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% 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
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, Abi
Williams, SMB Sales Manager EMEA 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.”
Building Business Using Facebook
82% of respondents stated that they use
Facebook for businesses purposes, with 60% highlighting their usage
as several times a day
68% believe that Facebook has had a
positive impact on their local community, with 56% 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% 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%) stating that they use this several times a
day for this purpose
Meanwhile, 89% of respondents said they
use the platform because they are able to attract customers in other
countries, thus increasing sales opportunities.
Using WhatsApp as a Business Tool
69% disclosed that they use the
messaging platform to provide information to their customers several
times a day
Being able to find and work with
suppliers is cited as one of the benefits of WhatsApp, with 74%
outlining that they use the service to address the challenges they
have in this area
Meanwhile, over 70% of respondents said
they use the service to increase revenue, with 51% believing that it
has helped to secure funding for their business
The Rise of Instagram for Business
66% of respondents disclosed that
Instagram has helped them address the challenges of finding and
working with suppliers, and 45% revealed that Instagram has helped
secure finances for their businesses
66% of respondents also disclosed that
the app has given them the opportunity to sell to foreign markets.
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