The Future of Retail

Interesting article today in the Wall Street Journal by Tom Hayes and Michael Malone highlighting the rapid and significant change in media and the potential impact on how retailers find and connect with the customer.

Retailers now must reimagine a world where consumers experience products in stores but ultimately buy them on the Web: Stores are for experiences, the network is for inventories. And what in turn prepares potential customers for what to look for in stores? Online communities.

Although the statement above is a bit for effect to help lift sales of their upcoming book, it does raise a legitimate and serious question about the future of the retail experience.  With the majority of shoppers checking reviews online before they purchase, the impact of social networks and word of mouth referral can not be overstated.

U.S Internet Marketing to Reach $42 Billion by 2011

A study out recently by eMarketer highlighted the rapid expansion of Internet Advertising over the next few years, projecting total Internet spending to reach $42 billion in 2011.  This rapid expansion will move Internet advertising from about 6% of overall media expenditures to over 13%.  This massive shift in spending presents some interesting challenges and opportunities to the rapidly changing world of digital media.

 

What impact will that have on current advertising models and how will the increase be impacted by the web 2.0 world?

Employee Guidelines for Social Media

With the dramatic communication evolution taking place every organization, company and group must evaluate how it communicates with the audience it is trying to reach.  Although most people still do not appreciate the magnitude of the evolution a good starting point is thinking about the type of media company you will become – that’s right, it is not an option.

The BBC has published guidelines to give direction to employees and embrace the opportunity created by the web 2.0 Internet.  The guidelines can serve as a good starting point to any company overcoming their fear and lack of understanding of the media revolution taking place today.