I sit down once again with Arsen Avakian, the Founder and CEO of Cooler Screens, a company that’s revolutionizing the in-store retail experience. Arsen’s innovative approach to retail media has garnered significant attention and support from industry giants across retail, consumer products, and technology sectors.
Retail media, the practice of showing personalized ads to consumers both online and in physical stores, has been gaining traction. It’s a win-win for both retailers and consumers. Retailers get to monetize their platforms, and consumers receive personalized ads based on their preferences. The scale of this is enormous, with projections indicating that retail media advertising could reach $125.7 billion by 2023 and even outpace TV ad revenue by 2028.
Cooler Screens is taking this concept a step further by bringing digital ads right to the store aisles. Imagine walking into a grocery store and seeing smart screens instead of traditional cooler doors. These screens not only display ads but also provide product details and can even change what’s displayed based on real-time data. It’s like having the internet on a cooler door.
During the podcast, we delve into how the pandemic has accelerated the need for businesses to adapt and innovate. They discuss the evolution of retail media and how technology like Cooler Screens can provide valuable data analytics and insights for retailers and brands. The conversation also touches on the importance of consumer privacy, with Arsen highlighting his company’s focus on understanding consumer intent without compromising personal data.
Arsen explains that Cooler Screens’ algorithm is designed for a one-to-many experience, eliminating the need for personal identity data. This approach has attracted partnerships with industry giants like PepsiCo and Kraft Heinz, driving incremental sales and brand equity for these companies.
Looking ahead, Arsen explores the future of retail media, discussing its potential to surpass traditional advertising mediums like TV. They also talk about how Cooler Screens is contributing to sustainability and social responsibility in retail. The episode wraps up with a discussion on the importance of customer experience as the foundation for technological advancements in the retail industry, and a mention of an upcoming innovation summit featuring big tech companies like Microsoft and NVIDIA.
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