Revealed: These industries had the biggest online revenue growth in the last year

From bustling cities to remote towns, micro businesses across Australia are helping to drive post-pandemic recovery by adopting digital technology and artificial intelligence (AI), according to the latest GoDaddy research.

Innovative solutions and cutting-edge tools empower micro businesses – those with an active website and the majority with fewer than 10 employees – to lead the pack in setting new industry standards and reshaping commerce on a national and global level.

As customer expectations continue to evolve, keeping up-to-date with the latest industry trends, technologies and developments is a must. However, this can present a challenge for small business owners – often strapped for time and cash – who need to stay ahead of evolving customer expectations.

GoDaddy’s Venture Forward provides unique insights on developing eCommerce trends. Aspiring entrepreneurs and those who have taken the leap to business owner can, in turn, pair this data with customer insights to improve decision-making as the new calendar year approaches.

Finance, events planning and writing services highlight growing industries

GoDaddy’s Venture Forward shares annual changes for customers who use GoDaddy for eCommerce in revenue, orders, and sellers by industry (as self-assigned). It found that, from August 2023 to August 2024, finance, events planning, and writing services had the highest total revenue growth.

Against the backdrop of annual inflation dropping to a three-year low in the September quarter, businesses which self-reported in the financial sector experienced a 368 per cent gain in online revenue growth across the industry.

As conferences, seminars and parties return to pre-pandemic regularity, a window of opportunity has opened for Aussie entrepreneurs with experience working in events. The industry with the second-highest online revenue growth was events planning, which saw a 226 per cent gain.

Writing services, which was also the industry with the greatest change in the number of online orders, experienced a 136 per cent gain – highlighting the demand for writers for hire and professional authors in the Australian microbusiness landscape.

Data from Venture Forward underscores historical trends, such as the peak of wedding-related services post-lockdown followed by a continual decrease as inflation eased – a trend which has seemingly also applied to public spaces (such as parks, aquariums and art museums) in the past year, resulting in a 96% decline in total online revenue.

Australian microbusinesses demonstrate major growth in numbers

According to the new 2024 annual report, the top Statistical Area Level 4s (SA4s) in Australia with the highest micro business growth are spread across Queensland, Tasmania, Western Australia, New South Wales and Victoria, though a clear pattern emerges across the southeastern coast of the country. The more purple the colour, the more micro businesses per 100 people.

Wide Bay, Queensland, has grown 53 per cent in micro business count in the last year – the highest in the country during that period by a significant margin – to 3,436 total microbusinesses.

The report highlights the rapid expansion of micro businesses in these areas, showcasing the entrepreneurial spirit and economic vitality present across various regions in Australia.

AI-powered tools providing valuable customer insights to microbusiness owners

Customer insights are crucial for entrepreneurs to improve decision-making, better product or service development and craft more targeted, relevant messaging. It takes an agile firm to continuously evolve alongside changing markets.

However, behaviours, preferences and pain points can vary greatly by industry. Micro business owners can navigate this by harnessing the capabilities of AI-powered experiences.

Staying ahead of evolving customer expectations is essential for micro business owners. Both aspiring entrepreneurs and those who have taken the leap to business owner can use AI tools, to help make smarter decisions, improve customer satisfaction and ultimately drive growth in an ever-changing market.

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