Thinking of starting a sign shop in 2021? Today’s post reviews upcoming trends, threats, and opportunities that could make or break your budding sign business. Read on or call 888-765-7446 to speak directly with a Signworld partner.
Online Sign Ordering More Popular Than Ever In 2021
In 2020, eCommerce sales accounted for 15.5% of retail sales worldwide, and that number will only continue to grow as consumer confidence in online channels increases alongside the demand for contactless services.
If your sign shop isn’t equipped for online orders, remote design collaboration, and web-based customer service, you’re not keeping up with the competition. In fact, even before the pandemic, Signworld partners consistently generated 50% or more of their revenue entirely through online sales! Our partners are now poised for big growth in 2021 while the competition scrambles to establish their footing in an unfamiliar eCommerce arena.
Eco-Friendly Consumer Trends Favor Digital Signage Sales In 2021
The International Sign Association’s Q4 2020 sign industry quarterly economic report is still on its way, but we already know that the digital signage market is booming, thanks in large part to surging demand for paperless sign solutions in 2021.
According to GlobeNewswire estimates, the digital signage market will continue to grow at a CAGR of 4.3% from 2020 to 2027, exceeding valuations of $21.92 billion globally.
The demand for eco-friendly signage will also benefit sign shop owners who have invested in “green” materials for traditional signage, such as low-VOC (volatile organic compound) products, LED lights, and recycled substrates.
COVID-19: Sign Industry Threat Or Opportunity?
There’s no denying the deleterious effects that the pandemic has had on our economy. Only three months into the pandemic, over 100,000 small businesses had reportedly closed down forever. And according to a December 2020 Reuters report, less than 10% of restaurant industry workers had returned to their offices in Midtown and Lower Manhattan; in fact, the coronavirus pandemic reportedly “split the fortunes of the US restaurant industry.” Clearly, the economic ramifications of social distancing and mandated lockdowns are manifold.
And yet, for sign industry players, it’s not all bad. With CISA revising their “Essential Critical Infrastructure” designation to include sign shops, and the widespread demand for COVID-19 safety signage springing up out of nowhere, sign shops have much less to worry about.
Indeed, for some sign shops, COVID-19 has actually resulted in an increase in sales, particularly for Signworld partners with preexisting “contactless” eCommerce channels in place. This is represented by the fact that the printed signage market size is expected to grow at a modest but stable CAGR of 0.31% between 2020-2024. It’s not the 4.3% CAGR we saw with digital market growth, but it’s still an impressive number to see forecast in the “new normal.”
If your sign shop is set up with contactless sales channels, expansive catalogs of COVID-19 safety signs and accessories, strict anti-pandemic protocols, and a robust web presence, you’ll do just fine. And if it’s not, Signworld can help.
Get More Sign Industry Analyses For 2021—Contact Signworld
Call 888-765-7446 or visit the Signworld website to learn more about the future of the sign industry, along with how to start your own sign shop as a Signworld partner.