When Arsen Avakyan was the CEO and co-founder of Argo Tea, he observed how many people used their smartphone screens to access information while shopping at retail stores.
What if, he thought, there was a way to bring the best aspects of the digital shopping ecosystem to physical stores?
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Market Gap
The two traditional types of retailers are physical stores and online stores.
However, there are many crossovers nowadays. Many, if not most, brick-and-mortar retailers now have online stores, as well as social media accounts and digital payment options. They also provide “You left something in your cart!” Reminder emails, retargeting ads, and online-only seasonal specials.
Online retailers sometimes open physical stores. In other cases, they prefer to sell through partners directly to consumers. They do this through multi-level marketing (MLM) or through online retailers like Amazon, eBay, and Etsy.
Despite the abundance of online customer conversion opportunities, brands still need ways to advertise to consumers in brick-and-mortar stores, where 87% of consumer purchases are made.
Walking up to a fridge full of drinks can be overwhelming, especially when you’re in a hurry. Do you pick your favorite brand, something caffeinated or sugar-free, something discounted, or something new? What else can buyers use to make a buying decision?
Proposed solution: smart screens in the store
Avakian has begun developing IoT-enabled smart screens that display clear and concise information at a glance to help customers make informed decisions. As a result, brands can run highly targeted and responsive ads based on location, inventory, customer traffic, and even weather. Advertising to build loyalty, exchange value, or simply grab the attention of passers-by in the aisles of refrigerators and freezers.
Such a ready source of information can help consumers meet their dietary, budgetary and taste preferences.
Therefore, in 2017, Avakyan co-founded Cooler Screens. Cooler Screens brings the digital experience to the moment of truth when the customer is ready to pick a product off the shelf. The Cooler Screens team created the technology to serve three main groups: brands, retailers, and consumers.
Brand marketing teams can analyze point-of-sale decision-making data faster and more accurately than ever before. Retailers can plan inventory and maximize profits based on shopping habits and digital campaign timing. In addition, consumers can learn more about products, such as by viewing dietary callouts (think “Gluten-Free” or “Contains Tree Nuts”).
Cooler screens invite consumers to more engaging shopping experiences at the intersection of commerce, context and content. Smart screens bring what they love about online shopping — images, information and promotions — straight to cooler store doors and surfaces.
Cooler Screens does not identify an individual and never collects or uses personal or linkable information. In fact, it is the first retail technology platform to receive the “Privacy by Design” certification. This method removes the barrier to shopper acceptance that continues to challenge online retailers and provides shoppers with a richer, more informed, and more enjoyable retail experience.
The Future: Retail Media Goes Mainstream
So far, Cooler Screens has reached 90 million consumer traffic touchpoints from approximately 10,000 screens.
Where the screens were installed, unit sales increased by 100% compared to similar stores nearby. With time, Avakyan predicts, retail media will become a central, integral part of the consumer experience. The reality is that our digital and physical worlds are now connected.
The retail media market is projected to grow 25% annually to $100 billion by 2026. This will account for 25% of total digital media spending, according to the Boston Consulting Group.
Retail marketers can programmatically access the Cooler Screens retail digital platform and analytics platform, including in-store media for multi-channel advertising campaigns with the same demand-side platforms as other digital media. The integration gives advertisers the ability to control and measure the presence and presentation of their brand in new in-store advertising spaces.
Cooler Screens envisions a world where digital and in-person shopping experiences seamlessly combine to create value for consumer brands and retailers.
