In-store digital media provider Looma has just announced a significant funding milestone, raising approximately $10 million from a consortium of family offices, YETI Capital, and existing investors. This influx of capital is set to enhance Looma’s digital media platform, which focuses on storytelling and educational content, and aims to create a more engaging shopping experience in retail environments.
With the increasing importance of digital touchpoints in the purchasing journey, Looma’s innovative approach capitalizes on in-store screens to help retailers modernize and monetize their spaces. The company’s network permits brands to communicate directly with consumers at the point of decision—an essential feature, as studies show that nearly 70% of purchase decisions are made in-store.
According to Looma, all content on their network is crafted by Relay, a global network of independent filmmakers and content creators who specialize in point-of-decision content. This ensures that the material is not only informative but also engaging, ultimately guiding consumers through their purchasing decisions.
Expanding Platform Rollouts in Grocery
Looking ahead, Looma plans to undertake a series of strategic rollouts slated for 2024 and 2025. These initiatives will deepen the company’s presence in the adult beverage category and expand the platform’s visibility throughout major grocery store sections. From around 800 screens currently operational in 2023, Looma intends to increase its deployable screens to over 5,000 by the end of 2024, thus amplifying its footprint in the retail landscape.
The expanded platform will include three distinct types of screens: Looma’s existing “high-value space screens,” and the introduction of two new categories—“in-aisle interactives” and “atmospheric screens.” This diversification in screen types is not only a technical enhancement but a strategic move geared toward attracting diverse customers, creating immersive shopping experiences, and potentially driving higher sales numbers.
Leadership Support and Future Growth
Cole Johnson, founder and CEO of Looma, expressed gratitude for the continued support from existing investors while welcoming YETI Capital into the fold. With Margot Fooshee, a former marketing executive at J.Crew and Beautycounter, newly appointed to Looma’s board of directors, the company is bolstering its leadership with valuable retail experience.
Maxx Karr from YETI Capital emphasized the nine-year journey of Looma in refining its platform, which has resulted in significant performance gains for retail and brand partners. Karr noted the impressive expansion plans that are set to unfold over the coming years, reflecting a robust growth trajectory that could fundamentally alter in-store marketing dynamics.
Competitive Landscape
The competitive landscape of digital retail marketing is intensifying. Brands are increasingly looking for innovative methods to capture customer attention as traditional advertising channels, such as print and television, are becoming less effective. Looma’s unique selling proposition lies in its ability to provide engaging and contextually relevant content directly at the moment of purchase. This strategic positioning not only serves the interests of retailers but also enhances the brand’s ability to influence consumer behavior effectively.
Furthermore, as traditional advertising shrinks and the digital space expands within retail locations, platforms like Looma are positioned to capture a significant share of the marketing pie. Retailers are likely to seek out partnerships that offer creative, multimedia approaches that resonate with today’s tech-savvy customers.
Conclusion: The New Age of Retail Media
The recent funding round for Looma is indicative of the broader trends within the retail media landscape. As grocery stores and other retailers look for innovative ways to engage customers, digital media will likely become a cornerstone of the in-store experience. With a robust plan to increase its screen presence and diversify its offerings, Looma stands at the forefront of this transition, poised to shape the future of retail marketing.
As we move further into this digital age, brands will need to adapt to these changes, focusing on technologies that foster better connections with consumers. Looma’s innovative platform embodies this shift and could serve as a blueprint for future advancements in retail media.