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)

Smart Retailing: a Way to Make Your Business Profitable

Smart Retailing is something that the Retailers in today’s world are concerned about. Smart Retailing deals with using the technologies and various innovations for the retailing purpose. One of the greatest innovations in today’s generation is the Smartphone. It helps the people to avail a great range of opportunity. It also has a large impact on the retailing process. Showrooming through the help of Smartphone is the latest trend among the customers. The customers can use their smart phones for shopping when they are still inside the stores.

Unlike the Online Retailing where the profit of the retailers is minimum smart retailing can bring a profitable outcome for the retailers.

smart retail

How to Start the Smart Retailing Procedure?

Starting the procedure of smart retailing is also not so easy. It must be done by planning strategically to get the maximum profit out of this process. Retail Analytics play an important role in managing the various services of the retailers.

There must be a mobile app to start the purchasing process. This app launching must also be done by planning accordingly. The app helps the customers to locate the shop, locate the products, see the latest discounts and offers and moreover these apps also help the customers to give the answers to their various shopping related quires. This in turn also enhances the buying attitude among various customers.

Telephoning all the motivated customers should be another approach by the retailers to make the smart retailing procedure fruitful.

Communicating with the customers from time to time is also a part of the smart retailing procedures. It not only helps the retailers to hold back or retain the customers but it also creates a level of satisfaction among the customers. The retailer must keep in mind that connecting is not the same thing as connection. They must plan for various strategies that must help in sustaining the connection with their customers.

How can the Customers get the maximum benefit from Smart Retailing?

Although the smart mode of retailing with its facilities of online shopping and mobile apps have provided the customers with a wide range of offerings, but the customers seems to be in a great mess. The customers are having problem while taking the purchasing decision and also in turn are losing the confidence. Thus the retailers must launch mobile app, communicate with the customers, and answer to their quires to make the smart retailing process beneficial.

Optimizing the store design to increase the sale as being believed by many US’s retailers is also another key to get the benefit from the smart retailing. According to many retail scenario of U.S they must focus on enhancing the organizational thinking to get a better result. They also focuses on the idea of improving the process of tracking the customer’s behavior.

Changing Trends in Retailing:

  • There is rarely in distinction between the online and offline shopping. The customers in today’s world have also changed. Today most of the customers do a minimum research before purchasing something. So the retailers need to be smart enough to come up with the opinions that increase the urge among the customers to buy the product.
  • The smart retailers must have certain devices that are updated with information about their customers. This helps the retailers to know the customers behavior and so they also help the customers by giving various advice regarding their purchase related quires.
  • Customers with the help of the Smartphone can now locate the shop, product and offers.

Some smart retailing practices by the retailers also include providing the customers with virtual try-ons.