Local businesses ultimately tread water for most of their lives under the disinterested eye of major players in the respective industries. Being presented with a pair of water-wings would provide respite for anyone under trying circumstances. On the other side of this metaphor is the recent development of the cash mob, set out to offer water wings to small businesses in as many places as possible.
When Chris Smith conceptualised the idea of a cash mob less than a year ago he might not have realised that it would take off so dramatically. The idea of the cash mob is quite similar to its more social influencer, the flash mob, in that it pools a group of strangers together in an attempt to add value to society in some way. Whether it is an unexpected well-choreographed dance routine in a shopping mall, or for the purposes of mass demonstration for political purposes, a flash mob has an intangible outcome. A cash mob on the other hand aims to provide cash injection for small businesses that could really do with a larger customer base.
Cash mobs are taking off slowly but surely all over the world. As group buying sites become more popular, small to medium-sized businesses take big risks in forking out a lot of money to pay the online retailer as well as reduce their product price. Contrary to a group buying site the cash mob encourages personal interaction with store owners through physical purchases. This adds a new dimension to the buying process and serves as a valuable way of retaining customers.
The optimal cash mob functions in the following way:A vote is taken on which enterprise should be mobbed.A date and time is arranged for the cash mob to take place.The right number of people mob the store without there being too many to handle or too few to make the cash mob a successful venture. Lastly, the mob needs to carry out its main function by spending money in the store through their purchases.
The result of a successful cash mob is that store owners get a valuable injection to their cash flow, allowing them to keep their heads above water for a while longer. This trend will most likely spread out to the rest of the world in the near future and as a relatively new venture the cash mob is already making a bit of a splash online.
Dave Peterson deals in currency as a hobby and has done so for years. Foreign exchange traders are a big part of his life and he’s definitely had his ups and down with them over the years. He realises that forex services differ quite dramatically between firms but building a relationship with your trader is vital for trust purposes.