Online business set to boom during the bust
A recent survey compared Netregistry customers, primarily consisting of online businesses, against a sampling of non-Netregistry small to medium enterprises (SMEs). The results revealed some stark differences between the two groups in their reactions to the world economic downturn. “The online sector promises strong and steady growth in these times of economic uncertainty,” said Larry Bloch, CEO NetRegistry.
What does the survey reveal about online business as characterised by Netregistry customers versus the wider small business community?
- Online business owners are more confident about their business prospects in 2009. 46% versus 13% — 3.5 times.
- Online businesses are more likely to be planning expansion in 2009. 57% compared to 39%.
- Online business performance indicators are higher. In all key areas including sales, profitability, capital expenditure and employment.
- Online businesses are twice as likely to export. 28% compared to 15%.
- Online businesses are more profitable.
- Twice as likely as the average SME to be earning between AU$51K–$100K.
- As likely as the average SME to be earning between AU$101K–$500K.
- As likely as the average SME to be earning between AU$501K–$1m.
- Three times as likely as the average SME to be earning over AU$20m.
Bloch explains, “As budgets tighten and families stay home more, they are turning to the internet to find bargains. With fewer overheads, online stores often deliver more competitive prices than some major high street stores and consumers have been discovering the convenience of shopping without leaving the house.”
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