Zappos Founder Launches Incentivized Social Start Up
RNKD or "ranked" allows shoppers to get rewards to use towards future purchases by sharing what they've bought.
Nick Swinmurn, the founder of Zappos, one of the most successful online retail stores, has introduced a new social media start up that uses monetary incentives to get users to share clothing they’ve already purchased. RNKD (pronounced “ranked”) is a new kind of social site that both rewards consumers and benefits brands. Called “the Foursquare of fashion,” the site’s users upload pictures of items in their closet and are awarded points in a variety of categories like shoes, hats, or shirts, accumulated into a single RNKD score. Throughout the week, badges and prizes are distributed based on participation level, the amount of contents in particular categories, and through a random lottery. The largest prize, “Five Hundo,” is a $500 Zappos gift card given out to a different random user three times a week, though members with higher RNKD scores have better odds.