counterparts, especially in retail stores.
In fact, 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.
How To Increase Retail Store Revenue With Digital Signage
Digital signage is versatile and can drive up retail revenue in various ways. Here are some of the best ways to maximize your digital signage.
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 consider patronizing a business. Digital signage provides retail stores with a competitive edge through brand recognition, drawing attention to your business in an eye-catching way to lure potential customers as they walk by your store.
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 and exciting 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 once 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 many different types of content. In-store digital signage can be as modest as a large plasma screen used to communicate important information, or showcase hot, new products to 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 that are not on the shelves being scanned. Creating suggestions will encourage shoppers to seek out additional items, make purchases, ultimately 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 timely promotions and discount offers to clients, providing a unique in-store experience that helps the shoppers feel they can save money by spending more.
Digital signage can be used to show active timers, counting down and urging customers to make purchases quickly or risk losing a significant opportunity. 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 encouraging the customer to make more purchases or add-ons to increase revenue. Digital signage minimizes 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. When clients shop, they often 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. They influence a customer’s perception of your business, and can help convince them to make purchases. Digital signage provides an easy way to share positive reviews from happy customers with your potential clients on the spot. 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 can help 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 boost sales. 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. This touchscreen technology is instrumental in high-end restaurants, consultation agencies, and showrooms.
Salespeople and staff can use touch-screen digital signage technology to easily take orders, look up stock information, help them find necessary company information faster, and provide maximum customer experience.
Touchscreens can also be used for individual customer use. 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 on 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 along to your clients. This can vary from informing clients where products are located on the shelves, frequently asking questions, instructional videos and more.
Having information like this readily available 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
Digital signage can be a great and easy way to gather feedback on your goods and services from walk-in clients.
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.
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. 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 your in-door screens. Providing your clients with entertainment will keep them engaged 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 of how long they are waiting and offer an immersive experience that keeps them relaxed; this can, in turn, make wait times to seem much shorter.
Increasing Your Retail Store Experience With Loop TV
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.
Loop TV is a business TV and signage service that provides public businesses with unlimited entertainment and quality digital signage features.
Businesses that use Loop TV get easy access to more than two hundred channels that showcase everything from music videos to funny fails, while also enjoying premium digital signage features.
All this means Loop TV pay you for running digital signage in your retail store, all while helping you increase sales by harnessing the many advantages of using digital signage!