Upcycling retail - Changing the way marketplaces are made

PREMISE

The world has started moving towards an era of globalization in the wake of technology which is an ultimate driving force for economic growth. The consumer market playing a vital role in this is speculated to increase more than two folds than the current total per capita consumption in the coming decade taking a center stage in a global economy. One of the evident causes behind this unprecedented growth is the rising urbanization and expanding the middle-class population. The concept of a physical store has changed drastically over a century, from open markets, agora to malls, bringing us to the question as to what is next?  We have started experiencing shopping at the convenience of our homes, just a click away, paved by E-retail. An advancement on the onset of the internet era that was inevitable. The ease of buying a product in an urban marketplace and personalized service which earlier acted as a value addition offered exclusively by brick and mortar stores has now taken a backseat.  This has enabled E-retail to thrive to great extents, but are they becoming a terminal solution to consumer experience? 

CHALLENGE

Retail Stores have formed a significant part in shaping public spaces as well as defining a neighborhood, and consequently acted as a sphere for harboring a social spot. As soon as we entered the realm of the digital age, the popularity of online shopping services shifted the transactions from physical retail stores to online. Retail fronts, even after being an open junction for exchange of ideas, dialogues, interaction and building our societies are still struggling to find their place today. But why? Malls which began as a collective retail front were housed not only for shopping but were considered a place for social gatherings as well. Even though it attracted all kinds of user groups, the social experiences offered by them were limited in the past. With changing times, people craved for alternate experiences, changing the way people spent their money and time. Consequently, malls tried to extend themselves to keep themselves relevant. This model is eventually turning obsolete today. It was not only the losing appeal of malls but also the incoming of the digital age that turned people to virtual spaces more (read: Facebook groups). The battle of online vs offline gives the perception that these forces are fighting for customers, whereas both are trying to deliver a better experience. With a common goal in sight, can these two forces play together instead of playing against each other?

Timeline

Launch April 18, 2019

Seed Registration closes: 07 July, 2019

15$ Students, 25$ Professionals, 60$ Institutional Access

Regular Registration: 15 September, 2019

20$ Students, 40$ Professionals, 80$ Institutional Access

Submission Deadline: 25 September, 2019

Public Voting begins: 26 September 2019

Public Voting ends: 26 October 2019

Result Announcement: 5 November 2019

Prizes:

Prize pool of worth 15000$

First Prize: 5000$

1^st Runner up: 1500$

2^nd Runner up: 1500$

3^rd Runner up: 1500$

People’s Choice: 1st Most appreciated project: 500$

People’s Choice: 2nd Most appreciated project: 500$

People’s Choice: 3rd Most appreciated project: 500$

People’s Choice: 4th Most appreciated project: 500$

14 Honorable mentions for the best received projects: 250$ x14 Each

Learn about all the prize details on: https://competitions.uni.xyz/upcycling-retail

More competitions here: http://competitions.uni.xyz

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