Ever heard of the term “SoLoMo”?
It’s a catchphrase that’s increasingly being used today to refer to the intersection of Social media, Local commerce, and Mobile device usage. With the number of smartphone users having reached over 116 million – plus the continued popularity of social networks, online review aggregators, and local business platforms – SoLoMo is rapidly changing the way consumers interact with businesses and brands.
Recently, digital marketing tech provider Monetate released SoLoMo facts and figures that business owners, marketers, advertisers, and retailers ought to know. These include:
- Social drives traffic: 55 percent of smartphone owners use their devices to visit social networks at least once per day. In fact, smartphone users spend an average of 441.3 minutes per month on Facebook alone (followed by Instagram at 257 minutes).
- Local drives action: 96 percent use their phones to research on a specific product or service; 94 percent, meanwhile, use their devices to search for local information and discover what’s nearby. Furthermore, 35 percent intentionally bring their phones with them while shopping in order to check prices and monitor reviews of products and services.
- Mobile drives opportunity: Currently, only 48 percent of retailers have mobile-optimized websites; the most common mobile site features they have implemented are: product information (54 percent), location information (42 percent), and customer reviews and pricing (34 percent).
Addressing retailers who are keen to leverage the potential of SoLoMo, Mark Fidelman of Forbes wrote, “Retailers must be easily found on mobile devices and ensure their customer service is top-notch because the local community is grading them online for all to see.”
For more SoLoMo facts and figures, check out the infographic below: