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SoLoMo - Are these the 3 wise men of the digital age?
SoLoMo is an acronym for Social, Local and Mobile [1]and is changing the landscape of mobile application development. It refers to the accessibility of social networking enhanced by location based services that are supported by mobile devices and is now resulting in an ever-expanding business potential.
More than a buzz word, SoLoMo represents a mobile internet trend, resulting from the recent dramatic changes in the way smartphone users search, shop and respond to mobile adverts. It is known that 67% of consumers will use their smartphones to find store locations, 59% to compare prices, and 51% to obtain product information [2]. Similar 40+ percentages exist for checking product availability, reading reviews, and shopping online[2], so it shows the potential market for any company wishing to tap into tech-savvy consumers. Social media is also playing its part in the purchasing process, as, for example, 78-84% of consumers now rely on their social networks when researching new products [3].
Opportunities will therefore grow for internet marketers able to integrate SoLoMo into their mobile strategy: reaching customers where they are active and adding value to their experience. Whether this involves providing information, discounts or advice, innovators in this space can meet this need by providing relevant, useful and engaging apps or other mobile tools.
SoLoMo comes bearing gifts for both businesses and the digital consumer. This is illustrated by the fact that a number of large organisations such as Facebook, Groupon, Foursquare (to name but three) have already integrated the concept into their businesses and it is something that cannot be ignored by other companies.
Today, SoLoMo is a reality and though still in its infancy, it is certain to grow at a rate comparable to the mobile technology that bore it.
Whether entrepreneur, investor or consumer, don't delay - embrace SoLoMo before the competition leaves you without a star to follow.
[1]Coined by venture capitalist John Doerr of Kleiner Perkins Caufield & Byers
More than a buzz word, SoLoMo represents a mobile internet trend, resulting from the recent dramatic changes in the way smartphone users search, shop and respond to mobile adverts. It is known that 67% of consumers will use their smartphones to find store locations, 59% to compare prices, and 51% to obtain product information [2]. Similar 40+ percentages exist for checking product availability, reading reviews, and shopping online[2], so it shows the potential market for any company wishing to tap into tech-savvy consumers. Social media is also playing its part in the purchasing process, as, for example, 78-84% of consumers now rely on their social networks when researching new products [3].
Opportunities will therefore grow for internet marketers able to integrate SoLoMo into their mobile strategy: reaching customers where they are active and adding value to their experience. Whether this involves providing information, discounts or advice, innovators in this space can meet this need by providing relevant, useful and engaging apps or other mobile tools.
SoLoMo comes bearing gifts for both businesses and the digital consumer. This is illustrated by the fact that a number of large organisations such as Facebook, Groupon, Foursquare (to name but three) have already integrated the concept into their businesses and it is something that cannot be ignored by other companies.
Today, SoLoMo is a reality and though still in its infancy, it is certain to grow at a rate comparable to the mobile technology that bore it.
Whether entrepreneur, investor or consumer, don't delay - embrace SoLoMo before the competition leaves you without a star to follow.
[1]Coined by venture capitalist John Doerr of Kleiner Perkins Caufield & Byers
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