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Global Retail Display Market set to grow at a CAGR of 15.84% by 2020
According to the Global Retail Display Market 2017-2020 report by ReportsnReports, the global retail display market is expected to grow at a compound annual growth rate (CAGR) of 15.84% through the forecast period. Covering both current scenarios as well as growth prospective, it explores the market from multiple angles. Researchers cite the increasing adoption of interactive displays as being a primary driver for the growth in the global retail display market.
Growing adoption of 3D displays
Commenting on the report, an analyst from team said: “One trend in the market is growing adoption of 3D displays for advertising. Retailers have started displaying 3D content in stores because of its growing popularity and visual impact. With the use of innovative technology, they are attracting customers’ attention to increase sales, margins, and earnings. Retail firms consider point-of-purchase advertising to be crucial to their businesses as more than 70% of all purchase decisions are made in-store. This type of advertising is very effective as the target audience within a store tends to be most attentive and receptive to the messages presented. The inclusion of 3D technology in point-of-purchase advertising is helpful in generating more customer attention. The increasing use of 3D displays such as the patented Holo 3D floating image display by Provision Interactive Technologies is expected to boost the growth of the market in the future.”
Consumers seek convenience
The report also goes on to identify the rising demand for convenience and a user-friendly shopping environment as another important driver of growth in this space. The development of the retail industry has led to a rise in demand for convenience and a user-friendly shopping environment. Supermarkets and hypermarkets are some of the most popular retail channels across the world because of the convenience they offer to customers. The increasing penetration of digital displays in the retail sector has led to the rise in demand for user-friendly interfaces such as self-help kiosks, interactive store maps, and automatic ticket counters.
User-friendly display devices such as kiosks have become popular among consumers visiting retail outlets, with touchscreens being the most preferred interface. An interface is designed according to consumer requirements for better functionality. An increasing number of retailers are adopting touchscreen displays in their stores to assist customers and enhance their shopping experience.
For instance, in 2015, Nada Yada, a Swedish interactive technology company, provided in-store multi-touch displays to retail chain Hemtex. Most retailers are using single-touch displays, while multi-touch interfaces have yet to be optimized for the sector.
New content in high demand
Further, the report states that one challenge in the market is development of new content. Digital displays have a clear advantage over traditional displays in the retail environment. The content in retail displays usually plays on a loop and keeps changing frequently. Customers who have viewed a certain content before are likely to give it a second glance. Therefore, the development of new content is a must as customers might lose interest in the content that is displayed. To maintain the effectiveness of digital display systems, retailers need to add new content that interests their customers. The content needs to be updated as frequently as once every month or even less frequently depending on the need.
The development of new content involves additional costs for the retailer and involves considerable labor from the retailer’s side. Large retailers enjoy the privilege of having a higher budget for the development of new content as they can employ graphic designers. However, smaller retailers have a limited budget, and employing graphic designers for their retail display needs might be out of their budget.
Key industry players
The report recognizes the following companies as the key players in the global retail display market: 3M, Adflow Networks, AU Optronics, Cisco, HP, Innolux, LG Display, Panasonic, Samsung, and Sharp.
Other prominent vendors in the market include Cambridge Display Technology, DuPont Display, Elo Touch Solution, E Ink Holdings, Innolux, Fujitsu, General Electric, Kent Displays, Mitsubishi Electric, NEC Display Solutions, Plastic Logic, Sony, Seiko Epson, TPK, and Universal Display.
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