Digital Signage: The new-age technology for retail

AI based digital signage is a perfect way to meet consumer demand in retail stores as well as build the bridge between omnichannel. While static signage has always been around, this new technology has the ability to collect data and use that data to disseminate correct information and promotions, to a highly targeted audience, at the perfect time, resulting in higher impact.

Perhaps this is why the global digital signage market is expected to reach $32.84 bn by 2023; and the AI market $191 bn by 2024. Already retailers are starting to use the technology on big screens and touchscreen kiosks to grab consumers attention and encourage engagement.

With the data collected, smart digital signages are able to push out personalised content to the viewer in real-time. AI can predict which piece of content will be most attractive to the viewer and display specific ads. This can be based on the demographics, the weather, season and many more. What’s important is that marketeers don’t have to guess which piece of content will have the most engagement and drive the most sales, it is all automated by the AI.

The longer you allow the technology to collect data the more accurate it will become over time as it collects more information on consumer preferences and conversion. Deep learning, which is a subset of machine learning in AI, can access vast amounts of data on patterns, draw conclusions, and respond, all in real-time.

Furthermore, with additions like facial recognition, you can have a precise understanding of who your customers are and which pieces of content resonates with whom. Facial recognition can empower digital signages to greet consumers by name, provide personalised offers with the knowledge of their purchase history, and suggest new products that are relevant to them. And research has shown that the consumer reaction, despite knowing the nature of AI, is similar to their reaction to a salesperson, which is probably because the personalised suggestions save consumers time and energy.

The 2019 survey, Smart Stores: Rebooting the retail store through in-store automation, found that lack of product information is the fifth leading pain point for in-store shoppers; and the third was difficulty in locating products. Digital screens and kiosks can solve these issues by helping shoppers find products, get information such as size availability or similar products, and compare prices with ease. This genuine help makes consumers more willing to share personal data – it’s a win-win! Adidas’ Virtual Footwear Wall is a great example where consumers were able to receive personalised styling suggestions in exchange for personal data. 

Bringing omnichannel shopping experience into stores will improve footfall, dwell time, and ultimately conversion. For shoppers, customers experience will improve as they find relevant products more easily.

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