New Retail will Create an Incremental Market for LED Industry
Upcoming Development Trends of Displays in New Retail Scenarios
In the past two years, the concept of "new retail" has swept across various industries. With the continuous improvement of people's living standards, people's attention to shopping has become more and more focused on the experience and feeling of the consumption process. In traditional retail stores, merchants use posters to promote marketing products.
With the consumer’s aesthetic fatigue, the enhancement of consumption force and the diversification of brand competition methods, static advertisements can no longer effectively attract consumers ’attention. To change this situation, many businesses have introduced LED displays to stores. The display screen is used for the dynamic display of products and brand publicity. The store also deepens its brand image through the LED display screen and also increases the number of consumers.
In recent years, new retail, as it has been introduced, will bring about a revolution in the retail industry. The retail industry has ushered in a new retail era. What will the advent of the new retail era mean for LED displays? How should screen companies take advantage of the time and tide of new retail?
The concept of "new retail" was first proposed by the chairman of Alibaba, Ma Yun at the 2016 Alibaba Apsara Conference. This new concept is now widely accepted. The industry generally believes that consumption upgrades have promoted the rise of new retail.
Some market analysis predicts that new retail will maintain a high compound annual growth rate of more than 100% in the next few years, and the overall market size will reach 1.8 trillion yuan in 2022, thus becoming an important driving force for continued consumption growth.
Traditional brick-and-mortar retail builds beautiful stores and shopping malls and provides customers special sentiment with quality products, courteous service, as well as environmental space, lighting, and beauty placement. However, such a scenario has been over-commercialized for decades.
The same experience is increasingly less attractive for consumers. Therefore, the scene creation with the large LED screen as the display terminal has begun to be loved by more and more people.
Besides, with the development of small pitches, and the interaction with infrared, VR, AR, 3D, and human-screen interaction technology, LED display technology can better play its natural advantages such as seamless stitching and creative modeling in the new retail field, and it will certainly become the favorite in the new retail field. As Jobs said, "You are always looking for technology based on business scenarios." LED displays want to further develop in the new retail field, but also need to improve the product according to the market's terminal needs.
In the future, the innovation of the terminal display scene under new retail should focus on "planning, interaction, and experience", and the scene should be injected with more cross-border elements to meet the consumer's emotional needs for personalization and planning. Experience can be diversified to renew commercial space and vibe. The LED screen has become a window for communicating customers' recognition of the value of shopping malls and products.
First, the real-time live interactive experience is the realistic path for LED display products to enter new retail. Our LED display industry has already begun to use digital interaction to strengthen the interaction between the screen and the audience and has created many successful cases. For example, McDonald's uses the real-time data of the Meteorological Bureau on the LED large screen combined with its products to do weather forecasting. Other examples include LED display with AR fitting function, many "have-a-scan" games on large screens, live-streaming and so on.
Second, LED display products able to do data collection and analysis are the most important requirements for new retail. Using advanced data technology and accurate audience placement can make LED display products smarter and more humane.
Accordingly, many manufacturers are now launching LED display products or solutions with data processing functions, such as installing a detection and recognition system on LED large screens, drawing accurate crowd portraits through detection, and obtaining specific data through analysis. Some cloud platforms can even draw the ads' appeal to the audience based on how long the audience spends around the LED screen and the average time spent focusing on the advertisement.
From retail to new retail, the change goes beyond literally the word new to all the innovation brought by new sales scenarios, new connections between businesses and consumers, and new display technologies. The future retail store is no longer just a storefront, but someplace like an art museum, inviting people to walk into a multi-dimensional world. What is enjoyed transcends the original conception of shopping to a status of that as a dual enjoyment of material and spirit.
“New retail” is a brand-new revolution in the retail industry and a great opportunity for the LED display industry. It unfolds a new era of art in the field of retail display. As the new trend of new retail is gaining greater momentum, conventional LED display products could no longer satisfy people's experience in the future. Only LED display manufacturers who continue to innovate and value end-customers' experience can become pioneers in the era of new retail.
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