McKinsey has opened a store in the “Mall of America” while testing the future of new technologies. America’s largest mall is going to experience a new wave of alertness among the customers towards the cryptocurrency fever. The store has opened today- Friday, Sep 27th for the public on the second floor, west.
Reportedly, McKinsey is aiming to keep the store running for 12 to 18 months with rotating featured brands after getting the insights from the internal development team.
The payments in cryptocurrency would now be possible by a startup named “Flexa” which is trying to make a cryptocurrency-friendly society where consumers can get the complete legitimacy on the use of digital assets instantly while making any payment to the retailer at the store.
Flexa, the new network for cryptocurrency payments is backed by a cryptocurrency exchange Gemini– founded by Taylor and Cameron Winklevoss brothers. Reportedly, Flexa has collaborated with a management consulting firm McKinsey & Co. in an effort to test the future of brick and mortar retail business.
The joint effort would work on the new retail concept along with several other firms namely Microsoft, Square, Farfetch, RetailNext, FaceCake(augmented reality), Chatter Research (conversational AI), ComQi (digital signage), and others. The technology partners purportedly paid a fee to participate in the McKinsey’s endeavor.
McKinsey Store: Modern Retail Collective
The store name is Modern Retail Collective where the crypto-focused and non- crypto-focused firms are going to facilitate the retailers under the McKinsey empowered retail store. Here, one of the primary objectives is to test the new technologies while analyzing shopper behavior in the age of Amazon.
The new project is a step to support the retail stores so that they can adopt the new technologies in order to work more faster and efficiently and attract consumers while proving their relevancy which is losing the prominence.
McKinsey reports suggest that around 8,000 U.S. brick-and-mortar stores are shutting down in this year because shoppers are more fascinated towards their comfort zone and willing to purchase via eCommerce platforms.
According to McKinsey’s partner Praveen Adhi, “the project would be able to produce a forward-looking data and analytics that can help retailers to understand their own vision for their store of the future.”
Tyler Spalding, Flexa CEO expressed his enthusiasm and mentioned that “this effort would be able to show the legitimacy of cryptocurrency payment system and how effective is the use of this kind of method in every-day life.”
The merchant payment network would work while deploying its app called SPEDN and its token Flexacoin (FXC). SPEDN app would enable the cryptocurrency instant transactions because every transaction is proposed to be guaranteed and documented by a stake in Flexa’s FXC token with “zero fraud” and “no chargebacks, Spalding stated”
As per the reports, Flexa has already raised $14.1 million in a private sale of FXC tokens during April.
Tags: Cryptocurrency news, Cryptocurrency, Digital Assets, McKinsey, Amazon, Ecommerce, Flexa, SPEDN, United States, America, The Mall Of America, Taylor and Cameron Winklevoss, Gemini, Microsoft, Square