Home Industry Strategy ‘No excuse’ for businesses not being online as e-commerce booms
Paul Resnik, FinaMetrica Paul Resnik, FinaMetrica Featured

The rising importance of e-commerce to Australia’s economy is reflected in ABS figures showing that Australian businesses earned a record $246.4 billion from internet sales in 2012-13, according to the head of a risk tolerance and risk assessment solutions vendor which draws all its revenue from internet sales.

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%.

Again citing the ABS report, Resnik says that the proportion of businesses receiving orders via the internet rose to 30.2% in 2012-13, up from 27.8% in 2011-12, while the proportion of Australian businesses placing orders online slipped to 53.4% from 55.3% in 2011-12.  

“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.

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Peter Dinham

 

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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