One of the largest generations in history is coming of age and moving toward their prime spending years. According to Forbes, “There are eighty million millennials in America alone and they represent about a fourth of the entire population, with $200 billion in annual buying power. They have a lot of influence over older generations and are trendsetters across all industries from fashion to food.” It is clear that our economic future lies within the hands of the world’s twenty somethings, turning the heads and wracking the minds of retailers everywhere.
Millennials were raised in the age of technology where websites replaced newspapers, tablets replaced books, and communication is preferred through a screen. This revolutionary abandonment of paper media is pushing retailers and their marketing efforts toward a technology focused strategy. As millennials continue to mature and take command of the nation’s extensive buying power, it is clear, that in order to capitalize, retailers must digitize.
In recent years, digital signage has become a growing trend in not only retail, but every industry. According to a new study by Grand View Research, the global signage market is expected to reach 20.03 billion dollars by year 2020.
Digital signage offers endless opportunity for interactive, engaging, and stimulating ways to captivate the attention of this technology centric group. As potential customers are bombarded with ads all day, every day, it is essential for retailers to utilize digital signage and its benefits to stay ahead of the competition and stand out in a crowd.
Digital displays give retailers the ability to present targeted and tailored messages in real time, eliminating the cost and waiting period associated with using a design or print service. Handling messages exclusively decreases the risk of miscommunication and expensive display mistakes. Digital signage can also improve its services without added staffing costs by acting as an interactive point of sale. This feature drives customer engagement and increases brand awareness through building customer relationships. Increasing efficiency, reducing advertising costs, and promoting brand awareness will inevitably lead to boosted revenue.
Aesthetically pleasing high-tech signage can also be used to optimize retail space, enhancing a customer’s shopping experience. By incorporating logos, colors, lights, and even music, retailers can create a cohesive message and overall feeling that will help customers identify a brand’s unique character. Digital signage offers a multitude of benefits that result in a better shopping experience for customers and increased revenue for retailers. Give your retail space limitless opportunity and go digital.