To stay relevant, retailers must keep track of media trends and continually evaluate how to best serve their customers. It’s a constant endeavour. The retail industry has undergone significant changes in recent years, prompting a range of new approaches such as creating an omnichannel experience, implementing e-commerce strategies and digitalising in-store experiences to meet evolving consumer demands.
Global trends, of course, also influence how retailers operate – it’s difficult to predict what may impact retail next. Retailers must fulfil their social responsibility, adhere to data regulations and stay up-to-date with the latest technology to remain competitive. There’s a lot to stay on top of.
In this fast-paced and ever-evolving industry, agility is key to thriving. Successful retailers not only keep up with the latest movements and advancements in technology, but are also proactive in anticipating future changes in consumer behaviour and preferences. They must be willing to innovate and experiment with new strategies, products and marketing techniques. Through creating a personalised and memorable customer experience, they can significantly strengthen customer relationships and build brand loyalty.
So what trends should retailers be aware of right now? Here are three:
The increased need for effective cybersecurity practices
The nature of how retail operates means it involves a host of customer data and payment details. It’s a cybercriminal’s dream scenario. With more and more ways to pay via contactless methods, and an expanding range of e-commerce choices, the retail environment is a hotbed for cyber attacks. And they are on the up.
Research has shown that 2022 saw a dramatic increase in ransomware attacks, with one firm placing the figure at 67% year-on-year and another reporting a massive 90% increase compared to the previous year. Ransomware attacks allow bad actors to exploit weaknesses in retail networks to install ransomware. By encrypting systems, they can stop transactions until the retailer pays a ransom. This continued and sizeable growth of illicit activity presents a vast challenge for retailers, with reputations on the line and the potential for big financial losses. The JD data saga saw the brand facing a fine of more than £17m.
This backdrop is driving the need to innovate and invest in cybersecurity. The CISO Benchmark Report – with 49% of survey participants from the retail sector – revealed that 70% of CISOs anticipate that their budgets will increase again this year, continuing a three year trend. It’s definitely an area for a retailer’s watchlist.
Adopting green digital signage to comply with sustainability initiatives
Digital signage is having a green makeover. Unlike some traditional signs that are illuminated constantly, energy efficient displays and power management systems are dramatically reducing energy consumption.
When it comes to retailers, the screens, both LED and LCD, can be connected to players. These players allow shops to turn screens on and off in line with factors such as time of day, how busy the shop is and what areas of the shop require signage to be live. The energy use of screens can be optimised in real-time and from one central system to enhance efficiency. We’re also sure to see more companies forming agreements with councils and renewable energy providers to ensure energy is coming from sustainable sources.
But it’s not just energy efficiency that is contributing to green signage trends. Sustainable content management strategies are also ushering in a new manner of advertising in retail, with targeted content curated to reach its target audience with maximum effect to avoid wasteful adverts being displayed.
Using the versatility of digital signage to create dynamic customer experiences
The successful retailers are treating digital signage as part of an overall holistic in-store experience. Its value can go far beyond initial perceptions. Signs can be placed strategically to not only advertise products in specific sections of stores, but generate brand awareness with campaign videos, seasonal events and brand partnerships. Data can be accrued in line with store sales to see what strategies work best and ones that miss the mark.
Screen content can also be arranged in sync with store music, promote social media opportunities, display QR codes and work in line with in-store VR and AR experiences. Furthermore, touchscreens can allow customers to browse products and answer any initial queries, while spectacular and mega-spectacular LEDs are another popular rising trend used to enhance customer experiences. Any section of brand strategy a retailer wants to push, this can be carried out through digital signage.
These examples represent just a few of the exciting variety of digital signage capabilities on offer. The modern online world shifts in an instant; content is snappier, trends are constantly progressing and shops are increasingly reflecting this online market in the brick and mortar world.
Anticipation is everything
Adapting to changes in the market and meeting evolving consumer needs has become just as critical as offering quality products. Retailers must be responsive and flexible in pivoting their business strategies to stay relevant in this rapidly changing industry. From buffering up their cybersecurity infrastructure to adopting green digital signage strategies and taking the in-store experience to the next level, retailers can make sure they are on top of the latest trends. From this base, they then have the foundations to anticipate future customer behaviour and trends.
After all, to meet demand and forge ahead, anticipation is everything.
