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.”
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.
Have something to say? Send us your comments using the form below or contact the writer at email@example.com
The AdNews Media Summit is on 19 May, 2016. A top line of of the industry's smartest thinkers will debate the biggest topics in media, advertising, marketing and creativity. Don't miss it, buy tickets here. Buying 5 tickets or more earns you a discount.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at firstname.lastname@example.org