5 Business Trends In The Philippines
June 10, 2022
What are the business trends in the Philippines?
- Food Cart and Coffee Businesses
- Increased Digitization and Automation
- Growth In E-Commerce Demand
- Hybrid Work
- Co-Working Spaces
If you are an entrepreneur, you would be glad to know that the fast-growing economy of the country presents plenty of lucrative opportunities. However, with everything that’s been happening over the past years, such as the COVID-19 pandemic, it’s important that entrepreneurs know the most recent business trends in the Philippines.
Food Cart and Coffee Businesses
It should go without saying that Filipinos love eating. This is why one of the top business trends in the Philippines is food cart businesses. You can sell a variety of food and snacks, such as siomai, kikiam, fishballs, fruit shakes, nachos, french fries, and others. Food cart businesses are convenient to set up and are profitable.
The demand for specialty coffee and cozy cafes in the Philippines is also growing. More and more people want to study, unwind, and bond in cafes. Filipino entrepreneurs have the option to open a cafe or sell specialty coffee online.
Increased Digitization and Automation
From financial sectors to logistics, healthcare, food, and construction — more and more industries in the Philippines have started to recognize the benefit of digitization for day-to-day operations. As a result, traditional business practices have evolved and companies are looking to increase digitization and automation.
If you want your business to stay relevant in the Philippines, consider increasing digitization efforts. For example, if you have a restaurant, set up online options for delivery. If you have a healthcare institution, consider setting up teleconsultations.
Growth In E-Commerce Demand
According to DTI, 99% of the 957,620 registered businesses in the Philippines are SMEs. Undoubtedly, mobile app services, online marketplaces, and other e-commerce sites have made it easier for entrepreneurs in the country to start their businesses.
If you want to be your own boss and become a successful entrepreneur in the Philippines, make your products/services available online.
Due to the onset of the COVID-19 pandemic, businesses have started adopting work-from-home setups. Now that the pandemic restrictions have eased up and vaccinations have been rolled out in the Philippines, companies are adopting hybrid work models. It’s clear that the hybrid work setup is here to stay because it promotes work-life balance and mental wellness while achieving business goals.
With this, business owners will do well by investing in proper tools such as network coverage and hybrid work devices. Doing this will ensure business productivity.
In the Philippines, the age group dominating the Philippines labor force consists of those 25 to 34 years old. Simply put, millennials outnumber other age groups. And according to a survey, millennials place a high value on work-life balance, but at the same time, they work hard to grow their careers.
Many millennials also shift towards freelancing. With this, the demand for co-working spaces would grow. Co-working spaces are places where people can work for longer without renting a full office.
Budding entrepreneurs need to look into the different business trends that are expanding the Philippines’ market drastically. As cliche as it may sound, change is the only constant in this world. This saying holds true for businesses. Every business in the Philippines has to adapt to changes to continuously thrive in the market. In this blog, we take a closer look into the various business trends in the Philippines.