Top 9 Business Trends in the Philippines
BUSINESS TRENDS – In this article, you will discover the business trends shaping the Philippine landscape today.
Staying abreast of evolving trends in the business sphere is crucial for business owners and those engaged in B2B interactions. Given the dynamic nature of the economy and expanding markets, it prompts the question of the latest business trends in the Philippines amidst the changes observed in recent years.
Trending Developments and Business Trends In The PH
1. Automatic Processes and Scalability Trends
Advancements in technology have significantly transformed business operations. Consequently, both large and small enterprises in the Philippines are increasingly inclined towards automating their processes. This surge in automation has generated a heightened demand for systems and automated processes catering to businesses of various sizes in the Philippines.
For instance, the rise of dropshipping has been a prevalent business trend in the Philippines in recent years. However, despite the ongoing popularity of dropshipping, many business owners are shifting their focus toward implementing systems that enable their businesses to operate passively or semi-passively. This shift is observable across various online business types in the Philippines, marking a noteworthy recent trend.
2. Coffee Kiosks And Cafes Startup Demands Grow
The growing consumer demand for coffee in the Philippines has led to a surge in entrepreneurial interest, with many individuals aiming to tap into this expanding market by establishing cafes or coffee-related businesses. Viral videos featuring Filipino entrepreneurs entering the coffee business have further fueled this demand.
However, a significant challenge associated with this trend is the need for both knowledge and capital to start a coffee kiosk or open a cafe. Consequently, a new business trend has emerged in the form of coffee franchising in the Philippines, addressing these challenges and gaining popularity. This trend is expected to continue its upward trajectory over the next 5 to 10 years.
3. Blockchain Technology And Play To Earn Games
The Philippines has been actively involved in the realm of cryptocurrency, with a notable surge in the popularity of Blockchain technology and nonfungible tokens (NFTs) in recent years. I recently published an article providing a beginner’s guide to nonfungible tokens in the Philippines, covering everything one needs to know about the NFT trend and its implications for gamers.
While the future impact of blockchain technology on businesses and individuals in the Philippines remains uncertain, some businesses have already integrated blockchain into their operations, with a few even accepting cryptocurrency as a form of payment. Moreover, there is a growing demand for play-to-earn games, particularly among the youth demographic in the general public.
4. Electronic Exporting Dominates
In the Philippines, technology doesn’t consistently come at the lowest prices; however, certain computer parts and components are notably inexpensive compared to other nations. A growing business trend in recent times is the increase in exports, particularly of electronics.
Semiconductors emerged as the primary exported product in early 2022, with an export value just shy of 3 billion U.S. dollars. Consequently, some forward-thinkers anticipate that the Philippines is poised to become a leading exporter of electronics in the coming years. This heightened demand is reflected in the increasing popularity of electronics and related components.
5. Online Security Is On The Rise
Security stands out as a top priority for the majority of businesses in the Philippines, and even established entities like BDO are susceptible to security threats. The precise number of websites affiliated with Filipinos or businesses in the Philippines remains unknown, given the approximately 1,000,000 registered businesses. However, it is reasonable to infer that there are at least 1,000,000 distinct websites.
The prevalence of search terms such as “Web Security In The Philippines,” “Cyber Security Law In The Philippines,” and “Online Security Companies In The Philippines” has witnessed a notable increase. This emerging business trend in the Philippines is expected to persist over the next five to ten years.
6. Social Media Income Expands
In recent times, the Philippines has held the top position globally for social media usage. Numerous studies examining businesses in the country reveal that many small enterprises derive a significant portion of their revenue from selling products and services through social media platforms. Moreover, since social media is a cost-free service, these small businesses benefit from savings on marketing and advertising expenses.
Hence, it is unsurprising that a prevailing business trend among small enterprises in the Philippines involves harnessing the potential of social media. The notable aspect of social media lies in its substantial influence, particularly in the context of social proof. While the future dominance of Facebook as the primary social network remains uncertain, what remains evident is that, for businesses in the Philippines, the utilization of social media will persist as a prominent business trend.
7. Outsourcing Stays Strong
In recent years, the outsourcing sector has experienced remarkable growth in the Philippines, emerging as the fastest-growing industry. Both major corporations and smaller independent businesses are increasingly availing the services of call centers and freelancers in the country, leading to a rapid surge in demand.
Throughout the pandemic and in recent times, various well-established freelancing platforms in the Philippines have sustained growth. Moreover, key phrases such as “call center services” and “opening a call center in the Philippines” have witnessed a significant rise in popularity over the years. Consequently, the Philippines has solidified its position as one of the foremost outsourcing destinations globally.
8. Filipino Entrepreneurship Is Here To Stay
The aspiration for Filipino entrepreneurship is gaining recognition as an attainable goal. Consequently, there is a growing thirst for insights into lucrative strategies, confidential tips, and financial knowledge. As someone actively involved in this highly competitive field, I have personally witnessed the escalating demand for entrepreneurship throughout the Philippines.
Presently, Filipino entrepreneurship stands as one of the prominent business trends in the country. Yet, it is accompanied by various challenges for entrepreneurs, creating openings for the establishment of new businesses and services. A notable example is the increasing popularity of small business loans, which addresses a significant obstacle faced by entrepreneurs—the need for financial resources. Every challenge in this realm presents an opportunity for a profitable solution.
9. Innovation Will Win
In recent years, a prominent business trend in the Philippines, particularly at present, revolves around innovation. With the evolving economy and expanding markets, numerous opportunities for innovation have emerged in the business landscape. It is crucial to note, however, that not all attempts at innovation achieve success. Therefore, the local market must exhibit a demand for the innovative services or products introduced.
Entrepreneurs are adopting a different perspective on the business world, giving rise to several interconnected business trends in the Philippines. Despite this shift, there are still noteworthy business trends that diverge from the innovation theme. For instance, traditional business startups like grocery stores and franchising businesses continue to be prevalent.