Social networking technology is changing the way consumers, investors and traders interact and share information. However, all companies are struggling to find ways to show how the trend is actually adding to the bottom line. Almost every industry has seen the influence of social networking.
Moksh: Online social networking is here to stay—the only change will be in what form it takes. It isn’t just a fad. However it needs to keep on coming up with innovations. The content and the features will have to be kept updated very frequently for the consumer to retain interest in the same.
Daksh: yes, apart from this, more interactivity between the website and the user will go a long way in him being loyal and an evangelist for the site to a new user or even an existing user. I think the young generation get bored very easily and thus the secret to success for the network would be real time innovation, as Moksh said. It is very difficult to be logged in your site when he has plenty other options just at the click of a button.
Moksh: people ask me whether social networking would take advertisement away from the conventional media. The answer is that no media can be indispensable, ever. Period.
Each media compliments the other and social networking isn’t any different. The only thing that might happen is that initially till the media is new and people have not experienced it, some amount of content will go to it. But in the long run, it will all even out.
Daksh: people in India don’t buy or sell stuff online which I think could be a small drawback in terms of leveraging the media for trade purposes. Advertising is fine but not trade. Also the internet connectivity in India is very low which could act as a barrier. Stringent laws by the government will help trade and as people’s confidence in the system increases, more use of social networks will happen.