Social media has become a driving force behind every changes happening in the modern world. It has changed the way we communicate and the way celebrities, politicians and company brands try to catch the people’s attention.
Social media has helped to shorten distances across the world which otherwise was not possible due to geographical and socioeconomic factors.
Social media is an interactive platform where individuals, communities and organisations share, discuss, co-create and modify user-generated contents. It influences small and large companies to improve their image and interact in a new way with their business partners and clients.
In a country like India, social media apart from influencing companies have impacted the entire business and economic scenario.
Social media has emerged as the key factor to change the dominant position of established markets by creating new markets by word of mouth information, customer empowerment and rating platforms.
Influence of social media in India has not reached the top yet but in the coming years when the economy, society and cultures adopt the full potential of social media there will be large-scale influence on the economy of India.
In the coming years social media will open the door for knowledge flow in organisations which in turn will reduce the cost of software’s through open source collaboration.
Social media will help in finding important information’s quickly which will make organisations more aware, agile, active and responsive to their customers. Today when the consumers are more networked and know what he wants through the Internet, traditional advertisements are becoming less effective which is having a harmful impact on major companies.
Consumer oriented websites and rating sites have become the thing of the day with reviews expressed by independent consumers becoming trust worthier than traditional advertising.
The advantages of social media are that it gets a global audience and considered cheaper than traditional advertisements. It has changed the consumers buying behaviour because of the choices available and access to information, which guides them in their buying process.
In a country like India, social media has become a driving force in the modern economy where it has changed the whole concept of online marketing.