- The IBM Institute For Business Value Global Consumer Study found that 36% of consumers will share their location, 32% will share social-media handles, and 22% would agree to get text messages from retailers on their phones. The survey lumped these three communication technologies as “SoLoMo.”
The same study found, however, that consumers expect something in return, like customized offers on prices, shipping, and returns.
The group surveyed more than 30,000 consumers worldwide, grouping them into how they used technology to shop. 19% were “traditional,” rarely shopping via SoLoMo; 40% use it to get information about a retailer or products; 29% were “tech-intrigued,” browsing and buying products via these ways; and “trailblazers" (12%) interact with retailers extensively through these technologies.
We hear a lot about the treasure trove that is consumer data, but retailers will find, as this study shows, that there ain’t no free lunch. Consumers — especially the small-but-growing and important group IBM calls “trailblazers,” who use technology extensively to shop — want to know what's in it for them when they hand over their social media, location, or mobile phone numbers. As retailers develop the systems that capitalize on customer data collection, they must keep in mind that, to be successful, their retail technology environment must empower not just them, but the consumer as well.