Impact of Social Media on Consumers

They are no more consumers, rather friends of brands- Thanks to social media. The trends in social media are getting evolved each passing day. Brands are deploying all possible tactics to nurture lasting relationship with customers. And, social media is central to all their customer-centric activities. The way social media has impacted consumer behavior over the years is something amazing. Right from keeping posted about the hot offers of the day and going to the extent of soliciting feedback from customers about their shopping experience, brands' use of social media has unleashed tremendous impact on consumers. According to statistics published in a Deloitte report, 47 percent of millennials take their purchase decisions based on social media influence. An interesting finding published in that report was, consumers who access social media whilst shopping tends to spend four times more on shopping. Let's explore the major impacts that social media has on consumers. 1. Increased customer loyalty through personalized offerings You might have heard of a refrain that goes like this, "consumer-business relationship ends when the latter completes the buying process". This refrain has no relevancy in modern times. With social media at the helm of affairs, brands try to foster a lasting relationship with consumers and win their loyalty. And, this is achieved through various types of customer engagement in social media. It is small little things that are making a difference in the consumer mindset. What is that? How is that customer loyalty being achieved? Generally, brands get to know the taste and preferences of consumers whilst soliciting details at varied stages of the buying process. Through this data, they personalize the offers for products or other stuff for which the customer has evinced interest. This gets communicated to the respective consumer through social media channels and there begins the brand-consumer engagement post the first purchase. Indeed, this will definitely be a surprise for customers who would love to see something special for the product which they like so much. This act gets translated into a second-time purchase. And, this time around brands succeeds in their efforts to win the loyalty of customers. 2. Connecting with people to pick the right choice Social media off late has become a hub spot of information dissemination. However, this is through a different fashion. And, that's by interconnecting people. There isn’t a piece of information that one can't find in social media channels. If a customer intends to know the user review of a product/service, it can be done with ease. Illustration: - Let's presume that a prospective customer wants to know the review of a smartphone. He/she can do it by getting connected with people on a real time basis and solicit the necessary feedback. It can either be by posting queries in groups or by getting in touch with the known circles. The emergence of social groups and social forums is a testament to it. 3. Better bargaining for better deals Social media has fueled intense competition amongst brands on various fronts. As it is currently being witnessed, it is on the price front and other value added offerings. In some cases, even customers get confused, not knowing the brand to align with. However, on the other side social media strengthens customers to take the right purchase decision. Just by liking the social pages of brands, customers can get to know the latest deals that a brand is offering on its range of products and other benefits as such. By following and tracking the updates in respective brand pages, a precise choice with regards to purchasing process can be deciphered. Brands even offer exclusive benefits for its social followers. Social media, in other words has fostered a personal relationship between brands and consumers. The impact of social media on consumers was so immense to an extent that people rely on it for soliciting opinions, reviews, and feedback. In fact, brands encourage followers to post queries of any kind on their social pages, and for which they guarantee an immediate reply. Brands can take the assistance of social media marketing companies in devising successful social media plan that will impact consumers in a positive way.