Did you know that 116 million Americans now own a smartphone, and 80 percent of those use their device to access social networks?

SoLoMo (Social-Local-Mobile) is the addition of local information to search engine results to capitalise on the increasing use of mobile, allowing businesses to push relevant offers to customers based on their location. And the results can be unbelievable – smartphones are expected to influence $159 billion worth of sales in 2012.

This infographic from Monetate takes a closer look at how retailers are making the most of the SoLoMo opportunity.

(Source: Monetate. Smartphone image via Shutterstock.)