An empirical examination of the impact on social media on business

This is a project about the economic impact of social media on business entities. It is in line with the initiative of the government for digitalization for business purposes. The primary aspects of social media that are being considered for these projects are WhatsApp, Facebook, Instagram.
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An empirical examination of the impact on social media on business International Journal of Management (IJM) Volume 11, Issue 2, February 2020, pp. 14–22, Article ID: IJM_11_02_002 Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=11&IType=2 Journal Impact Factor (2020): 10.1471 (Calculated by GISI) www.jifactor.com ISSN Print: 0976-6502 and ISSN Online: 0976-6510 © IAEME Publication Scopus Indexed AN EMPIRICAL EXAMINATION OF THE IMPACT ON SOCIAL MEDIA ON BUSINESS Dr. SwetaRani Assistant Professor, Army Institute of Management, Kolkata, India Snehashish Patra Student, Army Institute of Management, Kolkata, India ABSTRACT This is a project about the economic impact of social media on business entities. It is in line with the initiative of the government for digitalization for business purposes. The primary aspects of social media that are being considered for these projects are WhatsApp, Facebook, Instagram. The usage of social media for the various purposes done by the business entities has been considered. Data collection has been done through a survey. In today’s world of globalization and digitalization where our business stands I have tried to find out. This has a direct impact with the volume of business done by the entity. So it has been named as the economic impact of social media. Keywords: Growth, MSME, Public Sector Banks, Performance, Impact. Cite this Article: Dr. SwetaRani and Snehashish Patra, An Empirical Examination of the Impact on Social Media on Business, International Journal of Management (IJM), 11 (2), 2020, pp. 14–22. http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=11&IType=2 1. INTRODUCTION This is a project about the economic impact of social media on business entities. It is in line with the initiative of the government for digitalization for business purposes. The primary aspects of social media that are being considered for these projects are WhatsApp, Facebook, Instagram. The usage of social media for the various purposes done by the business entities has been considered. Data collection has been done through a survey. This survey has been conducted at various shops and outlets of almost all the types of industries. There has been a primary data collection conducted through this survey. It consisted of a concise and elaborate questionnaire that contained the various aspects of usage of social media. The respondents had to answer those questions and their valuable opinions have been recorded in the survey. This data has been used for analysis through the analytical tools and techniques. The importance and relevance of social media for business have been found out as per the http://www.iaeme.com/IJM/index.asp 14 editor@iaeme.com Dr. SwetaRani and Snehashish Patra analysis. In today’s world of globalization and digitalization where our business stands I have tried to find out. This has a direct impact with the volume of business done by the entity. So it has been named as the economic impact of social media. It affects the economic position of the entity individually as well as it affects the economy of the industry to which it belongs. It has impact both at micro and macro level. 2. LITERATURE REVIEW Raman Deep Kaur (Blog writer of Myindia.com) - Role of social media in business and consumer market in India cannot be undermined. It is the change in consumers’ behavior that is changing the role of social media in India. With time, use of social media has seen a drastic change from just used for fun to fun plus knowledge and marketing. For business purposes, Facebook is the most important social media platform as there is customers’ engagement, followed by Twitter, YouTube and blogging. Mohammed Begum (Lecturer of Ameen Institute of Information Sciences) - In 2017, 80% businesses have increased their digital marketing budget, which may have surpassed the IT budget. Only the illiterates cannot access the potentials of the digital marketing because of the accessibility to computing devices and computer education. Many of the people in this category still don’t trust the method of an online payment and they lack training in English Language and other foreign languages to market online in global markets. Lips India Blogs - Customer acquisition is essentially the art of building and maintaining relationships to improve the traditional customer acquisition and retention processes. It’s not restricted to social media, but social media is certainly a good place to start. Apart from the traditional push marketing, pull marketing has also become an integral part of the system. 70% of the people trust brand recommendations from friends and family. Peopl ...