- where social media, physical location, and mobile device integrates into a business model entrepreneurs are looking into. - With SoLoMo, retail deals, coupons, consumer events, as well as dining and shopping opportunities are broadcasted to a mobile user from a specific retailer based on that user’s geographic proximity, and shopping/check-in history
1 – shoppers and retailers will be in constant contact with each other via social media platforms2 – with information on the user’s latest activities and movements, firms can direct marketing based on their preferences3 – it is cheaper to market a firms promos and deals via mobile platforms compared to print-ads
1 – every movement of a user is monitored2 – there are other ways to capture a consumer other than social media, their physical location, and mobile platforms3 – credit card information will be stored in mobile devices which generally have subpar safety standards compared to PCs
With SoLoMo, a user will be able to receive up to date promos and deals from companies located in their vicinity.
Wearable technology will give more contextual information to firms. Every movement of a user will be recorded and used by firms to design personalized marketing material.
With the rise in mobile payment, QR codes can finally reach its full potential as users will opt for virtual money over cash.