menu

Future Of Retail: Social Currency

Future Of Retail: Social Currency
Advertising

Retailers are rethinking the value of a shopper based on the history and potential of that individual’s spend and also on the influence of their social graphs.

Piers Fawkes, PSFK
  • 8 august 2011

In our research for PSFK’s Future of Retail report, our consulting team realized that retailers are re-evaluating the value of a shopper based not only on the history and potential of that individual’s spend—but also on that individual’s ability to spread marketing messaging through their respective social graphs. In an effort to leverage this new metric for rating customers, stores are providing preferential services to these individuals in exchange for their ability to influence their peers.

MANIFESTATIONS OF THIS TREND: 

Special Treatment Based On A Guest’s Social Influence

Online Retailer Lets People Buy In Exchange For Social Media Sharing

Rewarding Peer Influence With Targeted Coupons

Reward Points As Social Currency

Connected Shopping Experience Tailors Rewards To Shoppers’ Interest

Start-up Converts Social Media ‘Likes’ Into Rewards

IMPLICATIONS:

Brands and retailers alike must provide consumers with the tools to share and spread their enthusiasm for products. Sharing creates ripples of desire that normally would be trapped inside the walls of your retail footprint.

–Katie Dreke, Global Head of Digital Concepts, adidas

Brands can make the most of the authentic and trusted endorsements generated by their followers by providing incentives for these individuals to share with their wider social networks.

— Jascha Kaykas Wolff, SVP of Marketing & Customer Success, Involver

Retailers can offer on-the-spot discounts and samples to customers with a specific profile.

— Ashley Granata, Co-Founder & CMO, Fashism

Two things matter to a retailer when building a social network. First—the more people in your networks, the better. The viral nature and momentum created by critical mass is the best way to create impact. The second is to constantly give them something to talk about—whether it’s product previews or daily musings—the more you talk, the more they talk.

— Lindsay Stevens, Senior Director of Marketing, C.Wonder

Retailers can build a community of brand advocates around their most influential and active users. This is how brands must view social media—not as a way to push content/deals onto fans/followers, but as a way to build a community of advocates who do this on their behalf.

— Justin Yoshimura, Co-Founder & CEO, 500 Friends

 

Advertising
Trending

PSFK's Workplace Vision: How The Nurturing Of Seeds Will Come To Define The Onboarding Process

Brand Development
Advertising Today

The Best In Eye-Catching Olympics Campaigns

PSFK rounds out the Rio Games with our picks for the best advertising moments off the field

Work Today

Editorial Roundtable: The Arrival Of The People-First Workplace

Managed By Q, Soma, Workbar, Primary and thinkPARALLAX enumerate the reasons why companies need an employee-embracing workforce in order to exist

Trending

Get PSFK's Latest Report: Future of Retail: Technology Primer

See All
Arts & Culture Today

Transforming Light Waves Into A New Art Form

An artist uses glass treated with layers of metallic coatings to create a unique installation called lightpaintings

Design Today

This Windbreaker Lets You Explore The Outdoors While Charging Your Phone

The apparel includes solar panels that allow the wearer to stay connected through the power of renewable energy

PURPLELIST EXPERTS

Jennifer Lopez

Science, Space, Technology, Innovation, Social Good

Asia Today

The Goal Of This Game Is To Not Get Laid Off From Your Job

A hit mobile app has you working really, really hard to not get fired as you climb the corporate ladder

Advertising Today

Movie Critic Bot Guides Viewers Through Festival Offerings

The Toronto International Film Festival has created a Facebook Messenger chatbot to help attendants curate their schedule

Food Today

Disable Your Wi-Fi For Family Dinners With This Pepper Grinder Hacking Device

Dolmio has created a gadget that shuts down internet access so you can eat without being distracted

PSFK LABS REPORT

Future Of Work
Cultivating The Next Generation Of Leaders
NEW

PSFK Op-Ed august 24, 2016

Why Building Better Offices Is The Key To Employee Engagement

Interaction Designer and Audio-visual Technologist at ESI Design illustrates the value in creating environments filled with surprise and delight

PSFK Labs august 24, 2016

PSFK’s Workplace Vision: The Annual Review Becomes An Everyday, Collaborative Activity

Our Future of Work vision is a web-based platform through which teams can collaborate on and monitor performance reviews across all channels, ensuring a happier workplace

Entertainment Today

Nosulus Rift Delivers Horrible Smells Just For The South Park Videogame

Ubisoft has developed a unique peripheral for the upcoming title that will put players to the test

Europe Today

Netflix’s Newest Programming Is As Slow As It Gets

Norwegian network NRK is coming to the streaming platform with their successful 'Slow TV'

Media & Publishing Yesterday

CNN Launched An Entire Drone Division Of Their News Network

CNN AIR incorporates aerial footage into the corporation's ongoing news coverage

Advertising Yesterday

Uber’s Breathalyzer Cards Let You Know If You Are Sober Enough To Drive

A new campaign from the ride-sharing service raises awareness about the importance of a safe trip home

Design Yesterday

Milk Proteins Could Be The Packaging Material Of The Future

A newly discovered casein-based alternative is biodegradable, sustainable and even edible

PSFK LABS REPORT

Innovation Debrief: Boston
Business Concepts Born In 'The Hub'
AVAILABLE NOW

Technology Yesterday

Intel’s New System Will Help Technology See And Understand The World

Joule is a tiny board for developers designed to bring powerful computer vision to cheap and easy-to-make prototypes

Design Yesterday

This LA Hotel Is Designed Specifically For Cocktail Drinkers

The Walker Inn is a new Los Angeles "Bed and Beverage" experience that offers guests an intimate setting for their night cap

Education Yesterday

Bringing Virtual Reality And Telepresence Robotics To E-Learning

This Learning Management System is embracing new technologies to reallocate teaching resources to where they should be going

No search results found.