SoLoMo is the latest buzzword from the virtual world. In real-world translation – SoLoMo is an amalgam for social, local and mobile allowing people to interact (social), find (local) and access (mobile) information easily bridging the gap between user and the web. In essence mobile devices allow users to connect to the Internet wherever they are and to interact with their social networks on the move and marketers can use this to target them with localised offers. Great examples of SoLoMo in action include Foursquare and Groupon – platforms that use social marketing and mobile check-ins as a way to drive business to locally based merchants.
Consumers are increasingly turning to their mobile devices as shopping companions. Nowadays, it is not uncommon to see shoppers in stores using apps to obtain information beyond what they could get by being physically in the store, such as reviews, ratings from other consumers, price comparisons and taking advantage of location-based offers.
Euromonitor International’s Quick Pulse Survey found that 26% of respondents use social media for the purpose of following companies or brands they like, and nearly that number (23%) seek discounts and deals from those companies. A few also reported sharing such discounts with friends (10%) or writing their own reviews (9%).
Note: Quick Pulse responses reflect the opinions and habits of several hundred of Euromonitor International’s in-country analysts and in-house researchers around the world.
In a world where smartphone use will continue to show strong growth, with global sales of smartphones expected to reach US$282 billion in 2016, SoLoMo is expected to remain a vital tool for brands to stay relevant in an ever-changing digital market space.