By Mariel Alison L. Aguinaldo
Sixty percent of small business owners in the Philippines are relying on technology to keep their ventures afloat during the pandemic, according to the GoDaddy 2020 Global Entrepreneurship Survey, with 51% using social media and messaging apps as their main channel of communication.
The survey conducted in June by GoDaddy, an Internet domain registrar and web-hosting company, also found that 43% percent of Filipino business owners are looking into creating a website, while 38% are considering getting into the e-commerce space.
To compete in the digital space, a business must have both social media presence and a website, said Tina Shieh, marketing director for GoDaddy Asia.
COVID-19 has negatively impacted many small businesses, with 81% reporting a decrease in their revenues. Nearly half said that they had to close their businesses temporarily.
However, 76% are optimistic that they can recover within a year; 92% expect to grow their business in three to five years.
The pandemic also presented opportunities for some respondents, with one out of three starting a business at this time. The Department of Trade and Industry previously reported that 33,559 and 17,351 business names were registered in June and July respectively, a huge increase from the 418 tallied in March.
Despite the challenges that they faced during this time, 72% said that it’s important they’re able to have a positive impact in their communities. This is the highest percentage among all of the countries that were surveyed. Thirty percent used their business to make donations or perform other acts of charity.
The GoDaddy 2020 Global Entrepreneurship Survey was conducted in 10 countries, namely the Philippines, Australia, Canada, Germany, India, Mexico, Spain, Turkey, the United Kingdom, and the United States. Of the 5,265 entrepreneurs interviewed, 93% said they had 10 or fewer employees. In the Philippines, 70% were aged 24 to 39.