Social media giant, Facebook, in its recent Economic Impact Study, reveals the growing importance of digital platforms to Small and Medium Scale Enterprises (SMEs) in Nigeria.
Using the platform to trade, 91 per cent of businesses surveyed outlined the increased demand they have seen for their company’s goods/services, not only in their home country, but further afield.
The study, conducted in partnership with Morning Consult Brand Intelligence, sampled over 1,000 SMEs across a number of sectors including technology, services, manufacturing, retail and healthcare.
Highlighting how communities such as SMEs in Nigeria use the platform, and the effectiveness of social media as a growth tool, the results provide some interesting insights into usage and potential opportunities for local businesses.
Commenting on the research, Small and Medium Business Sales Manager at Facebook for Europe, Middle-East and Africa, Abi Williams, said: “With rising access to the Internet across Nigeria, and the low cost of smartphones, digital platforms such as Facebook’s family of apps have become incredible mechanisms to build communities and foster relationships.
“With more SMEs leveraging digital tools to communicate and engage with existing and potential customers, there has never been so many opportunities to maximise growth, and connect with relevant customers locally and globally.”
The report specifically indicates that businesses are able to build their business to profitability by effectively leveraging Facebook app.
Superficially in the study, 82 per cent of respondents stated that they use Facebook for businesses purposes, with 60 per cent highlighting their usage as several times a day; 68 per cent believe that Facebook has had a positive impact on their local community, with 56 per cent saying that it has helped to create jobs and economic opportunities locally.
Also, having a positive financial impact is also highlighted as a benefit, with 64 per cent saying that Facebook has helped them to maintain profit for their business. The use of Facebook Messenger is also cited as a key source of keeping in touch with customers, with over half of respondents (58 per cent) stating that they use this several times a day for this purpose.
Meanwhile, 89 per cent of respondents said they use the platform because they are able to attract customers in other countries, thus increasing sales opportunities.
Politics22 hours ago
Okorocha: A governor’s lost battles
Opinions23 hours ago
The myth of a Sudanese Jubril in Aso Rock
Metro and Crime23 hours ago
Eight killed, 18 injured in Bauchi crisis
Arts & Entertainments16 hours ago
Radio journalist, Tosyn Bucknor, is dead
Politics20 hours ago
APGA has failed to live up to expectation – Eluemunoh
News22 hours ago
Court approves trial of Dasuki in absentia
Business21 hours ago
Nigeria’s gas cylinder plants’ investments threatened
News22 hours ago
APC to sanction ministers, senators over litigation