Blog @ MUJ
The Economic Impact of Social Media
Do You Know Social Media and Internet Penetration Collectively Contribute 3.2% to the Indian Economy and 4% to the European Economy?
Social media, a favourite pastime of netizens and a reliable advertising platform for businesses, has a significant economic impact. Students looking to pursue a BA or MA in Economics should know all aspects of the economy. Manipal University, Jaipur, provides an in-depth analysis of all the required information.
If you are looking for one of the best universities of Rajasthan for a quality program in Economics, MUJ provides a perfect destination to wing your dreams as an economist or other job roles with a specialisation in economics with an andragogical method of learning.
We will explore more about the Economics program at MUJ in the latter half of the blog. First, let us explore the economic impact of social media.
What is Social Media?
Social media is a form of digital platform that facilitates users sharing content, interacting with each other, collaborating, and much more. Some examples of social media are Facebook, YouTube, LinkedIn, Twitter, Instagram, Pinterest and more.
The Economic Impact of Social Media
Social media is among the ground-breaking innovations facilitating the seamless sharing of ideas, information, and thoughts globally in real-time. In the last couple of years, multiple social media channels have evolved and over half the people on the globe are connected through social media platforms. These channels have influenced businesses, communities, individuals, and economies.
The focus of this passage is the economic impact. Social media promotes a participatory economy, which can benefit India on many levels, including political, economic, social and more. Social sharing has boosted the use of smartphones, laptops, and tablets to express their feedback, concerns, and suggestions online without actually leaving to engage with a brand in real life.
We can say ‘Like’, ‘Share’, ‘Comment,’ and ‘Subscribe’ have transformed how we connect with other people and brands.
We have referred to an open-access research article published in Hindawi, known for rigorous peer-reviewed scholarly articles. It has explored how social media has affected and driven economic growth in India and the World.
BA Hons Economics from Manipal University, Jaipur, includes guest lectures and events. It updates students with the latest economic trends, deciding factors and more. Therefore, learn at MUJ, among the best universities of Rajasthan, and kickstart your career on a high note and keep trending.
Application of Social Media in Business Strategies and Operations
Businesses, small to big, contribute significantly to an economy. Organisations (private and public) leverage the magic of social media for product promotion, lead generation and sales, brand awareness and recall, building networks, and customer services. Let’s share some numbers and stats.
- MSMEs contribute one-third of manufacturing output and 29% of India’s GDP. The sector is accountable for 50% of exports and employs over 11 crore people, with a projection of 15 crore in coming years.
- Government organisations, PSUs, Indian MNCs, hundreds of Global MNCs, and lakhs of other organisations use social media, making it an integral part of our economy.
- It creates an ecosystem that comprises digital agencies, designers, content developers, writers, social media managers, and many other stakeholders. Also, social media has encouraged the rise of the gig economy.
- According to NITI Aayog, more than 15 million people are involved in a freelance profession in India. It is expected to generate up to nine crore jobs in India and will contribute 1.25% to India’s economy. The gig economy size in India is rising. However, it’s pretty big in the USA, with more than 57 million people involved in freelance work.
Product Launch and Promotion
Almost every brand uses social media for product launches and promotions. It can be through images, reels, GIFs, short videos, etc. Over 4.95 billion people worldwide are on social media, as per the latest data of December 2023. With such a vast number, every organisation can take advantage of social media for product launches, promotions, and branding.
Lead Generation and Sales
Manipal University, Jaipur, offers a BA Hons Economics and prepares students with effective ways to position their brand, generate leads and improve sales. Organisations and digital agencies use analytics to prepare ad campaigns according to product or service-specific demographics. Also, brands can target regions for qualified leads and improve sales.
Digital marketing campaigns through social media are more effective than traditional marketing campaigns. It provides cost-effective leads with more conversions. It helps to boost the turnover of organisations and helps the economy further.
Brand Awareness and Recall
International brands leave teasers on social media and announce their arrival, launches and more. It helps them create an expectation and lead even before actually arriving in the Indian market. Existing brands share announcements on social media platforms for brand awareness and recall among existing customers and maintain brand-customer bonds.
Building Networks
LinkedIn is among the most reliable professional networking sites. People from across the globe meet and interact on LinkedIn and other social media channels. It generates networking opportunities, and businesses collaborate and expand beyond geographies through such networking bridges.
Guest lectures, events, extracurricular activities, internships, and international collaborations at Manipal University, Jaipur, help students of Bachelor of Arts Honours Economics expand their network, including peers, industry leaders, alumni, and more.
Customer Services
Brands use social media to interact directly with their customers. Check Twitter, and you will experience how brands are leveraging this platform to improve their UX with instant responses to customer queries, complaints, and suggestions.
Social media has become an integral part of business strategies and the promotion of government schemes and plays a crucial role in economic development. Learn BA Hons Economics Rajasthan at Manipal University, Jaipur, and begin a promising career in economics and related fields.
Reference Link
Top Blogs
Featured Blogs
