Saturday, July 10, 2010

Keeping The Impulse Alive

Retailers revelled in the advent of e-commerce because an overwhelming percentage of retail transactions are based on impulse. Consumers build justifications for "having to have" a product and when they're in that mood, having easy access to making a purchase closes the deal. So having a computer and Internet access makes satisfying impulses just a few mouse clicks away. Fantastic, right ? Not so fast, what about all that time consumers spend away from their home or office computers ? Now, there's Geo-Social networks and they're all about keeping the impulse alive and well no matter where you are. Mobile applications like @Yelp and @Foursquare on PDAs encourage consumers to check-in, provide tips and win special badges for being out and about. And while that makes some consumers happy, the real force behind these applications is that they allow advertisers to know exactly where you are because they're location based. So, if you're at the store around the corner from that great Italian restaurant, the food establishment can send you an attractive electronic offer to incentivize you to dine there, since you're so close. Geo-social networks are on the rise, because knowing where your potential customers are can provide a huge marketing advantage. After all, retail is all about impulse buying!
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