Location-based media provider JiWire today announced the acquisition of NearbyNow, a provider of sophisticated mobile location technology and applications.
Going beyond the simple geo-location “check-in,” NearbyNow enables brands to show users current product catalogues, and even whether a product is currently in-stock at a specific nearby store. To further drive conversions, NearbyNow’s technology allows brands to offer loyal customers a mobile concierge service that confirms product availability at local stores and then places them on-hold for later pick-up.
For example, a Seventeen Magazine mobile app user sees an ad for her favorite boots online and instantly checks local inventory. If they are in-stock, the shopper reserves the boots and they are ready at the counter when she arrives. The platform is the first ever to track both Online and in-store sales, according to the company, offering a turnkey solution to attract, measure and advertise to lucrative mobile shoppers.
What’s interesting is the response and success rates the platform claims to achieve. The company claims it’s seen outstanding ad click-though rates of more than 20 percent and conversion-to-purchase average rates of 5.8 percent. NearbyNow has had solid success working with large retail customers such as Nike, Levi’s, Estee Lauder, Hearst, Macy’s and Nordstrom, according to the release.
“Brands and retailers are leaving a lot on the table if you are just targeting consumers that are already in stores. To grow your business, you want location-based media that reaches new people and drives new revenue,” said David Courtney, CEO of JiWire. “We are regularly seeing seven-figure location-based advertising buys with brands that seek deep engagement with their on-the-go customers. With our 35 million unique consumers a month, these are location campaigns that clearly meet national brands’ needs for a smart combination of both local relevancy and national scale.”
JiWire plans to combine its existing location-based advertising platform that runs across Wi-Fi and mobile for devices such as iPads, smartphones and laptops with NearbyNow’s ad platform to increase ways in which advertisers can reach new local customers at scale and drive in-store conversions. The company is already working on new location-based products that leverage the combined capabilities of both platforms.