The Retail Digital Signage Market in 2023 And Beyond
by Scala Team
The Retail Digital Signage Market in 2023 And Beyond
by Scala Team
It’s no secret that the retail digital signage market is rapidly evolving to meet the demands of customers who expect a seamless and engaging shopping experience. What’s more, the rise of digital retail has made it increasingly important for brick-and-mortar stores to keep up with the changing landscape in order to stay ahead of the competition.
In Asia-Pacific, businesses are estimated to spend $246 billion on advertising in 2023 with the digital signage market representing a large proportion of spend. In fact, the digital signage market in Asia-Pacific is expected to grow to a value of $45.3 billion by 2026.
What is digital signage and why is it so important?
Retail digital signage is much more than just a display screen. It’s a way to offer shoppers a unique and engaging shopping experience while offering them real-time information, interactive displays, and engaging promotions. In this age, it’s no longer enough to have a stellar product or service: consumers increasingly expect a dynamic shopping environment that captivates and informs.
The increased use of digital signage in corporate offices, retail stores, hotels and hospitals accounts for a large portion of the market growth in India and China . The market continues to grow exponentially within APAC because of an increase in disposable income which allows more people to visit malls and multiplex stores.
Due to the relatively low cost of deploying digital signage systems, businesses are taking advantage of this opportunity to better reach and engage their target audience.
Digital Retail: Challenges and Opportunities
Digital retail signage presents a great opportunity for businesses for two main reasons.
First, it provides brands with the opportunity to create a lasting impression on customers by engaging them through interactive experiences. Second, it allows them to differentiate themselves from their competitors.
The marketing landscape is also becoming increasingly competitive. Thousands of brands are clamouring for the attention and mind share of consumers. With ever-changing algorithms and the competitive nature of digital ad spaces, physical experiences can be a safer and resource-effective bet when considering marketing spend.
The Biggest Retail Digital Signage Trends of 2023
Self-Checkout Kiosks
Eight out of ten shoppers prefer self-service kiosks for a very good reason – it’s faster. Equipped with touchscreens and digital displays, self-checkout kiosks are integrated with point-of-sale (POS) systems to create a seamless checkout and payment experience for customers.
Not only do retailers benefit from self-service kiosks through a reduction in personnel costs and long queues and improved customer satisfaction. They also get the opportunity to increase brand awareness through on-screen advertising, as well as being able to offer promotions and upsell-/cross-sell to increase customer spend.
Augmented Reality (AR)
Allowing customers to virtually try on products eliminates guesswork, reduces product returns, and most importantly, leaves them a lasting impression of a good customer experience. It effortlessly combines the digital and physical elements of shopping and makes for a more engaging experience. Retail brands are now adopting AR to allow customers to choose clothing, accessories, shoes and even paint colours for their homes.
Lift and Learn/Place and Learn
Some retailers have shown that Lift and Learn can boost sales by up to 20%, making it a strong choice for any store looking to sell more products. With Lift and Learn, shoppers take product discovery into their own hands and can feel confident in making educated purchase decisions.
Smart Shelves
Smart Shelves use RFID and IoT technology to automatically track and detect inventory in retail stores, providing an essential digital link between the supply chain and store shelves. Smart Shelf technology can also be used to display real-time pricing information, and to create engaging digital displays that show product and brand information.
To date, supermarkets have been some of the key adopters of Smart Shelf technology. According to . Forbes, Smart Shelves are rapidly transforming the shopping experience in supermarkets, with traditional paper labels quickly being replaced by digital ones and showing more dynamic content, including up-to-date pricing, nutritional information and brand advertising to engage shoppers.
Scala Leads the Way in Digital Signage
Scala provides bespoke digital signage solutions, providing retailers with a wealth of opportunities to engage customers through interactive technology.
Throughout Asia-Pacific, Scala is teaming up with leading brands and spearheading digital advancement in various industries by leveraging smart marketing technology and digital signage. Scala has gained a reputation for innovation and superior technology over the course of 30 years.
Find out more about Scala’s retail digital signage solutions and kickstart your marketing transformation.
About the Author:
Scala digital signage experts share their experience and thoughts in our blog to provide practical tips and advice for real-world applications. Our team aims to offer interesting content through a variety of formats including long form articles, video logs, interviews and infographics.
