More than 77 per cent of small and medium businesses (SMBs) are using the platform of Facebook to generate revenues, according to a report.
The Meta Report on “Global State of Small Business 2022” was based on a survey of 24,000 small and medium business leaders across 30 countries and territories.
Meta, the parent company of Facebook, has developed the Global State of Small Business Report to monitor the health of SMBs. The survey aimed to provide information that can facilitate research and policy discussions on how to support SMBs.
During the survey, 18 percent of SMBs in South Asiastated that they had increased employment as a consequence of the Covid-19 pandemic.
The highest rate was recorded in Pakistan at 26 percent compared to just 9 percent in India.
Moreover, 35 percent and 34 percent of SMBs, respectively, in Pakistan and Philippines were planning to have only in-person operations.
At the same time, non-government sources of finance were popular in some countries and territories and Pakistan was among the highest in this category with 32 percent of SMBs taking up private sector financing, including non-government cash grant or loan from a charity etc, and also because the government support was low.
The study was conducted in January when many parts of the world were seeing a surge in Covid cases due to the Omicron variant.
It said 75 percent of women-led SMBs and 83 percent of men-led SMBs were using the Facebook platform globally reported that they were operational or engaging in revenue-generating activities.
Besides, 26 percent of operational SMBs using the Facebook platform reported that their sales in the past month were higher than the same month last year while 52 percent reported their sales were lower.
Women-led SMBs were, however, more likely to report that none of their employees had a university degree compared to their men-led counterparts. Additionally, women led SMBs were more likely to report using digital tools for advertising and communicating with customers than men-led SMBs.
Small businesses all over the world have struggled throughout the pandemic. When Meta surveyed thousands of small and medium businesses globally last year, there were signs that recovery was underway but then the Omicron wave hit sales and supply chains, causing many to close their doors once again.
According to the survey, more than a third of small businesses that made at least 50 percent of their sales digitally also reported improved sales overall.