Michael Zimmerman’s hedge fund Prentice Capital believes shopper tracking technology like Apple’s iBeacon opens up enormous opportunities for retailers, and that most consumers will be prepared to give up some privacy in exchange for coupons or personalized deals.
Online PR News – 07-May-2014 – Chicago – Michael Zimmerman, CEO of Prentice Capital believes most consumers will be prepared to give up some privacy in exchange for coupons or personalized deals, and that Apple’s iBeacon shopper tracking technology opens up enormous opportunities for retailers.
Zimmermans view is backed by a new study from eDigitalResearch of 1,300 smartphone owners, one third believe that offers sent straight to their smartphone when out shopping would ‘likely’ or ‘very likely’ influence their purchase decisions. (1)
“One third of surveyed shoppers believe that personalized offers sent straight to their smartphone when out shopping would ‘likely’ or ‘very likely’ influence their purchase decisions.”
Apple’s iBeacon is positioning itself as that information conduit between retailers and consumers, opening up the possibility for retailers to send offers direct to enabled devices whilst consumers are in, or near, a store.
Think of iBeacon as a highly accurate GPS for indoor locations, but with other interesting capabilities: the same system which beams you your offers and directs you around the store can also be used for wireless payment – and with far greater convenience than NFC because of the greater range.
For retailers, Zimmerman says shopper behavioral data is very valuable. The time of day, the environment the customer wants to be in and individual shopper preferences is all very helpful. Real time feedback is key: iBeacon makes this possible, and retailers can be connected to all this information via a robust dashboard.
Zimmerman believes modern retailers need an innovative mobile strategy at the core of their integrated marketing strategic plan, and of course - consumers want deals. Many will give up some privacy in exchange for better prices. Zimmerman is backing his opinions: his pattern of investing as indicated through Prentice Capital's regulatory disclosures shows Zimmerman favors powerful brands with well-conceived mobile and online commerce strategies (2).
The Michael Zimmerman hedge fund, Prentice Capital Management, is a financial investment advisory firm headquartered in Greenwich, specializing in investments in the U.S. consumer retail sectors. Prentice Capital's Zimmerman also sits as Chairman of the Board at retailer dELiA*s Inc.
(1) "Shoppers Surprisingly Willing To Give Up Privacy For Deals" 01-April-2014, Forbes
(2) SEC EDGAR Filings, 15-April-2014