In an era where the recommendations of friends is increasingly critical in where people shop and what people buy, it shouldn't be a great surprise to see the emergence of peer-to-peer retail.
The launch of Storr could be the beginning of a transformational development in retail where the smart application of technology enables anyone to quickly and easily create a digital store that reflects their preferred products and brands.
Gen Z in particular are thirsty for product that doesn't just conform but represents their sense of uniqueness, purpose and authenticity.
What better way then, to tap into this desire to make a statement, than to get individuals to curate their own range and to share it with friends and followers.
Brands are clearly seeing this as an alternative channel and are happy to switch the classic retail margin to a commission for these influential individuals to push their products out into their network of friends.
Whether the technology can deliver on the promise remains to be seen, but if it does then we might well be witnessing the emergence of a transformational new retail channel.
Since the advent of department stores in the 1850s, retail has been dominated by large channels like Macy’s, Nordstrom and now Amazon. But retail may be in for a major change as a new channel—or potentially millions of new channels—come online this week. Storr, enables anyone to open a store from his/her phone in three clicks -the process is unbelievably easy. Now people can buy new, brand-name products directly from their friends or through people they follow. As Millennials and Gen Z continue to seek out more personal and experiential purchasing options, buying new products directly from each other may be the solution. Brands handle shipping and returns and people make a 15-25% commission instead of traditional retailers earning the commission.