In a bid to bolster advertising revenue, Seven West Media has launched a short-term daily deals site called BidNow, where revenue is converted into advertising credits for the partnering retailers.
The site is only in operation until 3 September, with Seven saying the program will benefit retailers by bolstering their sales, driving foot traffic and giving them ad space, while it will benefit Seven by strengthening its advertising revenue.
When consumers buy discounted products, the money does not go directly to the retailer, but stays within Seven, providing the retailer with advertising credits across Seven West Media's network, including the television network, Yahoo!7 and Pacific Magazines.
Meanwhile, many of the deals require consumers to pick items up from in store, hence bolstering foot traffic.
Launch retail partners include Bing Lee, Sony, Samsonite and Miele.
Promotions for the site have been rolled out across numerous Seven West Media properties.
Seven West Media chief sales and digital officer Kurt Burnette said: “We are continually looking for ways to provide alternative and innovative business solutions for customers of Seven West Media, particularly in such a tough retail environment.
“The BidNow auction is a purpose-built, from the ground up, e-commerce platform offering a “win-win” scenario for consumers and vendors. Consumers benefit from substantial savings whilst advertisers achieve reach, cut -through and sales results.
“It also provides excellent data and insights, and allows a deeper understanding of consumer behaviour. This is our way of supporting local retailers, encouraging a lift in store traffic and ensuring sales. Seven West Media’s investment in this initiative is substantial and an innovative way for clients to build their advertising spend.”
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