Digital signage is becoming increasingly popular as a marketing tool in the modern business world. It not only helps increase advertising capabilities and attract customers, but it can also positively impact sales revenue. According to a recent survey, 89% of businesses believe that digital signage has helped them increase sales revenue. In this article, we will explore the benefits of digital signage and how it can positively impact a business’s sales revenue.
Digital signage is a solution that retailers use to attract customers and drive sales at their stores. However, can retailers measure the impact of digital advertising screens? Specifically, how much does digital signage help increase sales? A study on the price elasticity of digital signage in the United States was conducted to survey retail business owners and determine if they can measure the ROI of digital signage. Let’s find out more in the following article with VDS.
1. What is a digital price list?
A digital price board is a TV screen or specialized digital screen that contains information about prices, details of products, and services offered by restaurants, nail salons, coffee shops, boba tea shops, clinics, etc. This price board typically provides clear and specific information, introducing products, services, descriptions, images, and listing the prices of various products. A digital price board is very useful for consumers who want to compare prices and features of products before making a purchase decision.
2. The working process of a digital price board
The digital price board operates based on a simple process as follows:
- First, the business creates advertising content, including images, videos, and audio, then uploads them to the screens of the digital price board.
- The advertising content can be updated and changed according to the needs and marketing strategy of the business.
- Then, the screens directly display the advertising content to customers through electronic screens.
3. Benefits of digital price board
3.1 Creating attention and attracting customers
Digital price boards are capable of capturing customers’ attention through multimedia content and special offers. Unlike traditional price boards, digital price boards can use sound, video, and motion to create a unique experience for customers.
3.2 Increasing interaction and connection with customers
With touchscreen features and network connectivity, digital price boards allow customers to interact directly with advertising content. This helps create a personalized experience and enhance the connection between businesses and customers.
3.3 Providing detailed information about products and services
By using digital price boards, businesses can display detailed information about their products and services. From showcasing product features to explaining usage processes, digital price boards help customers better understand what the business can offer.
3.4 Flexible and easy-to-update advertising
With digital price boards, businesses can flexibly and easily update advertising content according to their requirements and marketing strategies. Instead of printing new advertising banners, they can simply edit and upload new content onto the screens of the digital price boards.
3.5 Cost-saving advertising
Compared to traditional advertising forms such as printing and media, digital price boards can save advertising costs in the long run. Investing in digital price board technology can bring long-term benefits and minimize continuous printing and media costs.
4. Successful examples of digital price boards
4.1 Advertising in shopping centers
Shopping centers are an ideal place to deploy digital price boards. Thanks to the attention of customers and high interactivity, digital price boards in shopping centers have helped businesses increase sales revenue. For example, a fashion label can use digital price boards to display their latest collections and suggest styles to customers.
4.2 Advertising in restaurants and cafes
Digital price boards in restaurants and cafes can help increase revenue by advertising new dishes, promotional programs, and special events.
4.3 Advertising in the tourism and hotel industry
Digital price boards in the tourism and hotel industry can help advertise tours, hotel services, and entertainment activities. By using high-quality videos and images, digital price boards can evoke desire in travelers and create a promise of a perfect travel experience.
5. Important factors when implementing a digital price list
5.1 Strategic positioning
To achieve the highest value from digital signage, choosing a strategic position is crucial. The location should be placed where there is high traffic or where potential customers tend to linger.
5.2 Quality advertising content
Quality advertising content is a decisive factor in the success of digital signage. The content must be attention-grabbing, generate interest, and provide problem-solving solutions for customers. At the same time, it should not overload information to maintain the interactivity of the signage.
5.3 Continuous content updates
Continuous content updates are crucial to maintaining the attractiveness of digital signage. Not only does it keep customers informed with the latest information, but it also allows businesses to adjust their marketing strategies according to each stage.
6. Digital pricing helps increase sales revenue
According to the survey, the main reason retailers use digital price boards is to increase sales. 46% of respondents use digital price boards to communicate with customers, such as promoting in-store offers. 45% use digital price boards to directly communicate with customers and provide employee contact information, such as staff training. 68% of initial survey participants implemented digital price boards to boost sales. 58% chose to invest in digital price boards to showcase products and services. The survey also asked respondents to specify how they use digital price boards to establish primary use cases. 80% of respondents use digital price boards for sales and promotions. 49% stated that they use the solution to display updated brand information.
6.1 89% of retailers can determine that digital price boards drive sales
The survey results show that most retailers are able to measure the impact of digital pricing on sales and promotions. Similarly, 89% of survey participants agree (53%) or strongly agree (36%) that digital pricing has increased the rate of customer purchases.
6.2 79% of retailers using digital price tags say it has helped in effective upselling and cross-selling
One of the clearest benefits that digital signage brings to retailers is the ability to highlight product information, upsell related products, and offer special deals to customers. This technology has the ability to advertise products quickly. This may be the reason why 79% of those surveyed said that digital signage has helped them sell additional products in-store. It’s not surprising that retailers use digital signage for sales and promotions, as 81% agree that they can measure the impact of digital signage on their business operations.
6.3 90% believe that a digital price board makes trading and merchandise more easily recognizable
Research also raises questions about the correlation between price image and digital price list. The majority strongly agree (43%) or agree (47%) that the digital price list positively affects perception of price. Therefore, when strategically placed in high-traffic areas, the digital price list can be a powerful tool for building price identity across multiple locations.
6.4 Digital price board for in-store navigation correlates with increased sales volume
When it comes to the impact of using different digital signage on sales volume, research has shown interesting results. There is a strong correlation between using digital signage for navigation in stores or wayfinding and its impact on increasing sales. 82% of retailers chose a score of 7 or higher on a scale of 1-10 when asked about the impact of using signage for wayfinding on sales volume. Clearly, using digital price boards for directional guidance in a retail environment can benefit shoppers. It helps customers navigate, find what they are looking for, save time, and enhance their shopping experience.
Digital signage in storefront windows increases foot traffic to the store. Survey responses have demonstrated that digital price boards placed at the front of the store drive traffic into the store. When asked whether using digital signage for wayfinding increases foot traffic to the store, 75% of respondents chose a score of 7 or higher on a scale of 1-10. Importantly, this indicates that digital price boards drive more visitors to the store, increasing the potential for more sales.
6.5 Proven Value for Retailers
A consumer-based survey has identified multiple advantages of digital signage for retail locations. Vibrant advertising displays can drive foot traffic, increase purchasing decisions, and enhance the digital presence of merchandise in-store. Specifically, retailers can leverage it in various ways to improve customer experience and boost sales volume. Furthermore, both customers and retailers benefit from it. Overall, it is a cost-effective solution. Retailers unanimously agree that it benefits their business. If your store needs guidance on digital signage systems or effective management of them, please contact us here for consultation.
The use of digital signage in the restaurant and nail salon industry brings significant benefits. Firstly, using digital signage enhances professionalism and modernity for businesses. Instead of traditional signage, digital signage helps businesses appear more modern and attract customer attention.
In summary, using digital signage in the restaurant and nail salon industry provides outstanding benefits. From professionalism and modernity to advertising capabilities and flexibility, digital signage is an essential tool for establishing and growing businesses.
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