Social media changing the way we do business

By SiliconIndia   |   Wednesday, 30 June 2010, 10:49 Hrs   |    3 Comments
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Social media changing the way we do business
Singapore: Social media is fast shaping up the way we do our business in the recent times. One can no longer ignore the impact that social media sites like Facebook and Twitter or blogging sites are creating on the decision of what people buy. They are emerging as one of the most powerful business tools, revealed a recent study done by online researcher Nielsen.

According to the study by Nielsen, of the seven biggest brands online globally, three are social media networking sites. It includes Facebook, Wikipedia and YouTube.

Charles Buchwalter, Chairman and Chief Executive of Nielsen Online Japan, said, "Social media is having a larger and larger influence on purchasing decisions. Everyone understands that social media is hot, it's growing quickly and in very unpredictable ways everywhere in the world."

The study also found that nearly three out of four people worldwide have visited a social networking site or blog and spend an average of six hours on them monthly. On an average, 32 percent of people access social media sites from their workplaces while 31 percent do so from their homes.

Another revelation from the study shows that online product reviews are the third most trusted source of information, after friends and family, for consumers to make their decision on a product purchase. From China and India to Australia, online reviews are a major influence in buying electronics items, cosmetics, cars and food, among other things, the study added.

The study clearly points out how the social media is affecting our business and decision making processes. Megan Clarken, Managing Director of Nielsen's online business in the Asia Pacific, said, "The findings we've uncovered in this social media report, highlight, beyond a shadow of a doubt, that social media is here to stay and needs to be taken seriously by the broader business community. Businesses can no longer afford to simply observe the social media phenomenon, they need to embrace it."

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