By the end of 2021, Australia’s GDP recorded a 3.4% increase. The boost shows Australia’s economic resiliency in handling the pandemic’s disruptions. Among the smart ways small businesses cope is by establishing an online presence. Estimates show that Australia accelerated five years forward in digital adoption in just 2 months.
The second year of the pandemic proved to be a steeper slope for them. The challenge now expands to what it takes to grow and become competitive online. Along with this, the inflation rate hike and global conflict might not mean well for Australia’s recovery.
Here are some key findings on 300+ Aussie micro-, small, and medium enterprises (MSMEs). It’s worth finding out how their business has been two years into the pandemic, what they’re doing to foster digital growth, and how the current local and global issues have affected them.
MSMEs Business Performance and Economic Outlook
Intermittent lockdowns, including the surge of Omicron cases early this year, are some of the humps businesses had to overcome for the past 12 months. Results show that while 25% of them believe that they’ve been performing better, a slightly higher number of 28% affirm that they’re doing worse. On the other hand, 46% of MSMEs say that nothing has changed for them.
The continuing struggle of the pandemic is just the tip of an even bigger dilemma. The hike in consumer prices and the ongoing strife in Europe are some of the recent issues impacting businesses worldwide. Find out Aussie businesses’ sentiments as they face these matters head-on by downloading the free report.
READ: Australian Small Businesses Sentiments amid the COVID-19 Recession
On the Accelerating Digitisation
78% of MSMEs already own a website. This comes as no surprise given the rapid digitalisation of business to combat the uncertainties of the pandemic.
Here are some of the online solutions that they are offering so far:
- Web security tools (e.g., Site Protection, SSL, email protection)
- Email marketing platforms
- SEO tools
- Contactless payment
- Buy Now, Pay Later service (BNPL)
Growing Your Business in the Next Normal
The recent events spurred sudden unprecedented changes. Businesses from all over the world needed to pick up their speed or dangerously fall behind. This gave birth to the next normal, giving emphasis to ecommerce and establishing a digital presence.
Learn more about the state of Australia’s small businesses as they navigate through the next normal. The Crazy Domains Australia’s Customer Survey for MSME Day 2022 provides relevant insights on how businesses have been so far, their digital strategies, and how recent local and global economic issues have affected them. Download the free infographic today!