3/27/2023 0 Comments Retail shift exchange“The old assumptions, strategies and tactics for reaching a broad base of people with a single selling message delivered by mass media are no longer valid.” ” He further noted that the United States with its remarkably diverse population and clearly defined regions, aggregating consumers by gross demographics (as well as the very idea of “mass”) was always an illusion. “The database will prove to be a more powerful marketing tool than television ever was. Rick Fizdale, then chairman of Leo Burnett wrote a Preface to the classic marketing book, Integrated Marketing Communications Putting It Together & Making It Work. Both suppliers and retailers must make sure that they have the right products at the right place, at the right price, at the right time-and that they are compliant with evolving global consumer privacy regulations and laws. Retailers must shift from selling what they buy-to buying what they can sell. Product suppliers must shift from selling what they make to making what they can sell. Lunde: Historically sellers, both product suppliers and retailers have dominated the market model. The fundamental rules of business strategies, tactics and economics are changing.ĭrenik: In your opinion, what is the impact on retailing? Adam Smith’s centuries old concept of the law of supply and demand is being disrupted and shifting to a new model of demand and supply. The digital consumer is disrupting both product supplier and retailing models. The ’Signal Detection’ paper I previously mentioned provides a pathway to perhaps understanding why today 21% of all global retail sales are online and why 63% of all shopping journeys begin online whether consumers buy online or in store. Lunde: Today, the number of people that own a smart and feature phone is reported to be around 7.3 billion, making up 91% of the world’s population. The paper provides a foundational and transitional understanding of consumer interaction with both media and messaging.ĭrenik: How does the transition from traditional media to digital media, in your opinion, effect the global marketplace? Martin Block from Northwestern University was a coauthor of a 2017 published paper, A Quantitative Relationship between Signal Detection in Attention and Approach/Avoidance Behavior, which discusses how the domains of reward and attention interact at a systems level. Digital Media Versus Traditional Media Martin Block, PhD - Analysis of data from Prosper Insights & Analyticsĭr.
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