Retailers leveraging technology and adding value to their customers – what will media do to adapt?

Michael StoneIndustry insights & trends, Retail, Shopper Insights

Technology Solutions for Retailers

We’ve been constantly discussing the impact Amazon will have on the retail space in Australia. Recently, the New York Times suggested that ad buyers should be responsible for keeping media alive.

Well, the same ways retailers need to adapt, embrace technology and innovation in order to be more competitive and succeed, with tools such as competitor price monitoring, the media industry should be looking at this issue from a different angle.

Alex Tselios, founder of The Big Smoke, gave her views on the topic today on AdNews suggesting that it’s not the ad buyers’ obligation to save media, but it’s medias themselves that should be focusing on innovating and adapting.

Invigor’s Commercial Director, Les Cohen, says:

“Digital has changed the retail world, and with that, comes the obligation of retail itself to leverage technology and data to give itself the best chance against data-driven giants like Amazon. As the list of failed retail businesses continues to grow, it is understood that retailers must harness the power of data in their ecosystem, rather than fight for a model that cannot compete.”

Alex says she doesn’t see why for-profit media should be seeking reader donations when there are still models that drive revenue. TBS actually uses technology to harness multi-channel results for their clients, producing native advertising that is of value to their clients and readers.

However, they believe the model doesn’t stop here and it will continue to change and evolve and it’s their obligation to adapt in such an innovative market environment. Read the entire article here.