Bharat Bhise applauds Facebook as it is once again lending a hand to small businesses. It has recently announced a $100 million grant dedicated to businesses affected by the pandemic. It has also rolled out a new application that enables Instagram users to feature online food orders, fundraisers, and gift cards in their stories or profile.
New Features
Instagram users from Canada and the U.S. can now tap on food orders or gift cards to buy items through the company’s platform. Start-up owners can share fundraising stickers to campaigns created by supporters or by themselves. Users simply tap on the stickers, which will take them to Facebook. Bharat Bhise shares that users can then help share the cause by featuring the sticker in their Stories. The move is an effort to lend a hand to small businesses during these economically trying times.
Facebook has also launched gift cards for start-up businesses. These efforts are important because the coronavirus pandemic has put these mom and pop businesses on the line.
Around 7.5 million small enterprises are in danger of closing down over the next coming months if the economic lockdown and pandemic continue. This is the result of a survey published by Main Street America, a network that features more than 300,000 micro businesses.
Bharat Bhise notes that these entrepreneurial efforts are at the heart of Facebook’s business. The social networking giant says that about 140 million businesses are operating on Facebook apps, and 8 million of these are advertisers. A big chunk of them are start-ups or medium-sized companies.
These start-ups are also integral to Instagram. About 90% of the accounts follow at least one small or medium business. Consumers also appreciate having those brands on the site. According to a Facebook survey, 78% think that start-up brands on Instagram are popular, while 77% believe that these are creative.
Nonetheless, Bharat Bhise is appreciative of how social networking companies are stepping in to help bridge the gap between recession and supporting businesses.
