According to FinaMetrica co-founder Paul Resnik, the Australian Bureau of Statistics data reveals almost one in two Australian businesses, or 47.2%, had a web presence that year, and that bigger businesses are more likely to conduct e-commerce activities, have a web presence and be on social media.
Citing the ABS report, Resnik says the financial and insurance services industry compares well in its use of IT, with 59.2% of businesses having a web presence compared to 47.2% of all businesses overall. In addition, 57.2% of businesses in the financial services sector placed orders over the internet in 2012-13, compared to 53.4% nationwide.
Resnick says the ABS report reveals, however, that the financial services sector lags in other areas, with just 19.1% of businesses having received orders online, compared to the average of 30.2%.
“Whereas almost 100% of all big businesses, or those with 200 or more employees, had a web presence, 60.3% of those with 5 to 19 employees were online in 2012-13 and 35.9% of businesses with 0 to 4 employees.
“With a website costing as little as $1 a month to build and host, there is no excuse for any business not being online today.
“Beyond that, it doesn’t cost much more to have e-commerce capabilities, which cut out the need for sales teams and physical transactions, which can be costly and unproductive. Any small or medium-sized business serious about competing with big companies needs to maximise their online offer in order to build market share,” Resnik suggests.
Stressing that FinaMetrica conducts all its transactions through the internet, Resnik says the company’s budgeted international sales for next year will be “in excess of 80% of our total revenue, reflecting strong interest in FinaMetrica's solution to investment suitability problems revealed by the 2007-08 global financial crisis.”
“We are a small Australian-based financial services business exporting our services globally through internet sales. We provide an online test which enables financial advisors to measure the financial risk tolerance of their clients and better match investments to investors’ needs.
According to Resnik, FinaMetrica’s activities in the next year are primarily focused on Germany, India, United States and the United Kingdom, with recent enquiries also coming from Malaysia, Sweden and Bulgaria.