Consumers can easily be influenced by external factors when it comes to how they spend, what they spend on, and how often they spend. The Internet has certainly had an impact on how we, as consumers, part with our money. But have you thought about how, specifically, social media affects shopping habits?
If you are racking up credit card debts, or are spending way too much, here are some things you ought to consider in relation to how social media affects shopping habits.
How social media affects shopping habits
Social media connects people. The Internet has become an inherent part of the average person’s life. Social media, in particular is a regular fixture. This leads to people making connections that they wouldn’t have made otherwise – connections that may influence their lives one way or another.
Social media encourages trust. As people make those connections, they build up trust. They are more likely to believe in what their online peers say and recommend. More so when the people who make recommendations are friends and family.
Based on a study conducted by Market Research World, “26% trust what friends and family members say in blog posts, 25% trust their posts on social media sites and 20% trust their tweets. This is compared to 7% who trust the blogs and posts of strangers, and 5% who trust strangers’ tweets“.
Where there are connections and trust is built, consumers are more likely to spend based on what their connections say.
Social media exposes you to more items/services that you may otherwise not know about. When I go to the supermarket, I usually have a list (even in my head) of what I need to buy. That means I know what I am going to spend. While looking at my Twitter feed or browsing my Facebook page, I almost always discover a thing or two that I have never heard of, but find interesting. Sometimes, I end up making a purchase or two because of that.
That pretty much sums up how social media affects shopping habits – it “helps” you spend more than you normally would; not to mention buying things you might not know about in the first place.
Social media makes it easier to make purchases. How so? Because we usually discover things on social media that can be bought online. Thus, you don’t have to get dressed and go out. You just need to enter your credit card details, and you’re done. And even if you have to buy the products from a brick-and-mortar store, we can put the “blame” on social media for making you aware of the products.
We know, however, that while using your credit card to make online purchases is convenient, it is not always safe to do so. With the security issues, hacking, and identity theft cases being all over the place, there should be a safer – but just as convenient – way of paying for your purchases, right?
Well, there is one new mode of payment that may just change that.
IFAN Financial (OTCBB: IFAN) has a created a new mode of payment that is fast and easy, but more secure than using a credit card.
IFAN Financial (OTCBB: IFAN)‘s platform is based on the iPIN, which is a handy device that you connect to your mobile phone or computer. You then swipe your debit card – which is basically the same as cash – and enter your PIN.
Since the merchant – online or offline – doesn’t have your financial details (unlike with credit cards), your purchases are more secure; not to mention the fact that you can’t make impulsive purchases when you see something that shouts out to you on Twitter if you do not have the cash in your bank account linked to the debit card.
You can learn more about iPIN by watching the video below.
You may have thought about this topic before – or maybe subconsciously, you have – but after reading the facts above, will you be more careful what/when/how much you buy because of social media influence?
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