Think Like a Retailer
Digital signage is everywhere. From Times Square to the device in our own hands, we see countless digital marketing messages daily. So how effective can digital signage be? Studies suggest that digital signage in retail spaces is a critical component to the in-store experience and increasing revenue.
Increased Revenue
A study of 250 retailers by Retail Tech Innovation showed that 91% of respondents credited integrating digital signage to their retail space for increased revenue. This is due to the power of imagery and motion to attract attention. The mix and timing of attraction, engagement, education, infotainment, and product offers is key to a successful digital display strategy. Displays can bring attention to specific offers or special messaging.
While over 90% of financial institutions (FIs) have display screens in their branches, most are not utilizing them effectively to drive revenue. FIs need to upgrade the content and use of both screens and interactive kiosks/touchscreens to deliver messages strategically to attract and engage the viewer. Digital signage can help visitors feel better connected to the FI, reinforce brand positioning, and inform the viewer about the FI’s commitment to them and the community. Screens can also inform viewers of offers and opportunities that they may not notice in printed literature or may not hear about from branch staff.
Retailers have paved the way for FIs to increase revenue and enhance engagement through the strategic use of digital signage and interactive displays.
More In-Store
In-store retailers, like FIs, reacted to the pandemic and the rise of online shopping by enhancing their online experience for consumers. The shift to online shopping (and banking) led some to believe that in-store shopping would continue to decrease. However, a study by Colliers Research shows that the percentage of e-commerce retail sales (versus overall retail sales) dropped a percentage point from 16.5% to 15.5% from 2020 to 2023. While people like online transactions, they rely on real experiences in a physical space for certain, especially complex, transactions.
When visiting a location, dynamic digital displays create an enhanced experience for consumers particularly when providing educational information. According to Forbes research, shoppers say that a good in-location experience will lead to more interaction with the brand online. FIs should consider the gap in experience from the user experience online to the consumer experience in the physical space of the branch. Using digital interactions in the branch bridges the gap: delivering recognized brand elements from the website and app to the physical space.
Additionally, many FIs offer education on loans, budgeting, retirement planning or other financial matters. Digital signage can introduce concepts to visitors and direct them to full financial education resources in branch or online reinforcing the value the FI brings to the consumer.
Think Like a Retailer – You are a Retailer
FIs need to think about their retail spaces as other consumer retailers do and integrate elements such as digital signage into the space (display and interactive).
The challenge of keeping the content fresh, localized, and accurate means choosing the right management platform is critical to success. A simple, secure platform will provide the ability to deploy and manage multiple screen sizes, regional and branch-specific content, and monitor screen content in real-time. Additionally, digital screens and kiosks are the best way to deliver brand and offer messaging consistently and correctly. Whether in a growing network, merging institutions, or due to high retail staff turnover, digital delivery ensures a consistent brand experience across app, web, and physical spaces.
The investment in the right tools, plus expert advice about placement of screens, content mix for attraction and conversion, and smart programming of interactive displays can make an immediate and ongoing impact to the efficiency and effectiveness of retail branch engagement and sales.
Consider a Branch Experience Evaluation
Digital signage is an important part of creating a branch experience that attracts, engages, promotes, and converts. Placement, content, and branch flow are important factors as well. Contact us to discuss a branch experience evaluation to get the most opportunity from your retail locations.
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