“Which market segment is the one that is totally saturated with digital signage five years from now? (Is there a market where the gold rush is over and every new opportunity has been already taken?)”
It’s easy to see that digital signage as an industry has grown over the past five years and is expected to grow to anywhere from a $27 to a $34 billion a year industry by 2023.
One area of expected growth is in the Food and Beverage business. More and more restaurants are using digital signage to advertise sales and specials, loyalty incentives and entertainment as well as integration with POS systems. 54 percent of restaurants plan to deploy some kind of digital signage this year. (Source: 2019 Digital Signage Future Trends report).
In 2013, restaurant chain Dunkin’ Donuts went from a 100-store pilot of digital menu board technology and to a full system-wide deployment that entailed close to 3,000 Dunkin’ locations all outfitted with dynamic menu technology in just two years. (Source: Digital Signage Today Feb. 20, 2014). Each sign syncs with its location’s point-of-sale system. This integration has eliminated erroneous charges improving record keeping and sales. Prior to this expansion, Dunkin Donuts would offer refunds to customers who were given inaccurate receipts. This problem is no longer an issue.
Digital signage is also being used in restaurants is to make wait times more palatable and familiarize patrons with the brand.
Taco Time now takes advantage of clients’ dwell time with interactive touchscreen displays positioned throughout the queue, enabling customers to familiarize themselves with the menu as they wait. This ensures that customers use their time constructively and are ready to order as soon as they reach the front of the line. According to a 2016 survey from the National Restaurant Association, 37 percent of restaurant operators consider the customer ordering process to be the most important area of development in the next five years. I have personally used queue kiosks to order food and I have mixed feelings about them. Certainly it’s cost effective but in some ways, lingering, undecided clients who are not so tech savvy can slow the process down.
Other chains are embracing the technology by embedding displays in tables for interactive ordering, selecting jukebox playlists and gaming. Additionally, restaurants can also display their social media pages and attract patrons to participate in the brand’s everyday stories.
These are just a few ways I see digital signage branching out in the Food And Beverage industry, in my opinion, the fastest growing market for digital signage over the next five years.