RadioShack reinvents itself as a crypto platform with wild tweets

Placeholder while actions in post load

Gen Z may not be familiar with their grandparents’ RadioShack, but they are knowing its alternative. The 100-year-old retailer reintroduced itself on Twitter this week with a frequently obscene tweet – some of which have since been deleted – filled with crude comments and mentions of drugs.

Variations of, “What’s Happening in the World?” Threads of comment abound, but a quick glance at the company’s Twitter profile gives the answer somewhat: RadioShack is no longer the electronics store Americans have used for generations, but a company. An online cryptocurrency company that sells batteries.

“It’s our voice, a new voice, a voice for everyone,” said Abel Czupor, chief marketing officer. “RadioShack’s audience used to be just an older demographic, but as times have changed and e-commerce has taken over, the old voice of RadioShack is no longer relevant.”

After a decade of decline, RadioShack was delisted by the New York Stock Exchange in 2015. In its struggle for brand identity, the chain filed for bankruptcy twice and has gone from having about 5,200 stores. in the US in 2014 to about 400 when the private equity firm. Retail E-Commerce Ventures (REV) bought it in 2020.

That year, the retail industry’s vulnerabilities were fully realized during the coronavirus pandemic, as exemplified by the craze. of bankruptcy filings. That’s when Miami-based REV got some Suffering retailers intend to revive them as online-focused stores, including homeware store Pier 1 Imports, sporting goods chain Modell’s and discount retailer Stein Mart.

REV was founded by Alex Mehr, the co-founder of the online dating site Zoosk.comand Tai Lopez, an online influencer known for his lavish lifestyle coaching. They launched RadioShack Swap, a decentralized cryptocurrency exchange platform that allows users to swap coins or tokens, a format that comes with more flexibility and lower transaction fees than trading . Its token, called $RADIO, is worth about a cent.

Cryptocurrency scams on the rise, costing more than $1 billion last year

On the RadioShack Swap website, the company said its relaunch targets people not normally considered crypto investors. “There is a real generation gap between the average crypto user and the average business decision maker,” the company said. “This demographic difference creates a significant psychological barrier to crypto adoption.”

In a statement in May, the company reported a trading volume of $40 million, with a daily average of $500,000 to $2 million. “Swaps are adding two or three new tokens per week, and we continue to see strong interest among gaming token startups, in particular. They understand that the RadioShack brand fits their own playstyle,” said Mehr.

However, with his latest marketing strategy on Twitter, the reactions have been mixed. One day, the platform itself “randomly closed our accounts and locked us out.” Although some tweets were later restored, Czupor said.

Several internet personalities with large followings have posted warnings, call it was an “advertising campaign to gain public favor for their crypto scheme” and urged people not to fall for it. Jack Appleby, Morning Brew’s Future Social Social Media Writer, speak that “interaction doesn’t matter if it doesn’t translate into sales”, pointing to the value of its token in a string of its strategic analysis.

“Those criticisms are completely untrue,” the company said in an email. “Sales have really gone up since we started upping our Twitter game over the past few weeks.”

Kylie Cammon, founder of social media marketing consulting firm Flying Hare Social, called RadioShack’s tweets an effective way to increase visibility. “Everybody interested in crypto is interested in this kind of humor,” she said. “They definitely got what they were looking for there.”

While some content may be considered offensive, Cammon says their target audience “may not necessarily care.” It was a gamble for RadioShack, she said, to both pursue eyeballs and risk alienating a larger group.

RadioShack, which declined to identify the “interns” behind the Twitter posts, has made clear its commitment to the strategy. In a tweet filled with internet abbreviation: “Shack intern here. I wanted to take a moment to reflect on my post. Ik your expectations let me say that, in my wildest dreams, I never thought that tweet would go viral and to apologize. … No, we weren’t hacked, and I wasn’t fired. Seatbelt …”

The campaign comes at a bad time for the crypto industry. Bitcoin, the most important cryptocurrency, is trading near $19,000, 70% below its November peak. South Korean crypto project Terra – with both a token and a so-called “algorithmic stablecoin” – saw most of its value wiped out in a few days in May. That caused losses across the market, including crypto bank C, which would further freeze assets and hedge funds Three capital arrowswill be liquidated this week.

Leave a Comment