Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

How Social Media is influencing purchasing decisions

How Social Media is influencing purchasing decisions

Social Media began its operation as a basic platform for people to share photos and posts with their family and friends. However, over the passage of time, social media has undergone a dramatic evolution with a discernible impact, particularly in businesses.

Establishing innovative and money making marketing strategies for organisations is a prime deliverable of the social media. According to the latest survey, approximately 74 percent of consumers draw up purchasing decisions using social media.

This perceptible move is not just confined to B2C businesses. Even B2B businesses are being immensely benefitted from social media’s purchasing sway.

Therefore, it’s evident that the influence of social media is ubiquitous. The key is to fathom the steps mentioned below to leverage this influence into your business for your own advantages:

  • Reviews and assessments from social influencers

The individuals who command a remarkable following on the social media are coined as “Social Influencers”. They are often chased by businesses for promoting their products as they enjoy a weighty audience base.

The contents created by social influencers have a noticeable impact on consumer buying decisiveness irrespective of the presence of sponsors or otherwise. Essentially, they yield a significant contribution to the bandwagon effect.

Social influencers are adept in social media interaction. They usually tag the brand or the store offering the products they refer in their posts, which helps their followers to acclimatize with the brand and effect a purchase.

  • Reviews and appraisals from family and friends

The primary function of the social media is to permit us to communicate with our faraway family members and friends. We occasionally discover and pass on relevant information about new products and services that excite us, to our family and friends via the social media thereby reinforcing its noteworthy contribution to shaping our purchasing habits.

A recent study indicates that around 80 percent of users are odds-on to purchase a product based on suggestions by peers and kinsfolk.

  • Showing off a store’s online presence on social media

The consumer purchasing behaviour is also governed by the business occupancy spread on the social media. This means that a brand garnering considerable attention and prominence from social influencers and consumers alike will have a severe dampening effect in convincing its credibility to customers if it has a lacklustre and vapid social media presence.

Businesses can effectively attract more online visitors-turned-followers-turned-buyers, who are the key drivers in ascertaining purchasing decisions, by putting strong and consistent feeds.

It’s a simple mathematics: groovy posts + many followers = high purchasing probability.

Advertisement positioning on social media is a simple task. Identifying and targeting your audience has become tougher and complicated. Establishing brand awareness or augmenting sales are the major goals, which advertisers aim to accomplish by placing captivating ads.

Social media advertisements can effectively drive repeat sales through remarketing products and retargeting consumers by moving them through the sales funnel and increasing customers’ lifetime value.

  • Brands generating conversations among followers

Nowadays, brands proactively spur consumers to engage in constructive discussions on social media focussing on their product and service quality.

By achieving this excellent job, brands leverage the domination of their present loyal customers on social media and turning them into keen evangelists for your brand campaigns and product sales.

Buyers usually search for solutions or suppliers to discover products in the sales funnel. Social media has ushered in keywords and search engines that have become increasingly popular to precipitate favourable business website rankings.

Proper research and subsequent integration of keywords into your posts, blogs, photo captions, and comments can accomplish increased consumer purchasing prowess.

  • Key Takeaways

E-commerce and regular brick-and-mortar businesses have embarked upon creating a powerful and effective social media presence to steer and generate more sales and revenues.

Better, understanding of consumer buying behaviours and their social media communication patterns, which they employ to search your products and share experience, can be made effective by listening to the discussions in online forums revolving around your brand and sales.

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post