Facebook Reports SME Revenue Rise on Its Platform

• Facebook Reports SME Revenue Rise on Its Platform

Facebook, in its recent Economic Impact Study, revealed 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, beyond their home country.

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, highlighted how communities like 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, SMB Sales Manager Europe Middle East and Africa (EMEA), 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 have never been so many opportunities to maximise growth, and connect with relevant customers locally and globally.”

According to the survey, 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.

About 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.

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, which is about 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.