In a survey that evaluates the status quo of businesses internationally by web hosting company GoDaddy, it is revealed that more than half of small enterprises in the Philippines tap on the internet to boost their businesses.
Dubbed the “GoDaddy 2023 Data Observatory,” the study used the Asia-Pacific region, including the Philippines, as the subject, with an interest in finding out how entrepreneurs in the area are running their enterprises.
The study established that 51 percent of the respondents within the Philippines are startups or entrepreneurs who built their commercial business in one to five years, which compares to the rest of the world at 46 percent.
Interestingly, the research also found that having an online presence is among the steps that Filipino businesses are initially taking, with 49 percent choosing to open social media accounts, contrasting that of the rest of the world at 46 percent, and 30 percent of whom using online advertising, similar to the rest of the world.
A fruitful endeavor, 62 percent of the Philippine-based participants suggest that up to half of their annual revenues are due to their online sales channels, while 38 percent claim that over half or up to the entirety of their income comes from the same.
- Filipinos shop more on mobile than on computers — report
- Pinoys more likely to buy online if there’s free delivery
- Amid rise of online shopping, Pinoy consumers continue to patronize physical stores
Part of the success of the undertaking appears to be born from having a strong online presence with the aid of complementary tools, with the Philippines ahead of the global average of 58 percent at its own 67 percent rating.
When it comes to keeping businesses going, 66 of the global respondents agree on the notion that having a website, advertising on social media, and doing non-paid marketing strategies are essential, making for the top three popular choices.
Meanwhile, in the APAC region, having a physical store on top of having an online store and conducting social media advertising are the most common options for keeping their businesses afloat and going.
Selina Bieber, Commercial Strategy Senior Director, International Markets at GoDaddy, claims that small businesses bringing their trade online are “no longer just an option but a necessity”—highlighting the need for today’s entrepreneurs to adapt in order to thrive.