RM + AI = $$ (Retail Media Gets Smarter)
RM = retail media. It’s booming now as retailers, airlines, and restaurants launch their networks to enable in- and out-of-store marketing to consumers and prospects.
AI = artificial intelligence (of course). MULO (multi-location) brands can have huge amounts of data and numerous ways to monitor in-store behavior, but if they’re not using automation to inform advertising and calls to action, they aren’t taking full advantage of AI capabilities.
So, when marketers combine the two, they potentially sell more, build loyalty, and spend their media dollars most efficiently.
CoolerX (according to a recent press announcement) now has a way “to optimize campaign performance against specific consumer interests, intent, and relevant shopping journey context with an unprecedented level of precision.”
In other words, humans can get messages and product recommendations that are relevant to them at a particular point in time. By being helpful and relevant, the retailers behind the retail media network (in this case, Target) can boost sales per customer and build consumer loyalty.
CoolerX was originally called CoolerScreens. The company has defined 12,000 new micro-audience segments, including demographics, shopper behaviors, and product category purchases. Their technology “touches” 120 million shoppers monthly, enabling them to analyze and refine targeting strategies.
Says Artem Lavrinovich, Chief Data & Product Officer at CoolerX:
“These new audience segments are proving to be helpful for brands looking to improve their in-store marketing efforts. By using insights from AI, we can create niche groups of shoppers based on various data points. This level of precision allows brands to, in turn, reach the right consumers with the right message at the moment they are making purchasing decisions.
In our early tests we’ve seen notable increases across engagement and conversion rates. That means, brands are not only reaching their desired audiences more efficiently but also seeing measurable improvements in the overall performance of their campaigns.”
Among the MULO brands that CoolerX works with are Kroger, Walgreens, Giant Eagle’s GetGo, Chevron, and Western Union. The company was recognized as a 2023 Digiday Technology Award recipient for Best In-Store Technology.
MULO brands are discovering that they can have the most colorful and clever creative campaigns in their retail media networks, but if they are targeting the right product and deal to the right person at the right time, they are using both the network and the technology to their best advantage.
CoolerX is not just making retailers cooler; they are contributing to making them smarter! (And consumers will ultimately appreciate and shop with brands that truly know what they want!)
