Mary Himes,Vice-President of Marketing at American Express,highlights the offering of coupons to groups of consumers by the websites Groupon and Gilt Groupe.These sites are in the Group Buying and Social Spending categories.Social shopping is on the rise,and the response has been enormous.It has the exponential value of word of mouth.
Mobile tech is changing consumers.They are buying local,supporting their local economy.They want a hometown feel,the general store ambiance.The response to the recent Small Business Saturday promotion was enormous.There was a 28% increase in business for those who take American Express cards.
The customization of products is so critical,spread across a variety of industries.AmEx is offering customized credit cards.These have packs of benefits for customers to choose from,such as the health and fitness pack,Ms.Himes pointed out.
American Express(AXP)
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