Even though retail sales are still dominated by brick and mortar stores, the influence of internet on offline purchasing is becoming increasingly important, according to a recent study conducted by Annik Technology Services.
Realising its power, retailers in India have started adopting social media. Though this is just the beginning, there is considerable untapped opportunity. "There is a lot of communication happening online but there are not many that are being addressed. This certainly can be leveraged to identify the needs of the people you are engaging with and how you should go about approaching them." said Partha Sarathi Sengupta, senior project director - analytics practice of Annik Technology Services.
The study reveals that the total penetration of the internet is only 12 percent , which leaves ample space for the internet to grow and consecutively social media to spread its wing. With a backdrop of changing lifestyle, increased incomes, the demographic variability, and vibrantdemocracy a sharp rise in the social media usage in India can be expected.
According to the study, two-third of social media users in India access a social media site every day and social networking accounted for over 25 percent of all time spent online. Retailers have understood that they can get meaningful insights and use it for decision making in launching new campaign or CRM programmes.
Social media is growing very fast in India at a CAGR of over 50%. "It is interesting to see how marketers can take advantage of that. This is the platform where consumers talk free. Social media can get you the exact sentiment of customers, you don't have to ask structured questions or probe.. no more feedback cards" added Sengupta.
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