Axios House: Retail leaders embrace the participation economy
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Photographer: Nicolas Gavet for Axios
CANNES, France — Shoppers want a more active role in shaping how brands show up and sell to them, said executives at an Axios Live event on June 22.
Why it matters: Companies seeking long-term loyalty are moving toward treating customers as collaborators in product development, marketing and brand building.
Axios' Kerry Flynn and Christine Wang moderated the Expert Voices roundtable, which was sponsored by Hotwire and Sam's Club.
5 big takeaways from the conversation:
- AI is helping companies better understand their audiences. BelBrands GM and CMO Carolina Cespedes-Virguez said the company uses it to analyze and summarize customer reviews and ratings.
- PacSun is reimagining the role of the focus group, said the company's CEO Brieane Olson. The retailer has launched a "youth advisory council" with 14 members ages 12 to 21 to help shape strategy.
- Businesses are embracing younger generations as workers and consumers, said Samantha Critchell, Elf Beauty's head of corporate communications.
- Leaning on organic users can be more powerful than celebrities, eBay chief communications officer Gigi Ganatra Duff said. "When you have community and content and commerce all together, that's really where the magic happens."
- Trust is a competitive advantage, said Joy Robins, the New York Times' global chief advertising officer. "There's a reason that when you get the Wirecutter seal of approval, the thing sells out in minutes."
Content from the sponsor's remarks:
Sam's Club acting head of communications John Byrum explained that a consistent narrative is important because "the consumer doesn't care where a piece of content or a message is coming from. They don't distinguish between marketing and communications."
- "Retail has changed, relationships have evolved," Hotwire global CEO Grant Toups said. "More and more organizations … are faced with the challenge of having to tell complex technology stories into a really, really loud competitive landscape."
