Did you know that today you can probably choose from 10 billion different products and services in New York City versus 300 items available in a traditional hunter-gatherer society some 500 years ago? – estimates Professor Eric Beinhocker from Harvard University.
Nowadays, the consumer is flooded with product options, and on one hand he expects to have a wide choice, but on the other hand he is overwhelmed with too much information. The way to deal with such a problem is to use new technologies like smartphones, social media, location services and internet. The new resources bring help to an overwhelmed customers, who uses these innovations to make research and get fast feedback from their friends. The model in which this process is done is called SoLoMo – a Social-Local-Mobile way of purchasing goods.