A unique new shop has opened in London for just one week where instead of paying with cash, you will pay with tweets.
The Tweet Shop, located in Soho in central London has been set up by cereal maker Kellogs to mark its entry into the crisp market. The standalone store, the first of its kind, will be exclusively selling Special K crisps.
Customers won't need to worry about having cash on them, as you will be actively encouraged to pay with a tweet. Indeed, the shop will be the first high-street retail space that accepts social currency.
Instead of handing over there hard-earned cash, customers will simply have to send a message on the micro-blogging site. Customers will either send a ready-made sentence or their own thoughts, effectively promoting the product on the social media site.
The brand is banking on the effect positive remarks in the public sphere can have on a brand. "The value of positive endorsements on social media sites is beyond compare so we're excited to be the first company to literally use social currency instead of financial currency to launch this new product in our bespoke Special K shop", explained Sarah Case, brand manager for the cereal.
Instead of having to pay to promote the brand on the social media site, Special K is exchanging products for positive social media promotion directly with customers, a process that affirms the value social media has in today's marketing campaigns and the money it effectively brings brands.
This move to create the world's first Tweet Shop highlights the value brands place on social media and social media campaigns. Customers' positive opinions being broadcasted online are being considered valuable enough to exchange for products and effectively monetise the outcome.
Social Media Week
In light of Social Media Week, which is currently taking place across London and in cities around the world, the store is evidence of our changing behaviours towards social media and the effects this has on society. The way we communicate and exchange information are not the only things to be affected by social media; strategy, marketing and even the way we look at currencies are being rethought.
Paying with tweets is also the latest innovation into the payment methods market. Mobile payments have significantly increased in recent years, disrupting the industry. Brands such as iZettle in Europe and Square in the US have made it possible to accept payment through phones and tablets; coffee chain Starbucks enables payments through its app, and contactless card payments are slowly appearing in our markets.
Bitcoins, the digital currency, marked a first step into this new age of currency, with the digital world at the centre stage. Payments with social currency may just be the natural progression.
The Tweet Shop is located on Meard Street in Soho, central London and is open 9am to 5pm until Friday, 28 September.