Tuesday Term of the Week | SoLoMoCo
Looking for specific topics?
Try sorting by categories
Or, view our archive
Most of us would be lost without our smart phone – some of us quite literally. These devices tell us where we are at any given time, and where we can find lunch nearby. The ability of the smart phone to do this is thanks to a technology called SoLoMoCo, or social, local, mobile and commerce, which allows the smart phone to know where they are and what is located around them. SoLoMoCo allows the device – smart phone or tablet – to utilize its GPS technology to give more accurate results than the IP data used by your home PC.
As we’ve mentioned before here, this kind of technology allows businesses to target customers who are physically within a certain distance of a shopping location, customizing deals, coupons and offers for individual customers. Retailers are using Apps of their own and partnering with pre-existing apps like Foursquare to reach out to consumers in this manner. This is a smart move, as studies have shown that 75% of consumers are more likely to take action after seeing a local, relevant advertisement.