The number of users of social media has reached an astonishing figure of 3.8 billion which is almost half of the world population. With number of users growing by each passing day, it is not at all surprising that social media is booming into big business.
Image of a Social Icons

Social media is all about life in the fast lane and it is extremely difficult to imagine a day without connecting with someone or the other on social media platforms. It is growing by leaps and bounds not only in terms of sharing content, but it is also unveiling itself as a business platform through which one can promote and showcase products and services.   

The essential fuel that propels the growth of social media is User Generated Content (UGC). This real content connects people more intently in this virtual world. Moreover, social media is also becoming a global platform for showcasing your talent, both personally and businesswise.  

With the advent of Search Engine Optimization (SEO) and Artificial Intelligence (AI), Social media only shows you things according to your areas of interest. If you happen to search for anything on the internet, it keeps on showing you similar things with a variety of product/service options until you make a buying decision. 

Let us look at what really happens on the internet every minute in 2020:

Zoom hosts more than 2,00,000+ participants in meetings, Netflix streams 4,00,000+ hours of video, Instagram users post 3,00,000+ stories, YouTube users upload 500+ hours of video, Twitter gains 300+ new users, Facebook users share 1,50,000+ posts, LinkedIn users apply for 69,000+ jobs, Amazon ships 6500+ packages, WhatsApp users share 4,10,00,000+ messages and consumers spend $10,00,000 online. (*Source – DOMO)

These astounding figures show the widespread reach of social media with a potential to grow further in tandem with the growth in the number of mobile data users. We know that everybody wants to stay connected not only with their near and dear ones but also with people who they admire the most and cannot meet personally. Social media provides an opportunity and an easily accessible platform to get closer to these celebrities and leaders from various fields.

In the coming times, Social media is heading towards becoming the biggest marketplace. People continue to display their products and services on Social media and people who spend most of their time on these platforms emerge as their potential buyers.

One would notice that day by day it is becoming more and more difficult for Social media platforms to authenticate genuine sellers and filter the content being circulated. For e.g. Facebook finds itself in the cross chair across both sides of the political spectrum. There are also widespread concerns of data privacy and maintaining the secrecy of their users. Social media has also started becoming the epicentre for shaping political careers and cultural norms of the society.  

Currently we are in the process of one of the biggest cultural change in society due to Social media. Let us see how people embrace this change and handle it carefully. We need to guard against rumours and fake news as it has the potential of destroying goodwill in minutes that takes years to build. 

However, on a positive note, this power of expression and bringing the world closer at a brisk pace with fastest communication can make a huge difference to all, if we use it sensibly.

Author Shazi Malik , Founder Director – The Distribution Hub

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