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7 Shocking Truths😲 That Social Media Is Harming Your Finance | Sana Ram #Socialmedia
1. User Data Mining and Targeted Ads: The saying “If you don’t pay for the product, you ARE the product” has been around for a while. Television, for example, used to be free and was paid for by commercials. Marketers gambled and won on the assumption that ads, played repeatedly on TV, would influence our buying decisions. It worked, and the model is a marketing cornerstone.
2. One-Click, Seamless Shopping Experience
According to new research from Visa, one in four online purchases is made as a result of interaction with a social media outlet. Buyers enjoy the convenience of online shopping directly from social media apps. Despite concerns about our data, many users report that targeted content is convenient and shows them products that are genuinely relevant to their interests.
3. Peer Pressure and FOMO (Fear of Missing Out)
Targeted ads and in-app shopping features are effective tools, but they aren’t the only thing coaxing us to open our wallets. Peer pressure and FOMO (fear of missing out) are a big part of the story.
Triggers Impulse Spending
Social media is known to have both positive and negative effects on our self-esteem, feelings of connectedness, and overall satisfaction with our lives. As far as your wallet is concerned, it doesn’t matter if social media makes you feel good or bad about yourself. To be sure, both emotions are linked to online spending.
4. Influencers and Social Proof Advertising
Most people don’t like being sold but do enjoy buying products that excite them. That excitement amplifies when our friends and favorite influencers are enthusiastic about a product, brand, or service. To that end, brands now partner with influencers who feature their products and services in posts and videos that are more entertaining than sales-y.
Social proof advertising is a method in which prospective customers are motivated to make decisions based on perceived similarities with current customers. Simply put, if someone relates to a trusted reviewer using a product, they will want to use the product too.
5. Raises Security and Fraud Concerns
We may love the speed and convenience of online shopping, but it’s not without risk. Many shoppers admit to being less diligent when making online purchases. The result: online shopping fraud is on the rise. BBB Scam Tracker has received thousands of complaints about misleading Facebook and Instagram ads.
6. Leads to Buyer’s Remorse
Underlining the downside of social media buying we found that buyer’s remorse isn’t exclusive to those who have been the victims of fraud or scams. Legitimate purchases can also trigger regret in consumers.
7. Stay Informed and Make Smart Choices
For better or worse, social media is here to stay. Although it has the power to shape our spending decisions, being aware of why and how is the first line of defense against this subconscious influence. Keeping the positive and negative impacts of social media top of mind will help you make informed spending decisions. Accordingly, you’ll think twice before you click to buy.
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