The Indian Economy & Social Media

As the value of the rupee continues to deteriorate against the dollar, the Indian economy is in serious need to flex its muscles. The rupee went as high as 60.91 against the dollar in recent days and the sensex dropped 300 points in a single day. With the government struggling to reform policies, change is going to be slow but it shall come in time. The upcoming elections has turned the country into a battleground which  focuses on  playing the blame game ,where both the common man and the economy suffer the most. Consumers in India today have become fully aware of the threat of a struggling economy. People now calculate their expenses by preparing for  inflation overheads to even the smallest things, as many think the uncertainty of price rice in any commodity of the FM-CG market spells doom for the budget spender. Price rise in commodities like vegetables and industries like tourism have the usual suspect petrol to blame.

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The Indian consumers have become more aware about their dependence on petrol and with that have ushered in the era of online shopping. Whether its vegetables, furniture, books, electronics or cloths everything is available a click away today and people prefer to shop online in the comfort of their homes. Who would want to burn petrol and bear the claustrophobia of a mall or a hyper market when all those things can be ordered to your doorstep through the internet. The COD or Cash on delivery system has help clear the long held skepticism that the Indian consumer possessed of ordering things online due to the need to use  a debit/credit card online. This has helped companies like Flip kart and Snap deal grow exponentially over the past two years. With 3G getting cheaper and covering more area day by day soon Indian’s will have all the more reason to resort to online shopping.

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Today when a person wants to go out to see a movie or eat at a restaurant, the tickets/ reservation is done online. People religiously follow their favorite bars, cafes, clubs, retail shops, etc on social media websites, which help them develop their following towards an outlet by staying updated on the go. By staying updated people avail certain offers, discounts, contests, etc which takes the consumer to business relationship to a level where if a customer is interested enough he can take a step further and avail various privileges from his preferred choice of businesses. Social media has begun to play an important role in regards to marketing and public relations for many companies. Social media gave birth to a new channel by which companies get l to reach various people from different parts of the world sharing the same consumer interests. Corporations get to connect at a far more personal level with the vast clientele base they have. The impact of social media on the economy and society is profound and shall keep increasing as India progresses toward better connectivity.

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