India’s e-commerce market in 2011 was about $600 million and is expected to touch $9 billion by 2016 and $70 billion by 2020, at an estimated CAGR of 61%. A study by Assocham, states that India is one of the three fastest growing internet markets in the world and about 75% of online audience lies between the age group of 15-34 years.
This makes the nation one of the youngest online demographics, globally and social networking is the most popular online activity of this age group.From the above statistics, it is easy to understand that a large number of people use social media to share their shopping experiences. These experiences, in the form of conversations on social media, are read by millions and have an impact in influencing their decision for the next purchase. So it is necessary that these are tracked consistently and meticulously since these discussions have the power to influence consumer’s purchase decisions.
A social media study conducted by Social Wavelength reveals that Twitter is the number one medium for people to share thoughts and opinions about their shopping experiences. This study was carried out by monitoring the entire universe of conversations happening on social networks such as Twitter , Facebook as well blogs and other community sites and forums, during the period of one month. This research was carried out by Social Wavelength using Radian6.
Radian6, a part of SalesForce.com, is an enterprise level social media listening tool which can help in online reputation management, customer relationships management, identifying sales opportunities, understanding consumer brand sentiment as well as for market research.