POS & Digital Signage: The Future of Retail

For quite some time till now and for a long time to come, an enhanced ‘customer shopping experience‘ is what will be the main force driving conversions for retailers. In this highly influential online world, there is still enough room for offline retailers to make customers stand up and take notice. According to a survey by POP Advertising Institute, 67% of purchase decisions are made in-store. It’s an interactive world today and therefore the crux lies in making the information about various products and services available to customers in the most appealing way but at the same time being contextual is the key. Retail Displays are an important facet that helps retailers provide interactive content for today’s interactive customers and will continue to do so in the time to come.

 

Digital Signage

A major aspect that is taking customer interactivity to a whole new level is Digital Signage. Digital projection via LCD and LED screens in order to display images, stream video and convey information is an effective way of engaging customers and enhancing their shopping experience. The in-store branding has to be consistently captivating for keeping the customers engaged for a long time. Resorting to Digital Signage is surely the way ahead. The following figures provide a clear indication as to why digital signage will be most effective for both retailers and their customers in the near future.

    • According to a study by Markets and Markets, the digital signage market is expected to rise from $16.88 billion in 2015 to $27.34 in the year 2022 at a CAGR of 6.7%.
    • The rising demand for signage will be the most in North America. The following graph depicts the demand for digital signage across different industry verticals till the year 2024. The Retail vertical definitely dominates.

digital-signage-by-2024

    • A recent study by Adaptive IP Services (Digital Signage Solution Provider) revealed the following.

digital-signage-by2024

  • According to IDC forecasts, the use of digital signage in retail will grow from $6 billion in 2013 to $27.5 billion in 2018 at a CAGR of 35.7% in these five years.

Point of Sale Displays

With a healthy rate of people freezing in on their decision to buy within the store, it doesn’t require a wise man to understand the impact that Point of Sale (POS) displays can have on customers. Effective promotion and marketing of the customer’s needs is important for the timely stimulation of demand leading to successful conversions. Sometimes, just the mere presence of a product in the store is not enough to drive its’ sale. It should be appealing enough to evoke the ‘desire to acquire’ within the customer. This is where POS displays come in handy. The following data provides a telling insight as to why retailers should secure their future by resorting to POS displays.

point-of-purchase-in-store

  • According to a study by Transparency Market Research, the global point of sale terminal market in 2013 stood at US $36.86 billion. It is expected to grow at a CAGR of 11.6% between the years 2014-2020.
  • The integration of digital POS physical stores can be brought about by allowing mobile POS proximity payments as it can alter the in-store shopping experience of customers in a huge way by allowing them to make payments from their mobiles or tablets and at the same time it will serve as a channel of purchase.
  • The above graph states that by 2018 in the U.S, mobile POS proximity payments are expected to reach US $5.4 billion. It also indicates that the total retail POS purchase is expected to rise from 0.01% ($3.98 trillion) in 2012 to 0.13% ($4.2 trillion) in 2018. (Javelin Strategy & Research)
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Beacon Technology and Proximity Marketing in Retail Stores

Indian Retail market until recently was looking for 4 conventional P’s that would help them to swing their business in full motion. These includes – Product, Promotion, Price and Placement. But from now onwards a new P has managed to make its stable room within these. And this game changer is Proximity Technology.

Proximity Marketing has unlocked a new door in the Retail world. Be it India or abroad, Location-based marketing is steadily making its place in the business world.

Retail world with the use of Beacons

Retailers with the help of “Beacons” can push appropriate advertisement content to customer’s smartphone based on his/her location in the retail outlet. The future prospect of beacons will be discussed, but let us go through its feature and let’s check how beacon can interact with applications in smartphones.

beacon technology

Beacon Technology

Beacon use radio waves to transmit signals to the smartphones in a short range up to 70 meters by using Bluetooth Low Energy (BLE) technology. It accesses a CRM database to get a detail report of the customer profile and hence can send customized offers judging the past buying behavior of the customer.

The customer needs to install the apps of the retail in their Smartphone and keep the Bluetooth ON to receive the offers. It can range from Promocodes, Couponcodes, Gift vouchers, Discount offers and Product information.

Beacon Engagement Facts

Proximity sensors can engage your customer for a long time and provide a great shopping experience for your customers. Understanding the previous shopping experience a more personalized discount offer or promotion voucher can easily be sent.

Use Cases in “in-Store Retail”

Consider these scenarios mentioned below and discover how beacons can help increase in-store customer engagement and provide insights to drive sales.

Beacons installed counter can help feed data for instore analytics. It gives perfect research result for the products bought, displayed product, the launch of new product and stock clearance report generation.

Data can also be collected based on the stores visited by the customers, products having a good sale without any discounts and products are not getting many sales with good offers and discounts.

