- Startups - News Roundtable with Peter Pham and Marshall Kirkpatrick - TWiST #221 | Summary and Q&A

TL;DR

Social media has limited impact on predicting election outcomes, but it is a growing force in fundraising and news cycles. Retail chains face declining sales figures while Amazon continues to thrive.

Key Insights

• 😤 Walmart is actively building its mobile team to compete with Amazon in the e-commerce space.
• 💗 Google+ is growing its user base and has the potential to become a major social media platform.
• 🖐️ Social media had limited impact on the outcome of the Iowa caucus, suggesting other factors play a larger role in elections.

Transcript

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Questions & Answers

Q: Will Amazon's focus on e-commerce or hardware be more beneficial for its growth?

Amazon should continue to focus on both e-commerce and hardware, as they are both important areas for expansion. However, building its own distribution network could give them a competitive advantage.

Q: What should Amazon be doing at this point to stay ahead of the competition?

Amazon should continue to delight users by using data to optimize processes, focusing on mobile, and considering building its own distribution network.

Q: When will social media become a bigger factor in elections?

While social media has been influential in political movements like Occupy, it's difficult to predict when it will have a larger impact on elections due to various factors and the unpredictable nature of politics.

Q: Are retail chains losing to e-commerce giants like Amazon?

Major retail chains, such as Barnes & Noble and Best Buy, have reported disappointing sales figures, while Amazon continues to see significant growth. The shift towards online shopping is contributing to the decline of brick-and-mortar retail.

Summary & Key Takeaways

• Walmart Labs acquires mobile agency Small Society to enhance its e-commerce platforms and social media tools.

• Google+ sees strong membership growth and is predicted to reach 400 million users by the end of the year.

• Walmart focuses on building a strong team in its mobile Labs division to compete with Amazon in the e-commerce space.

• Chrome extension "Soapa" warns users when browsing websites that support the Stop Online Piracy Act (SOPA).

• Social media analytics show that Twitter and Facebook had limited influence on Mitt Romney's victory in the Iowa caucus.