GoDaddy Inc. has released the survey findings from its GoDaddy 2023 Data Observatory. The GoDaddy survey studies the current state of small businesses internationally, with Singapore included in the results for the APAC region. The first set of results is focused on how entrepreneurs and small business owners run their business.
Both globally and in the APAC region, 46% of small businesses surveyed reported launching in the last 1-5 years, (within APAC, this is 29% for Singapore respondents). Once a new business is created in APAC, some of the first steps an entrepreneur typically takes to publicize it involves establishing an online presence, with 45% of respondents opening social media profiles (30% in Singapore), advertising online 30% (16% in Singapore), and opening a website 21% (31% in Singapore).
GoDaddy’s Data Observatory finds the importance of having an online presence is embraced by entrepreneurs. Globally 64% of small business owners surveyed said they make up to half of their annual revenue from online sales channels, this being 62% in the APAC regions (within APAC, this is 73% for Singapore).
Both APAC region and global had 37% of respondents reported making 51-100% of their revenue from online sales channels (within the APAC region, 27% for Singapore). Globally, 61% reported using a website or online store or a combination as their sales channel, this is 57% for the APAC region (within the APAC region, 72% for Singapore)
The research survey found a strong online presence with tools that complement each other is highly important for businesses to thrive online. The APAC region (67%) is ahead of the global average (58%) when it comes to using social media as a complementary sales channel.
Additionally, when it comes keeping their momentum going, 66% of global businesses surveyed said it is very important for them to raise awareness, calling out advertising on social media, having a business website, and conducting online non-paid marketing strategies as their top three choices. Top three choices for the APAC region were conducting online advertising on social media, having a physical store, and having their own online store.
“As online shopping continues to gain momentum, it is crucial for small businesses to adapt with the market, and embracing the digital world can be very beneficial to them,” said Selina Bieber, Commercial Strategy Senior Director, International Markets at GoDaddy.
“Singaporean entrepreneurs need to establish this solid online presence which can be achieved with user-friendly tools,” Bieber added.
The GoDaddy Data Observatory was conducted by Advanis in March 2023 in Brazil, Colombia, Germany, India, Mexico, Philippines, Singapore, Spain, Thailand, and the United States. The sample criteria were small business owners, and companies were defined based on the number of employees, ranging from one to 50 people. For this study, a total of 4,682 entrepreneurs and small business owners were surveyed, including 488 in APAC (Philippines, Singapore and Thailand combined).