Shopping online in New Zealand is anticipated to explode to $1 billion a year according to RCG and will grow 25% a year for the next five years and by 2020 it will be $2 billion.
If one looks at the USA market, it is possible to gain a sense of where the New Zealand market can head to. In the USA Best Buy have embraced Social Media whole heartedly and adopted Social Media technologies and strategies to get inside the heads and dreams of their customers.
As the market in NZ becomes more confident buying online the challenge to certain sectors in main street will occur. This occurred two years ago with one DVD / Gaming retailer in Auckland Dominion Road who closed their store and exclusively deliver and sell online from a warehouse based in Albany where their system now operates 24 / 7.
The challenge for many NZ companies is to how to engage with the buying public well before they ever enter the store. There is now a significant move to compare and research online to determine where you will buy. The market is becoming segmented significantly … how many 20 year olds are being influenced by newspaper advertisements compared to what they might take notice off on a blog site or a recommendation.
In this video Barry Judge shares insight as to where Best Buy have come from and going to.
Is traditional media being usurped by digital marketing? We know one thing, that the noise is getting louder, the need to gain attention more challenging, the messages increasing at a rapid speed, the direction of communication changing, the tools evolving and the attention span becoming less.
The question we all need to constantly ask? How do we gain attention in an increasingly crowded market place. More precisely what strategies and plans in 2010 will you implement. Will you rely on what you have done previously in the last three years or will you look to innovate and lead.
Posted by Kevin Andreassend. Tweet Twins Partner.