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CHICAGO – CoolerX (formerly Cooler Screens), the technology company powering the in-store retail media and merchandising revolution, today emphasized brand-new data from eMarketer underscoring the significant growth opportunities for in-store retail media advertising. While online will continue to dominate retail media spend, the research firm forecasts in-store media to surpass $1 billion in ad spend by 2028, growing faster than its online counterpart year-over-year.
“Just as search engines and e-commerce sites know what consumers are interested in when online and serve them relevant content, we now can do the same inside brick-and-mortar stores,” said Arsen Avakian, co-founder and CEO, CoolerX.
Key highlights from the eMarketer report, which can be found HERE, include:
- By 2028, in-store retail media ad spend in the U.S. will exceed $1 billion, albeit still less than 1% of total omnichannel retail media investment
- 99% of retail media ad dollars will go towards online channels this year, despite the vast majority of sales happening in physical stores
- Use of digital technologies like QR codes and contactless payments accelerated in-store shopping during the pandemic
“Major retailers are increasingly relying on retail media to drive business growth,” said Gayle DeDie, SVP of Marketing, CoolerX. “It’s a segment that’s still in its infancy, so there’s a lot of room to grow as it presents a brand-new revenue opportunity. There is also major potential for further development as retail media is set to transform not just online, but also in-store. In-store digital advertising is seeing rapid adoption – that’s the next frontier. Walmart, Kroger, and others are already working on these experiences.”CoolerX is an advanced and differentiated software solution that uses AI and data science to identify precise marketing activation opportunities in stores, driving incremental performance for retailers and brands. Developed in collaboration with Microsoft and NVIDIA, global leaders in AI applications, the software is tailor-made for the in-store retail environment.With its software already in operation in top retailers, including Kroger, Walgreens, Giant Eagle’s GetGo, Chevron and Western Union, Cooler Screens is rapidly gaining traction as the leading in-store retail media and merchandising technology solution. The company was recently recognized as a 2023 Digiday Technology Award recipient as Best In-Store Technology for its ability to reach consumers in stores.
