Emerging Economies and The Growth of Social Media Engagement
One of the biggest effects of the age of the Internet is the way in which a truly globalized society is emerging through its use. Today, a small business based anywhere in the world can connect with suppliers and customers in any other location on the planet, simply by using the facilities available online. However, the fact that you can buy a product over the Internet and have it shipped halfway around the world is only a small part of the story. Because social media is also playing a significant role in bringing people together. Perhaps the most obvious examples of this are happening in the emerging economies where populations are utilizing social media in an ever increasing way.
The developing world has always had the problem of lag, where other nations and regions have had to go through various upheavals and revolutions, be they political or economic, before they reach a certain point. And it has been expected that emerging countries and societies would need to have the same process. The fact is that today the advances in technology, especially in the areas of communications and mobile devices, means that many emerging economies are able to leap frog certain developmental stages and are playing a very good game of catchup with the rest of the world.
A recent study by the Pew Research Center found that 70% of Internet users in emerging markets are on Facebook and Twitter, and that they are in fact the people most likely to use the Internet to access social media and most likely to become early adopters of new technology. This is also helping to fuel further economic growth in these areas by giving businesses a marketing platform that was not previously available to them, as well as giving consumers the chance to connect with each other and create effective feedback loops that can enhance productivity.
The way in which social media is pushing forward developments in certain regions can be seen in Kuwait, which is a perfect example of a fast growing technology economy in action. Thanks in no small part to the actions of forward thinking individuals such as Fahad Alrajaan, whose experience includes being deputy chairman of the Industrial Bank of Kuwait, and who is currently Director General of the country’s Public Institution for Social Security. The way that Internet based activities are being interwoven into the fabric of developing economies means that some startling developments could well come from unexpected sources in the near future.
Any technology that gives people the chance to communicate with each other more effectively is sure to bring down barriers and encourage innovation and progress. This is only one of the reasons why the willingness for people in emerging economies to become fully engaged with the latest technology is one of the most exciting factors in the way the entire global economy is moving forward today.