HOW DO ONLINE SOCIAL NETWORKS IMPACT INDIVIDUALS' ECONOMIC BEHAVIORS AND CONSUMPTION PATTERNS?
DOI:
https://doi.org/10.53555/eijbms.v10i1.192Keywords:
Social media, Artificial Intelligence, Online social networks, Virtual Reality, TechnologyAbstract
This article examines how social media, as a driver of social commerce, significantly influences consumer dietary choices and broader economic behaviours. Social media platforms have recently emerged into powerful channels capable of influencing consumer decisions and social media strategies like influencer marketing, viral campaigns, and targeted advertising help to create more and more engagement and sales. Some key examples of value driven and user focused marketing by brands including, Nike’s "Just Do It" campaign featuring Colin Kaepernick and Coca-Cola’s #ShareACoke initiative, which shows how brands are drawing inspiration from values and customers when making marketing decisions that hit home. In addition, the 2021 GameStop stock surge demonstrates how social media can spark a viral economic event or that it may be able to manipulate the financial markets. Augmented Reality (AR), Virtual Reality (VR) and Artificial Intelligence (AI) are emerging technologies that are expected to continue reshaping social commerce by providing immersive, personalized shopping experiences and building consumer trust through AI based verification systems. In this article, we expect that the combination of these technologies with the emergence of live shopping and influencer engagement will transform social media into a more interactive and economically significant commerce platform.
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