We are living in an era of Science and Technology.
The advancements in technologies have paved a way to create new business opportunities. In this era of globalization, one can choose their own field of interest and with some innovative ideas and capital investment can start a business. But to flourish and attain success is not easy without proper marketing strategies. The term ‘SoLoMo’ is generally a convergence of three essential elements of digital marketing – Social media (So) Geolocation technology (Lo) and Mobile interactivity (Mo). It was coined back in 2010 by John Doerr, a billionaire venture capitalist (VC) and partner at Kleiner Perkins Caufield and Byer. SoLoMo empowers customers by transforming the way of shopping thereby creating new opportunities for businesses, especially Advertisers and Retailers. In short it is making data available to consumers and businesses that can improve the process and outcomes for both.
For instance, smartphones and latest versions of powerful mobile apps, many of which are location-aware and tuned into social media plays a pivotal role in providing an overall customer experience. As more and more consumers engage in SoLoMo – giving their feedbacks, checking in, searching for nearby businesses, etc. – they are also assisting in withstanding major challenges in business and strengthening the economy of the nation. Moreover it also generates Digital Signals that have utmost importance in business. For eg. a large number of Facebook posts and Tweets contain opinions about products, brands, retailers and service providers. Thus with the help of digital signals produced by SoLoMo, companies can develop a 360° view that allows them to better understand consumers, monitor their performance and adjust their strategies accordingly.
The Social Media Wildfire
Social media is considered as a blessing to mankind. With the help of Facebook, Instagram and Twitter one can interact and stay connected with their closed ones. One can do online banking, search jobs, run a business and have quick access to information and research on the go. After the outbreak of Covid-19 pandemic in 2019 there has been 87% increase in social media usage resulting in approximately 4.15 billion users worldwide.
Day by day, the volume of social media content is expanding rapidly. Social media strengthens the bond between business and customers. According to survey done by Edison/Arbitron media, nearly one in six Americans visit social media sites several times a day.(mostly Facebook and Instagram). It has become an effective tool for consumers while shopping. Consumers can consult third party resources and others in social networks for seeking advice, reading or writing reviews or for sharing their experience with other users.
The Revolutionary Location- Based Services
Location-based marketing has been around for quite some time. According to research conducted by Pew Internet and American Life Project, about 65 million Americans use mobile or location based services. The proportion of location based services used by customers have gradually increased from 35% to 74% in 2012. According to Fred Wilson, a leading capitalist and managing partner of Union Square Ventures, “Knowing where someone is in real time, particularly if you have some context around that is an incredibly valuable opportunity in location – based marketing.
Many social platforms like Amazon, eBay, Foursquares, SCVNGR, Yelp, Lonely Planet, Around Me etc use real time geodata from a user’s smartphone to provide services or relevant information. Furthermore renowned search engine Google allows individuals to search for results “near me now,” while AR (augmented reality) services such as Junaio are making it easier for users to scan and view information about products, landmarks and other objects around them. With the help of revolutionary wireless technologies like Global Positioning System (GPS) and Near field communication (NFC), consumers interest and trust in location based services increases and it also acts as an important channel for advertisers and retailers.
Mobile Phones – The Universe in One’s Pocket.
Mobile phones used for online shopping and marketing. Few decades ago one used to visit shopping malls and provision stores for purchasing essential commodities. But now we are living in an era of smartphones and tablets which makes the modern shopping experience nothing like that of yesteryear. One can do shopping by simply browsing shopping websites or apps and get their products and services delivered at their doorsteps.
According to Vibes Mobile Consumer Report about 82% of users carry their smartphones when they are in stores. Also many people have started using apps (digital wallets) to do online payment. Since SoLoMo is more based on applications, so it almost removes the need to browse the web. Nowadays more money is spent on digital mobile advertising. This shows that there is a massive potential and urge to boost business online.
SoLoMo is regarded as one of the most effective marketing strategies for progress of any business. The recent trend of using social media combined with mobile marketing will continue to grow and become more relevant as time passes. Retailers and Advertisers are incessantly leveraging SoLoMo to devise and implement strategies that are more consumer-centric. SoLoMo bridges the gap between customers and products thereby completely changing the face of online business and also enriching people’s lives to a greater extent.
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