Social media is a vast network of people interacting over the internet. Several numbers of socializing websites like Facebook, Twitter, Instagram, LinkedIn, Google, Gmail, television, etc collectively make a web of social media. The impact of social media is a global phenomenon and everyone is exposed to it.
Social media and economy are both directly and indirectly connected because both can impact each other. Social media has the tendency to spread information about anything in the world; the economy is one of them. Websites allow people to know about the things happening in the world of economy and the media of a country has both economic and social impacts on society.
SOCIAL MEDIA AND ECONOMY
Social media has become a crucial power in the field of marketing and business. It changed the way of economic activity like purchasing, investment, marketing, etc. People prefer shopping while sitting at home using various online shopping websites. Retailers are more inclined towards electronic marketing because people spend more time on social media.
The impact of social media on the economy is clear to everyone because the trends have changed in the arena of the economy. Everything is done electronically. Huge investments are made in order to improve the way social media should be contributing to economic growth.