The Intersection of Content & Retail
One thing that has become clear during the past few years is retailers not only face competition from within the industry for consumers' attention, but also from other related categories. Consumers’ discretionary spend on travel, subscriptions and streaming services along with live entertainment all pull away from the ability and desire to shop at retail locations.
A confluence of retail and content also occurred as retailers focus on media offerings and content influences consumer products. Walmart recently announced a partnership with Paramount+ to bring the service to its Walmart+ subscribers in an exclusive agreement. This mirrors the similar value provided to Amazon Prime customers with Prime Video access. We’ve also seen retailers partner with content providers on retail-focused offerings, such as Target’s shop-in-shop concept with the Disney Store.
As the lines blur between what constitutes a retailer and content provider, we do know that the consumer sees the spend on both as the same when it comes to their share of wallet. Could this also present the opportunity for retailers to create exclusive lines or collectibles around the content on streaming platforms or in-store experiences? As content continues to be top of mind for consumers, the retail industry needs to source creative solutions to continue to get their fair share of disposable income.