How Social Media is Affecting Consumer Behavior
According to Forbes, 81% of consumers’ buying decisions are influenced by their friends’ posts on social media, and 78% of consumers state their purchases are influenced by posts on the social media pages of brands. Moreover, as per data from the Global Web Index, 54% of social media users research products on social media. Social media is gradually becoming the new search engine and credibility resource for customers.
Here are 5 ways social media is affecting customer behaviour:
Forbes reported, the average user spends roughly 145 minutes daily on social media. Post pandemic, it has replaced print media in many households and with the power of personalization, it is fast replacing traditional media formats globally.
Studies showcase 62% of people rely on social media for their news.
And Sprout Social indicates,1 in 3 consumers say that it’s their preferred way to learn about brands. Gradually social media is becoming the go-to place for all information.?
Consumers actively seek or come across reviews by influencers as well and friends and relatives on social media. Platforms have now become vehicles of social proof. Brands must make efforts to counter negative reviews on social media to keep their brand image in good shape as it can make or break their business.
The introduction of shopping features on platforms like Instagram and Facebook enables users to make direct purchases without even visiting a landing page, let alone a real-world store. This substantially shortens the buyer’s journey. According to Sprout Social, 68% of consumers made at least one direct purchase from social media in 2021. And 87% marketers have reported that social selling has been effective, as per Hubspot. 32% of Gen Z have reported purchasing based on Influencer recommendations, showing the increasing importance of social media marketing.
Historically, the only way consumers could communicate with a brand was through its storefront. Today, social media users can interact with not only brands but also their CEOs through posts, comments, and DMs on social media. Social media has made businesses more ‘human’, more accessible and more transparent. Brands ensuring positive engagement with their TG, ultimately succeed in strengthening trust. Polls, quizzes, Q&As, contests, and AR filters have proven to increase brand engagement and brand saliency.
According to data by Sprout Social, consumers prefer social media for conveying feedback or asking for help, and 76% of them expect a reply within 24 hours. In the age of immediate gratification, customers expect immediate resolutions too. Social media messengers are mediums for customer service. Dedicated executives or AI chatbots like ManyChat and Chatfuel help with prompt responses to the customers of today, who are very comfortable asking brands for solutions and answers in DMs.
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