Winners & Losers April 2, 2015

Spending Trends According to Venmo, Prada’s Digital Lag Weighs Profits

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Heinz won this week for acquiring digital competence by purchasing a company with a higher Digital IQ. In L2’s 2014 Digital IQ Index: Food study, Kraft ranked fourth and Gifted while Heinz ranked 56th and Challenged. What drove Kraft’s success? A recipe site. More than a third of smartphone owners look up a recipe while in store.

Prada loses this week, due to a 28% year-on-year drop in net profit. Digital incompetence was most definitely a cause of their decline, in addition to the weak Euro and the China slowdown. Prada ranked Average in L2’s 2014 Digital IQ Index: Fashion and Feeble in L2’s Digital IQ Index: China Luxury.

The U.S. is a loser on the Internet as it does not make it to the top ten countries with the fastest Internet speeds. That does not bode well for U.S. citizens as Internet speeds are a predictor of GDP.

Who is winning 18 to 24 year olds in the platforms wars? Snapchat, Vine, Tumblr. The age group makes up a disproportionate number of their users, while Facebook’s users demographics can be summarized as “everyone.”

And not only is Venmo a winner because of mobile payments’ growth, it offers valuable insight on what people spend their money on: Partying, Pizza, Beer, Wine.

Perhaps the biggest loser of all: Indiana, branded backwards and threatened by massive job losses with one move. Tim Cook and Salesforce CEO Mark Benioff both publicly stated their disappointment, and hinted at closing Indiana-related businesses.

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