Lack of tech leadership has held back data advances for retailers says Westfield marketer
John Batistich: “We’re seeing an arms race in fintech.”
The retail sector has been slower to harness the potential of its customer data than sectors like financial services because of a lack of leadership and competitive tension in the sector, Westfield’s marketing boss has claimed.
Speaking at the Mumbrella Retail Marketing Summit on Wednesday, John Batistich, marketing director for Westfield’s parent company Scentre Group, said ‘fintech’ had leapt ahead of other sectors because of the competition between the big four banks for customers.
“What we’re seeing in the market place is an arms race in fintech led by an arms race of Westpac and CBA, ANZ and NAB following. But in retail tech we’ve not really had anyone lead from the front and make investments in start-up communities in retail,” he said.
There was a time in a galaxy not so far away that shopping centres knew what they were there for ie getting punters through the door so that the people paying them rent could make money. All I ever see from Westfield in particular is an obsession with data trick pony drivel and half arsed attempts to be clever.
Harsh call Tom. With shopping centres declining in value they have to do something different. Thinking of malls as mere physical infrastructure (the “empty boxes” approach) is what is dragging them down. They need to experiment and find the new definition of “mall” — and actually stop treating their retailers like mere tenants. They won’t always get it right but if they keep trying lots of things they’ll find the right solution eventually.
Agree with Bob D. A mobile-enabled virtual mall would help consumers cut to the chase; doing a direct comparison or ‘search for similar’ within the physical space allowing them to walk and find the alternatives – just as one benefit that comes to mind.