GoDaddy’s Small Business Survey Reveals the Majority of Egypt’s Small Businesses Are Optimistic About Growth in 2023
Food and beverage, ICT, and eCommerce solutions to be the top three sectors with the most growth potential for small businesses in Egypt
By Eman Hamed
GoDaddy, the company that helps entrepreneurs thrive, announced the results of its MENA Small Business Survey showing that most small businesses are optimistic about growth in their business sector in 2023. In Egypt, the report stated that the top three business sectors perceived to have the most potential growth in 2023 are food and beverage (27%), information and communication technology (23%) and eCommerce solutions (21%).
In 2023, the top plans to grow small business in Egypt include increasing online efforts such as online marketing (21%) and developing online presence (19%). The report also saw that two-thirds of businesses surveyed acquire up to 30% of their customers through online channels. In Egypt, over 20% of small businesses responded that they make over 60% of their revenue through social media channels (21%). Facebook was the most popular platform in Egypt at 91%, followed by WhatsApp at 67%.
Selina Bieber, Commercial Strategy Senior Director, International Markets at GoDaddy said: “As we slowly recover from a global pandemic, we are starting to see increased online activity and growth among start-up businesses in Egypt and wider region. The GoDaddy MENA Small Business Survey shows optimism with more sector growth in Egypt, and more and more small businesses investing in an online presence and digital tools to help acquire new customers. GoDaddy is there to support the region’s entrepreneurs and small business owners every step of the way.”
When looking at the economic outlook, small businesses reported rising fuel prices, inflation, currency fluctuations, increasing raw material costs, supply chain and COVID-19 to be the most common concerns for small businesses. Notably, respondents cited fixed costs and securing financing for businesses as a challenge.
The survey shows that 28% of entrepreneurs and small business owners across the MENA region expect government support for their business growth represented in the deferral of tax, rent and debt support and other expenses such as utilities. While 27% expect their businesses to be supported by access to market, value chains and alternative sales channels, and cash grants. Additionally, more than two-thirds of small and medium sized businesses (SMBs) in the MENA region said that government policies and regulations are addressing the challenges faced by small businesses.
The GoDaddy MENA Small Business Survey, conducted in association with YouGov, is part of the ongoing research efforts by GoDaddy to share insights and trends on startups and entrepreneurs across the region. GoDaddy offers support through digital tools, online solutions and resources available in English and Arabic languages for businesses to grow online.