As Sri Lanka steps into a phase of development where digitalization of services is being prioritized (government services, doing business procedures, etc) the role that social media platforms play as enablers of business activity should not be underestimated. Particularly for segments such as MSMEs and youth, social media platforms are increasingly becoming the primary engagement platform for business activities such as advertising, selling and delivery. The rapid growth in mobile phone penetration in Sri Lanka is an area that can be further leveraged. In this context, a preliminary scoping study of the social media landscape for business (limited to Facebook and Instagram) is carried out using both quantitative and qualitative components.