Boosting the Store Experience with Digital Signage and Retail Analytics
The following article is based on Retail Analytics training given by Jaume Portell—CEO of Beabloo—at ISE 2017 in Amsterdam.
Digital signage for retail
Digital signage has already established its effectiveness in retail applications—today over 40% of all commercial display panels are installed in the retail segment. Digital signage presents enhanced performance opportunities and cost benefits in contrast with static analog installations. Retailers are well familiar with these advantages and return on investment (ROI) that digital displays provide in the long run. With indoor and outdoor displays, video walls, and stretched panels, business owners have a variety of product options that allow for creating custom digital installations to cater to their business needs.
Today, the evolution of digital signage and complementary technologies have brought us screens that are smarter than ever—opening endless opportunities to those in the retail business. These integrated solutions enable retailers to leverage signage to move from a generic, mass-market approach to data-driven, real-time personalized promotion, branding, and awareness strategies.
Modern digital signage and retail analytics allow to:
- Collect customer data in real time—without infringing on privacy
- Marry it to structured and unstructured big data available through other sources
- Analyze the data and generate business intelligence on customer behavior
- Optimize selling strategies and adjust marketing activities based on these insights
Integrated signage systems allow for creating omnichannel customer experiences using big data-driven segmented marketing strategies. This aids in operational business decisions and deliver high ROI outcomes.
Let‘s examine in more detail how digital signage paired with retail analytics capabilities can help deliver a true omnichannel experience.
The omnichannel approach means providing an integrated multichannel shopping experience across all customer touchpoints: online (desktop and mobile), over the phone, and brick and mortar locations.
Modern technologies allow connecting these multichannel experiences through powerful digital platforms, which require a combination of hardware and software. Digital signage—used in conjunction with beacons, mobile apps, facial recognition and retail analytics software—is creating a unified view of the customer journey that may have occurred across multiple touchpoints– online and offline.
First, built-in cameras, beacons, and NFC technologies coupled with analytics and face recognition software allow digital signage screens to collect demographic data on customers: number of viewers, their demographics (gender, age range), attention and dwell times, time and length of the visit. Pooled with other data sources, such as weather or a customer’s previous visit time, it can be a powerful data set, from which to extract market insights.
Based on this information, retailers can generate actionable insights and serve hyper-targeted marketing campaigns—that are personalized and helpful in real time. Such data-driven campaigns help attract new buyers as well as delight existing customers. Additionally, integrated signage solutions can let customers use their mobile devices to view more information about an item, compare products, and locate them in the store.
In addition to the new omnichannel possibilities and displaying dynamic content based on customer behavior, integrated digital signage technologies generate actionable business insights. These tools provide in-depth insight on your customer base—who they are, what they buy, how often, and what content they engage with.
Consolidated retail analytics data can help you come up with the optimal store layout and organize it to influence customer choices. You can improve the inventory management, merchandising, and manage staff to ensure a stellar customer experience.
Objective measurement is crucial to performance and determining whether adjustments are needed to business or marketing strategy to grow the business and keep it profitable. Analytics-enabled digital signage solutions allow measuring the volume and composition of the foot traffic to evaluate whether the store location is profitable and if it’s serving the right demographics. They also help to measure interest in specific products and determine what products are most profitable.
Finally, integrated signage solutions help measure the effectiveness and ROI of marketing activities—from investment in digital signage itself to evaluating communications strategy and campaign performance, the value of the mobile app, and online attribution—providing meaningful answers previously unavailable to business owners.
All this sounds amazing, doesn’t it? However, even better news is that these integrated solutions are no longer reserved for the biggest corporate retailers. The abundance of the startups, software, and signage companies that provide analytics, digital signage solutions, or both, makes this powerful technology available and affordable to small and medium businesses as well.
Beabloo is one such company that we met at ISE 2017. They provide an integrated solution that consists of professional digital signage grade Samsung Display screens and advanced analytics and software toolkit. This system transforms a screen into a data analytics ninja. Beabloo offers beacon-enabled digital signage, with advanced Wi-Fi and video analytics functionalities, as well as integration with social media, WeChat, mobile apps, and website analytics.
The solution offers a fully connected experience: personalized dynamic content that takes into consideration demographic data and engagement level, shifting content based on weather conditions, and data linking. It also utilizes an ‘opportunity to see’ function—delivering more active interaction levels when users are looking at the content directly. Beabloo believes that delivering organic and personalized customer journeys allow to dramatically enhance the shopping experience while maximizing ROI for the retailers.
Beabloo system in action—beacon-enabled digital signage powered by Wi-Fi and video analytics.
Aside from the traditional retail, Beabloo is seeing a huge opportunity for employing integrated signage solutions in banking. Such solutions offer unique opportunity to organically serve relevant banking products and services based on demographic—for example, a home loan or a credit card offer for a young couple or health saving plans and retirement investment accounts for seniors.
As you can see, digital signage is playing a key role in transforming retail environments and delivering big data-based, truly omnichannel experiences. Digital displays can be used throughout the store for a variety of functions:
- Advertising and promotion
- Information and context provision
Digital signage coupled with retail analytics is bringing unprecedented benefits to both customers and retailers. Such solutions:
- Allow to set up fully integrated systems, unifying online and offline ways people engage with brands
- Personalize customer journeys, making them truly user-centered and unique
- Build loyalty and experience-based customer relationships through engaging and interactive journeys
- Provide real-time data and customer insights for retailers
- Foster proximity and hyper-targeted marketing campaigns
- Supply actionable store insights
- Reduce and optimize staff efforts in day-to-day operations
Looking to build a high ROI, integrated retail experience? Get in touch today, and we’ll help you to get started.