Forget Cash or Credit, “Social Currency” is the New Way to Pay

The days of cash or credit may be behind us as new online currencies, such as Bitcoin, and new “social currencies” become the preferred method of payment. Designer Marc Jacobs is letting people purchase his new Daisy perfume with social currency. In exchange for a Twitter post, Instagram picture or Facebook message hashtagged #MJDaisyChain the pop-up shop is offering freebies, according to Fashionista.com. The Marc Jacobs Tweet Shop is going to pop-up in New York during Fashion Week, and it’s expected to open February 7-9.

Marc Jacobs is obviously trying to connect with a younger audience by targeting social media in such an attractive way; it also leads me to believe that other designers and companies will soon follow suit. Younger audiences are a huge target for many designers and companies, and their Tweets could be more valuable than actual money.

As our name suggests, here at RetailEvolution.net, we love hearing about the new trends in retail involving new technology, social media, and other online aspects that are causing retail to evolve past what we already know. Social currency, if it indeed takes off, could be the next big evolution in retail.

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