Impact of social media towards buying online
INTRODUCTION
Social media has revolutionized the ways of communication and sharing information and interests. The rapid growth of social media and social networking sites, especially, in a developing country like India is providing marketer a new avenue to contact customers. The study attempts to assess the impact of usage of social media on the purchase decision process. The study finds that social media is most widely used in the information source for entertainment, networking, and information on new brands. Also, social media reviews and opinions affect the purchase decision process; however, the tendency to share their experiences post-purchase is surprisingly good.
Value of Social Media
Social media needs to be a part of a company’s marketing budget because it gives a powerful way to create a connection with the targeted audience. Social media can be defined as "consumer-generated media that covers a wide variety of new sources of online information, created and used by consumers intent on sharing information with others regarding any topic of interest”. From Instagram to LinkedIn, there are virtually limitless ways to interact and share information as well as market the products. Social networks enable to connect with new customers and stay in touch with the existing customers. Social media enhances customer service by creating accessibility to customers who have a tendency to seek immediate feedback. It responds in a timely manner to their concerns and inquiries. Consumers rely on social sites to find out about products and services. Optimized profiles and useful information will create a positive first impression for online business.
Influence of Social Media in Online Shopping
Social media supports Online Shopping in numerous ways. 4 of the major points that social media help directly are:-
Influence of Social Media in Online Shopping
Social media supports Online Shopping in numerous ways. 4 of the major points that social media help directly are:-
1. Brand Awareness:-
One of the major advantages social media gives is its capacity to enable retailers
build brand awareness. A review directed by internet advertising apparatuses seller Wishpond found that 89 percent of respondents said social media marketing created more business introduction.
Because of its viral nature and capacity to rapidly and effectively spread a message, marks that focus on a normal posting of applicable content on social destinations develop their base of fans and supporters, and have ongoing interaction with them should, over time, expect to see an uptick in awareness.
2. Overcome Reluctance:-
Social Media also helps overcome customer reluctance to purchase. While clients still express some level of trust in promoting messages, that fails to measure up to their dependence on verbal, particularly when it originates from confided in sources, for example, family and companions.
Concurring the latest Nielsen Trust in Advertising report, 84 percent of those reviewed said the informal exchange was the most compelling component when settling on a buy. Customer assessments posted online positioned third at 68 percent.
On the off chance that "trust" is a strong factor in persuading shoppers to buy an item, through its attention on building connections and encouraging cooperation, online networking can fill in as a channel to enable customers to beat their hesitance.
3. Increase customer loyalty:-
In a day when customers are one click away from doing business elsewhere, the importance of increasing customer loyalty and lifetime value cannot be overstated.
By building relationships with new customers and strengthening relationships with existing ones via social networks, it stands to reason both will increase.
4. Provide marketing insights:-
Even retailers who choose not to pro-actively participate in social media can benefit by listening to the groundswell of opinion expressed by consumers on such sites.
If it’s true that people trust recommendations and advice from other people online, then it behooves merchants to make a practice of hearing what these folks have to say about their brand, products, and services.
Social Media Options
Facebook has been cited as the ideal social media platform for creating brand awareness and engaging with consumers.
Twitter is suitable for encouraging interaction with customers and the hashtag feature makes it easier to share valuable content.
YouTube is an excellent choice for businesses that want to use videos to promote their brands and increase their visibility.
Pinterest is a worthwhile option for you if you need to offer merchandise exclusively and showcase products in advance.
Instagram is becoming a great option for sharing the stories via picture and video of eCommerce sites.
Some Facts about Social Sharing:-
Assisted Revenue Per Share
Example – "Someone tweets a product and then places an order”
- Twitter – $26.12
- Facebook – $16.31
- Email – $13.58
- Want – $10.21
- Google Plus – $4.71
- Facebook "Like” – $4.56
- Stumble Upon – $4.30
- Kaboodle – $3.60
Incremental Revenue Per Click
Example – "Someone sees a tweet, clicks
link , then places an order”
- Want – $0.95
- Facebook "Like” – $0.82
- Twitter – $0.67
- Email – $0.54
- Facebook – $0.41
- Google + – $0.31
- Kaboodle – $0.09
- Stumble Upon – $0.03
Who is Sharing
13-17
-> Men – 5.21%
-> Women – 6.97%
18-24
-> Men – 7.47%
-> Women – 13.54%
25-34
-> Men – 10.76%
-> Women – 17.19%
35-44
-> Men – 12.5%
-> Women – 7.81%
45-54
-> Men – 6.42%
-> Women – 6.08%
55+
-> Men – 2.95%
-> Women – 3.12%
Conclusion:-
Despite the fact that Social Media has not turned out to be an immediate solution For the Online Shopping, the capacity to construct brand awareness, overcome reluctance, increase customer loyalty, provide marketing insights, and improve SEO makes it a beneficial channel that online shopping vendors can use to impact purchase behavior the long haul.