The month’s Pacific Business Monitor indicates that while the impact of COVID-19 on businesses across the Pacific has remained relatively stable, Pacific business engagement in e-commerce is on the rise.
The Pacific Business Monitor is a regular survey tracking the effects of COVID-19 on businesses in the Pacific region by the Pacific Trade Invest (PTI) global network.
Since tracking began in May 2020, between 12 and 29 percent of respondents have consistently reported their business as having pivoted to sell or do more online in response to the impact of COVID-19.
This month’s survey saw that to increase to 35 percent; the highest level since tracking began.
In line with this improvement, the November survey also reports only 42 percent of respondents face any form of barriers when attempting to action initiatives required to support their business, which is down from 44 percent in the last wave.
The recent survey shows 82 percent of respondents cite the impact of closed international borders as a challenge to their business, which is the lowest since March 2021.
PTI Australia Trade & Investment Commissioner, Caleb Jarvis, said while the seriousness and gravity of the challenges faced by the Pacific are indisputable, the COVID-19 crisis has also provided a catalyst towards digitisation across the Pacific region.
“The pandemic has inevitably forced a rethink of priorities and, through necessity, has propelled invention and innovation across the Pacific, bringing themes of digitisation, sustainability and inclusion to the fore,” Jarvis stated.
“As the Pacific begins to navigate this new normal, we can see through our Pacific Business Monitor series that businesses and consumers have accelerated their participation in all things ‘digital’, further allowing them to continue to connect, work, learn and exchange goods and services as they pivot towards online and e-commerce solutions.”
The top three initiatives that businesses are calling for assistance in are financial support, assistance diversifying their products and services and support in e-commerce implementation.
“The Pacific Business Monitor series provides valuable information for partners working in the region to ensure that they are delivering programs targeted to the needs of the Pacific Private sector,” added Jarvis.
“At PTI, we used the results to inform our programs throughout 2021 and will continue to do so next year.”
According to the November Pacific Business Monitor, businesses are less optimistic about a return to pre-COVID-19 revenue levels before the end of the year, with 39 percent of respondents not expecting this recovery until 2022.
The PTI Network is an agency of the Pacific Islands Forum Secretariat with offices in Australia, China, Europe and New Zealand.