Information and communication technology has changed rapidly over the past 20 years with a key development being the emergence of social media.
The pace of change is accelerating. For example, the development of mobile technology has played an important role in shaping the impact of social media. Across the globe, mobile devices dominate in terms of total minutes spent online. This puts the means to connect anywhere, at any time on any device in everyone’s hands.
Why people share information??
A fascinating study by New York Times Consumer Insight Group revealed the motivations that participants cited for sharing information on social media. These include a desire to reveal valuable and entertaining content to others; to define themselves; to grow and nourish relationships, and to get the word out about brands and causes they like or support.
These factors have caused social networks to evolve from being a handy means for keeping in touch with friends and family to being used in ways that have a real impact on society.Social media is being used in ways that shape politics, business, world culture, education, careers, innovation, and more.
- The impact of social media on commerce
The rise of social media means it’s unusual to find an organization that does not reach its customers and prospects through one social media platform or another. Companies see the importance of using social media to connect with customers and build revenue.
Businesses have realized they can use social media to generate insights, stimulate demand, and create targeted product offerings. This is important in traditional brick-and-motor businesses, and, obviously, in the world of e-commerce.
Many studies suggest implementing social networks within the workplace can strengthen knowledge sharing. The result is to improve project management activities and enable the spread of specialized knowledge. Fully implementing social technologies in the workplace removes boundaries, eliminates silos, and can raise interaction and help create more highly skilled and knowledgeable workers.
The flip side: Low number of social ‘shares’ can lead to negative social proof and destroy business credibility
Interestingly, although the use of social sharing has become the norm rather than the exception in business, some companies, after experiencing first-hand some negative effects of social media, have decided to go against the grain and remove the social sharing buttons from their websites.
A case study of Taloon.com, an ecommerce retailer from Finland, found that conversions rose by 11.9% when they removed share buttons from their product pages.