In line with global trends, small businesses in India are increasingly turning to each other to learn and share ideas in the contemporary digital economy, a survey by social media platform Facebook has found. “In India alone, 38 per cent of SMEs (small and medium enterprises) indicated that they rely on each other to learn. Clearly, businesses are looking to each other to master the new mobile environment,” Facebook said in a release here.
The social media platform cited its on-going ‘The Future of Business Survey’ conducted in collaboration with the developed nations’ think tank Organisation for Economic Co-operation and Development (OECD) and the World Bank. “Globally, 42 per cent of businesses told us that learning from each other is one of the primary ways they find the information to master the new mobile environment, second only to online searches (64 per cent),” Facebook said.
“The results indicate that many businesses are embracing mobile technologies to connect with and find new customers, sell products or services online, locate new employees and activate mobile marketing campaigns,” it added. Such behaviour is increasingly true for SMEs, who seek tools and solutions to help them manage their businesses cost-effectively on the go, according to the renowned social media platform.
“Nearly half (41 per cent) of businesses in India that are confident about the economy are learning from other businesses, whereas over half (56 per cent) of unconfident businesses do not,” the statement said. The latest survey found 41 per cent and 39 per cent respectively of businesses that have added jobs in the past six months, or plan to in the next six months, also learned from other businesses.
“To help businesses succeed in today’s digital economy, we need to understand the current and future economic environments in which these businesses operate. This edition of our Future of Business survey shows connections matter,” said Ankhi Das, Director of Public Policy for Facebook India and South Asia. Facebook also said that its report in August 2016 found that small businesses contribute 45 per cent of India’s GDP, which was almost triple of what corporate India contributed.