- Almost all (98%) of retail leaders surveyed believe Retail Media will impact the future of retail
- 89% of retailers are turning to Retail Media strategies to boost profit margins
A recent study of UK-based retail leaders, conducted by M-Cube, the in-store digital solution provider, has revealed that 91% of retailers have experienced revenue increases after investing in digital signage solutions.
The report surveyed 250 retail leaders to gauge the growing influence of Retail Media – a type of proximity marketing that targets people at or near the point of sale – and the significant role digital signage plays in this retail evolution. It revealed that 98% of retail leaders believe that Retail Media will shape the future of retail. Moreover, 89% of retailers are turning to Retail Media strategies to enhance profit margins.
The rise of Retail Media
M-Cube’s survey shed light on the retail industry’s direction, with 60% of retail leaders predicting that up to a quarter of their revenue will stem from Retail Media solutions. In fact, almost half (48%) of retailers noted an uptick in revenue and profits due to Retail Media.
The majority (52%) of retail leaders pinpointed increased brand awareness and product discovery as the primary benefits of Retail Media on the customer shopping experience. When quizzed about the essential components for executing these strategies, 83% emphasised the pivotal role of real-time consumer behaviour data.
Alexios Blanos, UK Business Director at M-Cube, remarked, “In this highly competitive market, retailers are constantly seeking innovative methods to augment their offerings and elevate their profit margins. This data underscores Retail Media’s emergence as a key differentiator in this. It grants retailers avenues to engage customers across every channel, both online and in-store. Beyond offering retailers enhanced opportunities for profit maximisation, it deepens their understanding of their customers, positioning them better to curate personalised experiences.”
Digital Signage’s role
While an impressive 91% of retail leaders acknowledged revenue growth attributable to digital signage, a mere 66% have invested in such solutions. Moreover, a scant 13% claimed comprehensive awareness of digital signage’s potential within the retail domain.
“It is not surprising to see the impact digital signage has had on businesses, considering its ability to collect real-time data, share personalised content, and connect the online and offline experience through omnichannel software,” Blanos added. “Digital signage is the key to unlocking in-store Retail Media strategies and it will play a crucial role in its growth moving forward”
To learn more about M-Cube, visit the website here.
M-Cube stands as a global luminary in In-Store Digital Engagement solutions, boasting a comprehensive array of services from in-store radio to digital signage, interactivity, and mobile applications. M-Cube innovates digital solutions to elevate service quality, engagement levels, customer retention, and communication within the retail sector.
Founded in 2001, M-Cube orchestrates personalised customer experiences, translating online world advantages to physical retail environments.
With a global presence spanning Italy, the UK, France, Belgium, The Netherlands, Germany, Spain, China, and Hong Kong, M-Cube oversees more than 45,000 installations globally for over 400 brands across diverse sectors including Fashion & Luxury, Retail, Finance & Insurance, QSR, Grocery Retail, and Automotive. Their clientele encompasses industry giants such as Dolce & Gabbana, Bally, United Colors of Benetton, and EE.
For more such updates, follow us on Google News Martech News