After the purchase is made by the customer, a loyalty program can be sent to the customer that can benefit him in his future purchase and help him to stick to the retail shop. With the installation of the apps, the customer can share feedback and avail redemption offer sent as notification.

Thanking the customer for shopping, discount vouchers or codes for future purchase or codes they can share with friends and families can be sent. This will again be an attempt to encourage sales.

Marketing Cost: Traditional Marketing VS Proximity Marketing?

With strong competition from the online sellers, brick-and-mortar retailers are looking for innovative methods to share promotional offers with buyers.

The Recent recurring cost of Retailers for advertisement are like printing pamphlets, advertise through big and bright hoardings, Television Advertisement and many more! Use of Beacon Technology can be a suitable yet inexpensive tool that can offer best promotion 24/7. It is free from any random maintenance. The only investment you have to make is to buy batteries that too last for 2-3 years.

Data Speed in Beacon Technology

Beacon device uses Bluetooth Low Energy (BLE) technology for proximity marketing, so customers are not in need of any internet access. They just need to use Smartphone with Bluetooth option, and they should keep it ON. For the retail outlets normal 2G and the 3G connection are just enough for proximity marketing using the beacon technology. In addition to this, more and more users are getting accessed to the internet every day and 4G is about to blast the market, so there should not be any annoyance caused by lack of speed.

Outcomes and Benefits of Beacon Technology

Beacons has already been implemented by a plethora of retail giants. Apple, Coca-Cola, LORD & TAYLOR, Levi’s, Virgin Atlantic, MACY’S are some of the beacon’s clients wherein beacons have been successfully implemented and where shoppers are enjoying benefits.

Our Recommendation for Beacon usage

Beacon Technology is accelerating in India. Retailers should look at embracing this technology to create a proximity environment to get an early player advantage and increase business before the opposition catches on.

India is to become the second largest smartphone market in the world by 2017. Users are sure to lap up data services in smartphones with the proposed low rate of 4G net service. This makes smartphones a tool for omnichannel marketing of retail products.

So don’t stay behind, run the race of success.

Mobile Marketing: an Ultimate Way to Increase Your Retail Sale

The Retailers of yesterday and today have a common tendency to experiment with various modes to communicate with their customers. They always try to produce their advertising messages through various ways and means. Earlier the retailers use to communicate with their customers through electronic or print media and also by personal interaction. However with the advancement of technology the scenario has changed a lot. The mode of communication between the Retailers and the Customers has also changed.

retail mobile Marketing

Mobile Marketing:

Retail Mobile marketing seems to be the latest advancement in the world of Retail. Mobile in to today’s generation is not only an option but it is a necessity. The Retailers now use this mobile for delivering their marketing messages. It has been found that the mobile marketing have a higher potential to attract and grab much more customer’s attention than any other mode of communication being used before. The mobile marketing has also provided solution to various problems being faced by the retailers by increasing the potentiality of communication.

How Does The Retail Mobile Marketing Works?

•    The retail mobile marketing with its push messaging system, Wi-FiBluetooth and NFC informs the customers with the latest offerings and discount, this in turn help the customers to take their purchasing decision much more easily and fast.

•    The consumer’s data or information are being collected from the social media sites, through various apps and also from the records of their past purchase, the retailers then send their marketing messages through mobile to these customers.

•    Mobile marketing keeps on updating the customers with the latest offers and discounts that are going on or are to be coming. This way mobile marketing plays a major role in in-store retail marketing and thus can also be termed as the in-store mobile marketing.

•    The process of personalization of data by knowing a customer’s behavior, buying habits are now a major part of retail analytics, in-store mobile marketing has made the process much easier than before.

•    Mobile marketing when merged with other marketing vehicles can give a more fruitful result to the retailers.

•    Mobile being a constant mode of communication has the potential to track the customer’s information or the customer’s database much more accurately. This helps the retailers to satisfy the customers by providing the things that they demand for.

How the Retailers can use in-store Retail Marketing to Engage more Customers?

The customer’s behavior is also changing in this world of changing technology. Now the tech savvy customer’s want the advertising messages to be forwarded to them every now and then. They want to update themselves with the latest information sitting in the coffee shop or in the airport.

Thus to meet the demands of these sophisticated customers the retailers also need to think something different than before. The marketing contents must be now very mobile friendly than before. The advertising content must be brief and informative as most of the people now have a time crunch. The retailers need to inform the customers through mobiles from time to time because if the customers do not find the message an informative one the chances of shifting to other brand or product is much high.  The retailers need to track the location of the customers and increase their fan base. The in-store mobile marketing provides the customers with facilities like making them able to compare the prices with other products and brand.

Thus mobile marketing have made the process of retailing much more informal than before by eliminating the gap between the Customers and the Retailers.