Introduction
Since the mid-1980s, there has been an increasing need for computer-mediated communication and social relationships, leading to transdisciplinary research. The late 2000s saw a huge increase in social media use.
More precisely, its forms and usage have notably developed over the past ten years [1]. Many different types of people are drawn to this technology because of its array of capabilities.
The definition of social media, according to [2], is computer-mediated technologies created by computer science experts that are interactive and able to support the creation and sharing of ideas, information, and other forms of expression through virtual networks and communities.
The current study looks at how social media affects geopolitics and economic growth and how to reduce the dangers by creating tools for cognitive computing and artificial intelligence (AI).
The question is pertinent since social media’s expansion significantly influences both the macro and micro-political and business contexts [2]. Owing to its intricacy and widespread use, there is no set method or strategy for managing social media accounts effectively.
To achieve positive outcomes, businesses and other governmental organizations have implemented a customized approach when managing social media. Businesses in the United Kingdom utilize social media to promote their products, increase sales, hire new employees, raise brand awareness, build networks, and engage with customers, according to [3].
Digital Transformation and E-commerce Boom:
The Indian economy has undergone a digital transition in large part due to the rise of social media. Social media networks such as Facebook, Instagram, and WhatsApp allow businesses to have an online presence, exhibit their products, and communicate directly with customers. This has greatly increased the GDP of India and driven the country’s e-commerce boom.
Empowering Small and Medium Enterprises (SMEs):
In India, social media platforms have become indispensable for small and medium-sized businesses. These platforms offer businesses an affordable means of reaching their target market, promoting goods and services, and interacting with clients. Social media provides SMEs with access to a large and previously unattainable market by acting as a virtual storefront.
Social Media’s Impact on Branding and Marketing
Social media has completely changed how companies interact with their customers. Social media marketing initiatives are gradually replacing, or at least complementing, more conventional marketing strategies like print and television advertising.
Social media platforms such as Facebook, Instagram, and Twitter provide businesses with an affordable and focused means of connecting with their target audience, increasing brand recognition, and advertising goods and services.
Social media has made it possible for firms to forge closer bonds with their clientele. Businesses can gather insightful information about client preferences, address customer feedback, and create a brand community by actively participating in social media and listening to their customers. Increased brand advocacy and customer loyalty as a result have boosted sales and aided in the expansion of the economy.
Social Media’s Influence on Job Creation and the Gig Economy
The gig economy, which is a term used to describe this new era of labor, was brought about by the advent of social media. Social media has been used by services like Uber, Ola, and Swiggy to link independent contractors with clients, opening up a tonne of new job prospects. Young people and those living in rural regions have benefited most from this, as it has given them flexible job options and a way to make money.
The rise of the creator economy, in which people may make money off of their abilities and skills by producing content and gaining followers on social media platforms, has also been aided by social media. As a result, new industries like social media management, blogging, and influencer marketing have grown, and the Indian economy as a whole has expanded.
Social Media’s Role in Financial Inclusion and Digital Payments
In India, the acceptance of digital payments and financial inclusion has been greatly aided by social media. Social media has been used by platforms like Paytm, PhonePe, and Google Pay to reach unbanked and underbanked people, giving them access to financial services and allowing them to take part in the digital economy.
As a result, the use of digital payments has significantly increased, decreasing the need for cash and enabling e-commerce transactions. Further promoting economic growth is the expansion of digital payments, which has also improved the financial system’s general efficiency and openness.
Conclusions
While geopolitics refers to politics that is shaped by geographical factors like international relations, social media are online platforms that can facilitate the sharing and creation of career interests, ideas, and information, in addition to other forms of expression through virtual networks and communities. On the other hand, an entity’s increased financial means can be defined as economic growth.
Since the late 2000s, there has been a significant increase in the number of users on social media, which has created both opportunities and hazards.
The impact of social media on geopolitical and economic growth, as well as the development of AI and cognitive computing technologies to reduce risk, are the main topics of discussion in this study.