Personalization and bespoke content have never been a bigger focus of the retail and many other industries around the world, in large part thanks to the continued adoption of Internet of Things (IoT) and other connected, data-driven devices. One of the most popular ways in which retailers have begun to personalize their content to consumers is through the use of bespoke digital signage and the utilisation of Big Data enabled by IoT and connected devices.
With such huge amounts of data being both generated and collected, creating personalized shopping experiences for customers through the use of digital signage is one way in which many retailers are looking to both increase their sales and boost the loyalty of their customer base.
By targeting consumer demographics with specific digital signage campaigns, businesses and enterprises are able to cater their efforts to more accurately match consumer needs and desires.
In this article, we’ll be looking at whether, due to the many benefits it has already brought to the industry, and the potential for the future these technologies hold, bespoke and personalized digital signage is the future of retail. To answer this question, we’ll be breaking our answer down into three different parts, starting with ROI.
Return on Investment
At the end of the day, retailers are businesses with financial objectives to meet. Wasting time with technologies that promise much but when deployed deliver very little isn’t high on anybody’s agenda and so retail stores and outlets need technologies that they know will have a significant effect on their revenue.
With digital retail signage the benefits of these systems are well documented, and the vast majority of suppliers will be able to supply use cases demonstrating how their products are being used already. Personalizing content and creating bespoke marketing and advertising campaigns through digital signage has the potential to boost retail revenue through increasing sales.
There is also the hardware side of things to consider. With the expansion of the Internet of Things and connected technologies showing no signs of slowing down, integrated IoT devices are likely to become much more commonplace in the retail environment than they already are today in the not too distant future.
The data generated by these other connected devices could provide invaluable business intelligence that could then be used to enhance and improve existing digital signage advertising and marketing campaigns as well as provide key insights into the different behavioral and decision-making processes of different customer demographics which, again, could be utilized through personalized digital signage.
Creating Personalized Retail Experiences and Loyal Customers
Personalized advertising and marketing campaigns and bespoke retail content delivered through engaging and interactive digital signage is helping retail businesses to increase their sales as well as promote customer loyalty and repeat business.
Using data to understand a customer’s purchasing history in a store, for example, allows retailers to recommend new products and relevant deals to customers whose past decision-making indicates they may have an interest in said product or offer.
Personalized retail experiences are another way in which interactive digital signage is being used to help promote customer loyalty and boost sales.
If a store has an app, offers on products customers have recently browsed through could be displayed through digital signage as they are being interacted with as well as providing information about where specific products could be found in store. This would also demonstrate another way in which Big Data is being utilized in retail through next-gen digital signage.
As mentioned in the previous section, IoT technologies and connected devices are becoming increasingly common within retail environments. This, coupled with an increase in personal smart devices such as smartphones and wearable technologies means that the amount of customer data generated will continue to grow, creating further opportunities for personalized experiences and content.
Moving with the Times
Over the last several years, technological innovations and advancements have come thick and fast in nearly every industry and sector on the planet. The two main themes many of these innovations share is connectivity and data generation and, as we enter the era of the Fourth Industrial Revolution, the amount of data we generate looks set to continue to grow.
The data generated by our gadgets, devices, and infrastructure has become an essential ingredient to nearly all businesses around the world and utilizing it to generate actionable business insights is something that all organizations and enterprises now need to do in order to stay ahead of their competition.
By implementing technologies such as digital signage and using Big Data to direct their advertising and marketing campaigns, for example, retailers are both optimizing their efforts with cutting edge technologies as well as providing better overall experiences and services to their customers. This is something that then enables them to better perform in the future as newer innovations and applications are developed.
The future of specific technologies is undoubtedly a near impossible thing to predict. However, given the current lay of the landscape, it seems safe to say that, while bespoke and personalized digital signage does not define the future of retail, it will most certainly influence it some way or another.