1 in 3 Filipino entrepreneurs started microbusinesses during the COVID-19 pandemic, marking the Filipino’s ability to adapt in times of crisis.
GoDaddy, the company that empowers everyday entrepreneurs, recently released the results of the GoDaddy Global Entrepreneurship Survey which looks at how the COVID-19 pandemic has impacted the world’s smallest businesses.
The 2020 Global Entrepreneurship Survey studied 5,265 entrepreneurs and microbusiness owners across 10 countries including the Philippines, Australia, Canada, Germany, India, Mexico, Spain, Turkey, the U.K. and the U.S. It looked at the effects of the COVID-19 pandemic across the globe on the world’s smallest businesses, with over 90% of those surveyed having 10 or less employees, half of whom are solo business operators.
Filipino microbusinesses felt the brunt of the pandemic with 81% of Pinoys surveyed reporting a reduction in revenues. Respondents also had to deal with temporary closures brought by the various levels of quarantines imposed since March this year.
Despite the effects of the pandemic on businesses, Filipino entrepreneurs continue to march forward. Their motivation goes beyond revenue with 72% saying it is important for their ventures to positively impact their local communities at this time – the highest among all countries surveyed. Among Filipino entrepreneurs who responded to the survey, 30% shared that they gave part of their profit to charities since the pandemic hit the country.
With the limitations of physical business during the health crisis, Pinoy entrepreneurs turned to digital technology for sustaining operations. And as the virtual marketplace continues to expand, microbusiness owners are keenly aware of the need to strengthen their online presence to stay competitive if not to spur growth. Many reported technology was essential for keeping their business afloat (60%) during this COVID-19 crisis and beyond. Among Filipino respondents, 23% began using digital platforms as a main touch point with customers.
“Entrepreneurs around the world continue to inspire in the way they keep marching forward even in the face of the challenges caused by the pandemic,” said Tina Shieh, Marketing Director for GoDaddy Asia. “The current situation has fast-tracked digitalization for a lot of business owners, and enabled them to continue to reach customers online and also give back to their local communities.”
GoDaddy’s survey revealed that Filipino respondents are looking to learn more about digital technologies and use these for their ventures, with 43% responding that they’re interested in websites; 69% are interested in social media; and, 39% are interested in mobile apps.
Adjusting fast to the use of tech to maintain their current business set-up, Filipino entrepreneurs believe that business recovery will come soon. According to GoDaddy’s data, 76% said that they expect to recover within a year, which is slightly higher than the global average of 71%.
“Our survey shows that Filipino entrepreneurs are fast adopters, resilient, and working hard to keep supporting their customers and their communities. Having a website that is integrated with social media and e-commerce tools can help microbusiness owners strengthen their online presence and stay connected to their customers,” added Shieh.
Work-From-Home set up as the “new normal” has been welcomed as the COVID 19 pandemic limited face-to-face transactions and encouraged businesses to operate from residences.
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