Since 2011, the acronym “SoMoLo” is short for Social, Mobile, Local converging areas, and describes a growing behavioral trend.
You should just keep in mind, though, that more smartphones in consumers’ hands means increased patterns in the way consumers shop for any product, leisure or services: SoMoLo shoppers roam the aisles of their favorite big box CE retailer, brand or leisure spot for the best deal – whether it’s in that store, another store, online, in-stock, nearby or even within their social network of friends. They share group deals, read reviews and find the exact product they want at the price they want … all without talking to a single store associate.
- Social customers seek advice from friends, family, and other buyers almost every time they make a purchase decision.
- Mobile with smart phones and tablets the SoMoLo customer is on the go. They seek information from every location.
- SoMoLo customers use location apps such as FourSquare to make the most of their surroundings.
Let’s begin with some expectations from shoppers:
> 57% discounts sent to their phone
> 46% to place order via their phone
> 40% to use QR code to access content on their phone
> 50% to shop via tablet
> 28% offers to be sent to their phone when they are inside a shop
> 55% of smartphone owners report that they have used their devices to check and compare prices while shopping.
> Nearly three-quarters of consumers use Facebook to make retail or restaurant decisions, while half of consumers have tried a new brand due to a social media recommendation.
> SoMoLo Shoppers participate in 63% more transactions, have 33% more repeat visits, and spend 3.5 times more annually than traditional shoppers.
Who is the SoMoLo customers?
They aren’t just Generation Y techies. Today, more than 50% of phone owner have a smartphone and people of all ages are using them to gather information when shopping, search a restaurant or a leisure place, …
Get ready to dominate SoMoLo marketing!
The SoMoLo Summit will be taking place in South Beach in Florida, USA on October 21-23 2012 and will gather the leaders and innovators of Social Commerce for a stimulating 2-day event. http://somolosummit.com/
This SoMoLo info graphic below does a good job explaining the complexities and behaviors of this intersection: