The digital economy currently supports almost 116,000 direct and indirect jobs, of which 68,000 are directly linked to digital. That’s according to a report published by Government this week, which shows the value of the digital economy in Ireland, increased consumer activity online, and the significant growth opportunities for businesses which trade online.
At €12.3 billion, the digital economy represents 6% of Ireland's GDP and is growing fast, by approximately 40% since 2012.
And with Irish consumers spending €850,000 per hour online, 24 hours a day – an increase of more than 20% since 2012 – trading online is a key marketplace for Irish businesses. 88% of Irish consumers are also researching their products online before buying, which is above the EU average of 79%.
€2,500 Trading Online Voucher to help businesses get online
To get more small businesses trading online, Government rolled out a national Trading Online Voucher Scheme in 2014 under the Action Plan for Jobs. It offers a financial incentive of up to €2,500 along with training, mentoring and networking support to small businesses to develop their trading online capability. The scheme aims to support companies to fully exploit the growth of the internet to grow their business, find new international markets, reduce operational costs and create jobs, and is operated through the network of 31 Local Enterprise Offices.
Over 2,000 businesses have successfully applied for a trading online voucher to date.
So what impact has the Scheme had on businesses that availed of it? 800 small businesses were surveyed to find out just that...
21% increase in sales
On average, businesses found their sales increase by 21%, with 73% saying that the new online business was additional and did not displace existing sales. 84% of businesses surveyed experienced an increase in customer enquiries, and 3 out of 5 businesses began to export having availed of the Scheme.
89% said that the trading online component of their business will become more important in the next six months, with growing businesses expecting to recruit on average 1.4 more employees.
More about the Trading Online Voucher Scheme
The Trading Online Voucher Scheme aims to get more small Irish traditional businesses, with 10 or fewer employees and less than €2m revenue, trading online. It provides a flexible incentive for small business owners/managers to address the perceived barriers to trading online.
The scheme is attracting small businesses, including sole traders, ranging from arts and crafts, clothing and shoe shops to food suppliers and farm producers, manufacturers, online trainers and professional services. Among the sectors availing of the scheme are retail (24%), professional services (14%), manufacturing (9%), arts, crafts and design (8%) and food (6%).
For further details on eligibility please contact your Local Enterprise Office.
For more information
Read the full Trading Online Voucher Scheme Enterprise Impacts Report.
Read the full text of Indecon's Assessment of the macro-economic impact of the internet and digital on the Irish economy.
Learn more about Government's Trading Online Voucher.
Find your Local Enterprise Office.