SYNQY reaches $6.7M in funding with new $1.2M round
Las Vegas, NV (GLOBE NEWSWIRE) - At Shoptalk 2019, SYNQY Corporation today announced a new service to enable retailers to monetize existing e-commerce real estate through native, product-targeted advertisements. To support this effort, SYNQY just closed a $1.2M in funding in an internal round, increasing its total raised to $6.7M to date. Sources were not disclosed.
“Amazon’s new advertising juggernaut is giving them an unfair net margin advantage,” said Michael Weissman, CEO of SYNQY. “To successfully compete, every retailer in America will have to become a retail media publisher if they want to effectively compete with Amazon. SYNQY provides the best path to that solution.”
SYNQY's patented Native Product Advertising Network is the only network that dynamically matches product advertisements with the specific products being sold. This results in a superior shopping experience where shoppers only see ads that are related to the products they are actively shopping for at that moment. SYNQY’s Native Product Ads are different from Amazon-like sponsored product ads, which are just links to a product’s detail page. The SYNQY solution is not a link. It gives advertisers the ability to deliver the full, engaging brand content shoppers want, without the need for shoppers to leave the page they’re on. Often, these interactive ads inform shoppers about new products or inspire them with new recipes.
SYNQY's next-generation ad network places ads as close to the time and place of purchase as possible. This eliminates the ad fraud, brand safety risks, inefficiencies and inventory problems found in most digital advertising today and creates a sales lift between eight and 10 percent.
SYNQY already provides retail media services to over 2,500 retail locations and works with a dozen major grocery outlets such as Safeway and ShopRite. SYNQY also works with the largest fast-moving consumer goods manufacturers (FMCG) in the world: Nestle, P&G, PepsiCo, Unilever, Tyson Foods, Danone, and Keurig Dr Pepper to deliver advertisements to millions of grocery shoppers each month.
Retail media is a hot new category of advertising that delivers unprecedented benefits to both advertisers and retailers. In 2018, over $10B was spent on retail media, just at Amazon alone. The major reason why retail media is a superior advertising inventory is because shoppers are most receptive to advertising when they shop – not when doing other activities such as watching YouTube videos or using Facebook.
Retail media establishes a whole new revenue source for retailers, too. Today, only three percent of shoppers purchase during a visit. So, 97 percent of retail website visitors are not monetized. With retail media, retailers become publishers and all 100 percent of the visitors can generate new revenue. SYNQY opens up a new segment of retail media by monetizing the product listing, coupon and details portions of the retailer site in an entirely new manner.
“Our customers tell us retail media is a no-brainer. It’s a new revenue stream for the retailer, improves engagement and lift for the brand, and provides a very subtle and pleasing user enhancement for the shoppers,” said Weissman.
SYNQY Corporation is an online retail media that enable retailers to monetize existing e-commerce real estate through product-targeted advertisements. The SYNQY Native Product Advertising Network delivers ads to millions of shoppers monthly and runs on over 2,500 retail locations. Learn more at www.synqy.com; follow us on Twitter and LinkedIn.
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