As brick and mortar retail stores throughout the world increasingly find themselves competing with ecommerce vendors for product sales, it’s more important than ever for them to win over walk-in customers. In order to help maximize revenue generated from foot traffic, many retail store owners are boosting their customer bases and scoring repeat business by offering an impressive self-service experience through digital retail kiosks.
Help Customers Checkout, not Check Out
Sleeker, innovative and highly interactive digital retail kiosks have massively transformed the self-service landscape. State-of-the-art retail kiosks are geared for maximum efficiency, and these agile machines can fit nicely even into small floor plans, giving stores of all sizes the ability to treat customers to a streamlined transaction process that results in a memorable self-service encounter and cuts customer wait times by approximately 30 percent.
Delays at checkout counters are a common problem for retailers, and studies show that historically, 1.6 percent of all retail customers are impatient enough to abandon a long line and then leave the store without purchasing the items they’ve already decided to buy. In fact, long lines can cost some brands over $50 million a year in revenue, and retail owners can speed up service at the point of sale by deploying digital kiosks with intuitive and easy-to-use software that keeps customers moving. Studies show that one digital kiosk can serve four times as many customers as traditional customer service.
Furthermore, retail kiosks make it easier to encourage customers to upgrade or add related or promotional items, which can add almost 5 percent to transactions, giving stores increased revenue streams from the current customer base. One example is offering highly profitable extended warranties for electronic appliances, something many sales associates are reluctant to do.
An Endless Aisle of Profit Options
As self-service checkout becomes more and more common across the retail industry, forward-thinking retailers are realizing the versatility of digital kiosks and putting them on the floor to act as automated sales specialists. Through a retail kiosk’s brilliant, high-resolution and interactive touchscreen, customers can search for in-store or in-warehouse products, get information or even do side-by-side comparisons, allowing them to select unique options based on their tastes.
Studies show that almost 60 percent of customers prefer to do their own product research through on-site self-service, and overall, retail businesses that employ cutting edge digital signage as part of dynamic digital experience can see 33 percent more walk-in traffic and 32 percent higher sales volumes.
Tighten Ties to Customers Through Loyalty Programs
Loyalty programs in the retail industry have shown no signs of slowing since they became an industry standard over 20 years ago. Studies show that over 92 percent of consumers use rewards benefits at least once a month, and that 96 percent of millennials are a member of at least one loyalty program.
Retail kiosks can be configured to help retailers strengthen customer relationships and build repeat business by providing easy access to loyalty program signups, rewards points and promotions.
These kiosks can also be a critical tool for retailers to build brand preference; studies show that digital kiosks enhance brand awareness by 48 percent, and as customers get used to experiencing the effectiveness of retail kiosks, brick and mortar stores can see a renaissance of repeat business – to the tune of almost 35 percent.
Retaining existing customers is absolutely crucial for many retailers; sources estimate that it costs between 4 and 10 times more to lure just one new shopper. Plus, studies show that just a 5 percent increase in customer loyalty can result in up to 85 percent more profits.
Contact Olea Kiosks Today
If you are interested in finding out how Olea’s award-winning retail kiosks can benefit your business, contact Olea Kiosks today by email or by phone at 800-927-8063. Consultations and quotes are always fast and free, with no follow-up commitment expected.
Sources:
https://www.census.gov/retail/marts/www/adv44000.txt
http://datatrend.com/library/DigitalSignage-SignoftheTimes-0112.pdf
https://www.dunnhumby.com/future-loyalty-programmes
http://visual.ly/how-can-digital-signage-boost-your-business
http://www.cisco.com/c/dam/en/us/solutions/collateral/executive-perspectives/executive-perspectives/ccer_retail_global.pdf
https://econsultancy.com/blog/8632-up-selling-is-20-times-more-effective-than-cross-selling-online/
http://www.retailcustomerexperience.com/articles/smart-retailers-fight-walk-aways-at-the-checkout/
https://www.linkedin.com/pulse/what-cost-customer-acquisition-vs-retention-ian-kingwill
[quote-button][/quote-button]
