SHOP, the retail platform designed with cutting-edge blockchain technology, announced the acquisition—with their own SHOP tokens—of retail app Kanga, e-commerce platform FoxCommerce, and omnicommerce platform Comrse at SXSW this week.
Kanga and FoxCommerce will be the first apps to run on SHOP’s Blockchain protocol, giving shoppers across each platform access to the SHOP token. SHOP is spearheaded by former Target retail innovation lead John Wantz and former Nike, Disney and Radio Shack marketing consultant and co-founder of art publication Juxtapoz Jamie OShea.
SHOP is the second startup founded and led by Mr. Wantz. His previous venture, Comr.se (now part of SHOP) was a pioneer in social commerce, powering patented transactable commerce experiences on Facebook, Twitter, and Pinterest.
Mr. OShea began his professional life as a co-founder of Juxtapoz before moving into the world of marketing to help brands better connect with youth culture, including Nike, Lance Armstrong’s Livestrong foundation, Coca-Cola, Levi’s, Radio Shack, and Johnson & Johnson. In 2010, he teamed up with Mr. Wantz to launch a digital agency that developed technology platforms and marketing initiatives for clients like Experian and Disney before the pair began working on Comrse & SHOP.
“We’re laser-focused on shopping and powering experiences that enhance the direct relationships between brands and shoppers,” Mr. Wantz said. “SHOP is establishing a decentralized retail ecosystem where brands and shoppers have the power to dictate how value will be exchanged amongst themselves based on shopper-controlled access to their own personal data and appropriate rewards given by brands in return.”
Shoppers receive SHOP tokens from brands in exchange for sharing information such as consumer preferences, style profile, and purchase history. Tokens can then be used in return for discounts or other incentives. This allows shoppers to control their data and be directly rewarded for brokering it to brands during transactions.
“The SHOP token has been designed to support an ‘information marketplace’ that continually increases the amount of personal consumer data being shared between shoppers and brands,” Mr. OShea said. “This equitable exchange helps brands deliver more meaningful retail experiences to shoppers while returning greater savings to them in the process. For shoppers, this is the first tool that empowers them to own and monetize their personal data, shifting that control out of the hands of third-party retailers like Amazon.”