Impact of Social Media on Consumer Buying Behaviour-AConceptual StudyABSTRACTTodaydigitization has changed consumer behavior in several ways. The automation ofprocesses has resulted in the changes not only in human actions but also in theirbehaviour. Buying behavioris changing at a faster rate in the customer-oriented market environment.
The accessto information and social networking is creating the impact of new technologiesdeeper into the organization. The purpose of this study is to explore the impactof social media in business in greater detail and gain insights about howconsumers experience and are influenced by the social media.KeyWordsDigital Environment,ConsumerBehavior, Behavioural Pattern, social technologies. IntroductionDigital environment has opened the new horizons for the users froma new perspective, in a commercial way.The new form of social marketing have turned users into consumers. Digitaltechnology provides a new channel to acquire product information via social networking..The digital platform, ona mass scale, connect people in ways that facilitate sharing information,thereby reducing the opportunities for exploitation—whether by charging morethan a competing supplier for otherwise identical goods and services orcharging anything at all for products that simply don’t work.
. The Social Webdramatically levels the playing field by making information plentiful, just asit also levels businesses and organizations that operate on the principles ofmaking information scarce. The Social Web exposes the good, the bad, and theugly, simultaneously raising up what works and putting down what doesn’twithout regard for the interests of any specific party Web2.0 is challenging business leadership not only in the marketplace but now aswell across business fronts ranging from corporate reputation and retention of key employees to the design ofnew products and services . Socialbusiness—the application of social technologies as a formal component ofbusiness processes—revolves around understanding how your customers orstakeholders connect to your business and how you reshape your business tounderstand, accept, and innovate based on their involvement. Social business isabout integrating all your business functions: customer support, marketing, theexecutive team, and more. Digital platforms not only facilitates transactionsin tangible goods and services but also gives online access to content andservices. Access to content and digital services create numerous advantages dueto low marginal costs of distribution, instant and unlimited access and reducedenvironmental costs.
LiteratureReviewSignificanceof Social Media in context of Businesses” What’s so appealing aboutsocial media is its power to reach not just one consumer at a time, but a hugenetwork of friends through the open graph. Businesses must learn to do this orrisk losing their connection with consumers altogether. Social Media Marketing:The Next Generation of Business Engagement shows you how. —Roger Katz, CEO,Friend2Friend, Palo Alto, CA, and Barcelona “Innovation is not aone-way street where you walk alone! Take your customers on the journey, andsee the difference. Social technologies, clearly explained in Dave’s book,enable you and your customers to work as a team.”—Kaushal Sarda, Founder, Uhuroo, Bangalore”Purchase decisions are nowinfluenced by complex networks of friends, family, and peers. The new marketwinners will be the companies that excel at identifying and engaging with theircustomers’ influencers across the Social Web.
“—Paul May, Founder and CEO, BuzzStream, Austin, TXA study conducted on Consumer behaviour in adigital environment in (August 2011) concludes that Consumers are unable to search and analyse all relevant informationavailable online and usesearch and filtering tools to identify the most relevant information.A study conducted on Consumer Buying BehaviorIn Digital Era” by Prof. Lalitkumar P.Patil to study factors which affectsconsumer’s online purchase decision. The study concluded that Increased used of internet and socialmediaare increasing online purchase. study shows that people are more likely to buyproducts and services online, there is much scope for the online sellers tograb customers who are not yet using internet servicesA study conducted on Impact Of Information Technology On ConsumerPurchase Behavior by Dr. Mahabir Narwa and Dr. Geeta Sachdeva in (July 2013)Objective of Study was to study theimpact of IT on consumer purchase behavior .
The findings state that every fieldof human activity, may it be his daily life, official life, everything is nowinfluenced under the cover of IT. The findings highlight that IT has a great influence on consumerpurchase behavior. It is argued that the outcome of the study will certainly behelpful for the marketers to define their marketing strategies accordingly. A study conducted on -A shift Paradigm of Consumer towardsonline shopping by Dr. Vipin Kumar*& Kadambini Kumari The objective ofstudy to improve our understanding of online and physical consumer behaviour.People are intend to try new things & like to be noticed as early adopterof technology advancement . Consumer engagement in social media and rise in use oftechnology has resulted in paradigm shiftin consumer behaviour with respect to activities, habitats, attitude andinteractions.
Due to advancement of technology ,the businesses have embracedthe digital marketing as a tool for customer engagement. Being a new tool forinteraction, organisations need to understand how social media has impactedconsumer buying behaviour. Consumer behavior isdefined as the study of how individuals, organizations and groups select ,buyand make use of products, services,experiences and ideas to satisfy theirneed and wants (Kotler and Keller, 2012).With the dawn of the Internet,scholars began predicting a shift in power from the marketer to the consumer,suggesting a new form of consumer–firm relationship (Bakos 1991; Deighton andKornfeld 2009; Kozinets 1999; Levine et al. 2000; Shipman 2001).
The diffusionof Internet technologies and their associated characteristics influence theemergence and evolution of consumer empowerment (Kozinets et al. 2010). Therise of Internet commerce removed geographic and time constraints, empoweringconsumers through expanded assortments, increased retail options, and newservice features (Day 2011).Usingthe internet, social media, mobile apps, and other digital communicationtechnologies has become part of billions of people’s daily lives.This is formany purposes, including in their roles as consumers as they search forinformation about products, purchase and consume them, and communicate withothers about their experiences.
Marketers have responded to this fundamentalshift by increasing their use of digital marketing channels. In fact, by 2017approximately one-third of global advertising spending is forecast to be indigital channels Thus, future consumer marketing will largely be carried out indigital settings, particularly social media and mobile. It is thereforenecessary for consumer research to examine and understand consumer behavior indigital environments. This has been happening over the last decade, withincreasing amounts of research focusing on digital consumer behavior issues.The literature is still in the dawn stage and more research is of courseneeded— particularly given the ever-changing nature of the digital/socialmedia/mobile environments in which consumers are situated and interact withbrands and each other. Area ofExploration A PARADIGM SHIFT FROM PAST