Retail currencies are instruments that strengthen economic relations in cities and regions by facilitating local trade and consumption. This type of currencies creates a virtuous cycle as it motivates consumers to spend at local retailers and local retailers are committed to prefer local suppliers. Retail currencies represent a way to revitalise, strengthen and diversify our regional high streets.
Money spent at local retailers and businesses is beneficial to build a resilient economy able to withstand the effects of volatile global financial markets and provide more local employment opportunities. Retail currencies contribute to build stronger communities and safeguard the health of businesses. They further connect people and businesses beyond economic terms by fostering the creation of local identities.
As a supplement to the euro, retail currencies can reach several goals, among which
- Increase turnover of independent local retailers and businesses
- Strengthen customer loyalty
- Steer consumer behaviour towards socially responsible retailers and/or products
- Reduce the need for transport of localised supply chains, thus minimise carbon footprint
- Reinforce a sense of local identity
Retail currencies are technologically enabled solutions delivering meaningful economic impacts. Transactions are carried out seamlessly via various (electronic) means like web interfaces, mobile app, mobile texts (sms) and NFC technology.
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