Smartphone SoLoMo (social-locationaware-mobile) technology is disrupting retail by giving shoppers information and options on the go, transforming shoppers into smart shoppers.
One symptom of this disruption is – if course – “showrooming”; the use of physical stores as showrooms to research, view, touch and try, but then buy wherever the best value can be found (usually elsewhere, online and with the aid of a smartphone).
Showrooming has been getting a lot of press, but don’t mistake what’s a mere symptom for the underlying economic cause – SoLoMo technology give shoppers the two things they need to behave rationally (get the most value for the lowest cost); information and options. The result is the inevitable rationalisation of retail.
How will you survive in a world of rational retail?
Here’s a useful primer on SoLoMo technology for retailers in an easy-to-digest infographic form from Monetate.