ECONOMY | Staff Reporter, Singapore

Most family businesses still have weak digital capabilities: survey

Research finds they lack digital tools required for the current changes in the business landscape.

Seven out of ten family businesses still have a weak digital presence, despite the continued rise in reliance on digital platforms by consumers..

In the Global Family Business Survey 2021 by PwC, only 29% of family businesses said they had "strong" digital capabilities. Only 16% of these local family businesses said their digital journey was complete.

38% said that even if their digital capabilities were not strong, improving them was a current priority.

The survey also revealed that the top priority of most family businesses was expanding into new markets and client segments (73%). This was followed by businesses rethinking, changing or adapting their business models (56%) and improving digital capabilities (54%).

Meanwhile, family businesses are optimistic about the potential for growth in the next two years. 64% said they expected growth in 2021. Optimism further skyrocketed to 90% when the survey participants were asked about their growth expectations for 2022. 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.