July 30, 2022
Brand building and advertising is more complex than ever in the digital age as key demographics like Millennials and Gen Z are becoming increasingly ad-blind.
Instead of devoting limited resources toward increasingly diminishing returns, smart retailers are allocating more money to static and digital retail store sale signs. Despite an uptick in online shopping rates, brick-and-mortar retail locations continue to be a vital source of revenue and a powerful tool for building modern brand relationships where consumers are already engaged and ready to spend. Learn how indoor retail signage can increase average purchase value and maximize your revenue per square foot.
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As retail locations fight for customer time and attention, first impressions are more important than ever. Whether promoting a current sale, showing off the latest product, or associating stylish images with your brand, the right sign will capture the viewer’s eye and draw them into your store.
When it comes to increasing foot traffic, any sign is better than no sign, but digital signs see 400% increased views and an 83% recall rate compared to static signs. Flashy animations, video reels, and rotating imagery ensure a steady stream of information for your potential customers and provide multiple opportunities to capture their attention.
Augmented reality (AR) can also improve foot traffic, with over 70% of consumers saying they’re more likely to shop at a location if AR is part of the experience. Novelty is a powerful tool in driving consumer interest, and AR provides new interactive shopping experiences with low overhead through devices customers already have.
Whether through attention-grabbing signs or the draw of AR, once customers are through the door, your other retail signs can take over to guide them toward prospective purchases.
Signage is primarily a means of conveying information to your customers. That information can vary depending on the context in which the signage is placed. Signs can point the way toward different departments inside a larger store, aid in compliance with accessibility regulations, advertise popular products, and inform customers of current sales and promotions.
Retail signage is a microcosm of the overall customer journey, from discovery to research to purchase. Effective implementation can guide customers toward purchases of products they may not have known they wanted, needed, or even heard of before interacting with your sign.
This is one of the areas where digital signage can boost the level of information your customers have access to and provide additional layers of interaction with your brand. Fashion brands like H&M, Uniqlo, and Timberland have experimented with the “magic mirror” concept, turning camera-equipped digital displays into virtual fitting rooms. These displays allow customers to mix and match outfits to see how they look and fit.
Other stores and shopping malls can use digital signs to provide interactive maps and directions to requested locations. Customers can tap on departments or sections within the store and see guided directions to their destination, along with pertinent information like operating hours and available products.
Brands are also using customers’ devices to enhance the shopping experience with AR programs like Resonai’s Vera for Retail. Customers can interact with the store's physical space through an app on their phone to get instant product information, directions, promotions, and more. Businesses can then use the data generated by these apps to see where pain points occur, allowing owners to adjust layouts and improve signage where necessary to better guide customers through the store.
Conveying information to your customers isn’t just for providing customer service — well-placed signs are proven ways to increase revenue. If customers are aware of price drops or buy-two-get-one sales, they’re more likely to spend. Plus, you can direct customers toward advertised items or promotions and encourage them to buy.
You can achieve this with static or digital signs and interactive kiosks placed throughout the story to inform customers of sales. In fact, digital signage increases average purchase value by 29.5%. By displaying signs with current sales and promotions, you can ensure this information remains top of mind while customers browse products in your store.
Signage isn’t just a way to keep customers informed. Colors, font, and imagery cement branding in the customer’s mind and make your store stand out from the competition. Take Target’s use of Helvetica Neue font and bold red and black colors, which permeate the shopping experience within its stores to provide a distinct, modern identity.
Don’t just think about sale signs or advertisements — even department signs can convey brand identity and emotion. Accompanying produce sections with imagery of fresh fruit and vegetables or apparel sections with the latest seasonal fashions can lift shopper mood and draw customer attention. Carefully consider the right balance between aesthetics and information, ensuring customers are properly informed without overwhelming them with visual noise.
Strategic partnerships with products, manufacturers, and various other companies can provide additional revenue streams beyond selling products. Digital signage, in particular, can provide unique opportunities in this space, with opportunities to display video advertisements or interactive touch points from relevant companies.
For example, video game retail chain GameStop works with advertising companies to design programming for its in-store GameStop TV channel. The chain brokers deals with video game publishers to provide hands-on looks at upcoming games (which shoppers can then pre-order), as well as advertisements for products or services from a variety of other companies. The result is a revenue stream that enables GameStop to make money off customers who don’t purchase anything during a visit.
Other retailers like Walmart experiment with Freeosk integration, which provides a rotating inventory of free samples in exchange for email signups and app downloads. Explore unique opportunities relevant to your business and customers to increase your retail location's dollar per square foot value.
Want to learn more about how your approach to retail signage can improve foot traffic, increase revenue, and more? Be sure to check out Retail Store Signs: The Ultimate Guide.
New technologies like AR and the metaverse are providing retailers with exciting new opportunities to engage with customers, diversify revenue streams and increase sales while generating data that can help strengthen and grow your business. Download our ebook, A Guide to the New Digital Infrastructure for Malls & Retail Properties to learn more about how these innovations can build exciting new relationships with your customers and help your retail location stand out from the competition.
Are you ready to learn more? Get in touch with Resonai today and set up a free demonstration.
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