A good year for online business
Industries including online information services, online retail. internet services and biotechnology will perform well throughout 2009 despite, or because of, prevailing economic conditions, according to business information analyst firm IBISWorld.
According to IBISWorld Australia’s general manager Robert Bryant, the 10 best performing industries for 2009 will be: biotechnology; online information services; non-building construction; cosmetic and toiletry retailing; grain and livestock farming; blood bank and health services; internet service providers; passenger rail; waste disposal services and online shopping.
The industries most likely to be laying off staff in 2009 are: banking; tyre manufacturing; domestic airlines; boatbuilding and real estate agents. Bryant said in a statement.
The continued growth of people looking for diverse information online is good news for internet information providers such as news wire services. information analysts and online listing sites, which help people quickly access and understand large amounts of information in order to make more informed decisions.
Tough economic times are also expected to boost the demand for online shopping, as consumers spend more time searching for bargains or other money-saving opportunities. IBISWorid says online shopping is growing strongly among 25-44-year-old consumers, particularly those with young children who are working full time.
The increasing take-up of internet services. particularly broadband and wireless broadband. will spell good news for internet service providers. "On the whole. additional employment will be in the areas of service, network maintenance and administration, account administration, customer support and systems engineering." said Bryant.
Of the losing industries. banking will be hardest hit, IBISWorld predicts, due to a credit crisis and rising bad debts. Although interest rates are falling. growing unemployment and a slowing economy will greatly increase the number of people who default on loans and credit card payments
"Next year, commercial banks will be forced to cut jobs. with many of the losses to come from middle management as operators attempt to rationalise their hierarchies," said Mr Bryant.
IBISWorld predicts a number of foreign banks will be forced to leave the Australian industry altogether, resulting in major job cuts.
Article source: Nett Magazine. March 2009. Page 8.