Social media chief driver for growth among women-owned businesses

Apple iPhone showing icons of social media apps [Courtesy]

A majority of women-owned enterprises in Africa use social media channels as the top tool to drive their business ventures, new research shows. 

The findings were revealed at the inaugural women business workshop hosted by Mastercard and Female Fusion at Expo 2020 Dubai’s Women’s Pavilion.

The research, conducted among Female Fusion’s network of over 20,000 members, showed that 95 per cent of women SMEs use social media channels to fuel business growth while nearly 3 out of 4 women currently rely on word-of-mouth to market their products and services. 

Other channels include their own e-commerce websites (72 per cent) as well as messaging services such as Facebook and Whatsapp (50 per cent). 

The workshop identified how SMEs can make the most of their online footprint, and better connect to their consumers in a digital economy. 

“Digital tools and technologies are the greatest equalizers for businesses and as the shift towards e-commerce becomes increasingly permanent, we are committed to helping women businesses go digital and grow digital as they pursue their entrepreneurial passions,” said Ngozi Megwa, Senior Vice President, Digital Partnerships MEA, Mastercard. 

The recent release of the inaugural Mastercard MEA SME Confidence Index also showed that in terms of a digital footprint of the region’s women entrepreneurs, social media (71 per cent) leads the way followed by a company website (57 per cent).  

Mastercard targets to connect 25 million women entrepreneurs to the digital economy by 2025 as part of its goal to build a more sustainable and inclusive world.