With its fun-loving spirit, Skittles may be the last brand you'd ever expect to host something as highbrow as a web auction, but this is exactly what the candy brand is doing.
The 'Auction the Rainbow' microsite contains a collection of branded items, from furniture pieces and tiaras to headphones and soccer balls. In order to place your bid on any of the unusual items, people must collect likes to their Facebook posts in order to up their bid value.
In an age where young, tech-savvy Millennials have more social currency than real money at their disposal, the Skittles Auction is just one example of how the term "rich" is being redefined by influential users on social media.
Skittles' Web Auction Lets Fans Bid for Collectibles with Social Media Likes
1. Social Media Auctions - The trend of using social media likes as a currency for auctions is disrupting the traditional auction industry.
2. Influencer Marketing in Auctions - The trend of tying auction bids to social media likes creates an opportunity for brands to collaborate with social media influencers.
3. Branded Collectibles - The trend of auctioning branded items creates a new market for collectors and can generate revenue for brands.
1. Auction Industry - The auction industry can disrupt its own practices by adopting social media as a new form of bidding currency.
2. Marketing and Advertising Industry - The use of social media influencers as a way to boost auction bids creates an opportunity for brands to collaborate with influential online personalities.
3. Consumer Goods Industry - The auctioning of branded items presents an opportunity for brands to connect with fans and generate revenue through unique collectibles.