Business Trends In The Philippines: Trends in the business world are incredibly important for business owners and businesses who work with other businesses (B2B). The economy is continuously changing, and the markets expanding, so with everything that’s been happening over the last few years, the question remains … what are the most recent business trends in the Philippines?
Trending Developments & Business Trends In The Philippines
1. Automatic Processes & Scalability Trends
As technology has improved dramatically in recent times, so has the way businesses operate. As a result, large and small businesses in the Philippines are looking to automate their processes. This has led to increased demand for systems (and general automatic processes) for all different sizes of businesses in the Philippines.
For example, one business trend in the Philippines we have seen in recent years is dropshipping. However, even though dropshipping remains a trending business idea, many business owners are now focusing on systems that allow their business to run passively or semi-passively. This is true for several types of online businesses in the Philippines, resulting in a recent trend.
2. Coffee Kiosks And Cafes Startup Demands Grow
The coffee demand in the Philippines on a consumer level is expanding, so it’s no surprise entrepreneurs in the Philippines are looking to take a piece of that pie and open a cafe or coffee business. There have also been viral videos of Filipino entrepreneurs opening up a coffee business, increasing the demand.
Unfortunately, one of the biggest problems with this business trend in the Philippines is that starting a coffee kiosk or opening a cafe requires knowledge and capital. Therefore an additional business trend of a coffee franchising business has increased in the Philippines, and this looks to continue to grow as we look into the next 5 to 10 years.
3. Blockchain Technology And Play To Earn Games
The Philippines is not new to cryptocurrency – Blockchain technology and nonfungible tokens have been extremely popular in the Philippines in recent years. I recently released an article about a beginner’s guide on nonfungible tokens in the Philippines. We explained everything you need to know about the NFT trend in the Philippines and how it affects gamers.
Unfortunately, nobody knows the future of blockchain technology and how this ongoing trend will impact businesses and individuals in the Philippines. However, at this moment in time, some businesses have adopted blockchain technology in their business; some businesses even accept cryptocurrency as payment. Additionally, demand has increased for play-to-earn games with the youth section of the general public.
4. Electronic Exporting Dominates
Technology is not always the cheapest in the Philippines, but some computer parts and components can be extremely cheap in the Philippines compared to other countries. Exporting is a business trend that has increased in recent times, but one type of product that has increased in exporting is electronics.
Semiconductors were the leading exporting product in early 2022, and the export value was just under 3 billion U.S. dollars. Therefore, some visionaries believe the Philippines will become an Electronic exporting leader In years to come. Due to this high need, electronics and parts are increasing in demand.
5. Online Security Is On The Rise
Security is one of the leading concerns for most businesses in the Philippines. Even banks such as BDO are not exempt from a security attack. Nobody knows the exact amount of how many websites are registered to Filipinos or Philippines businesses. But with approximately 1,000,000 registered businesses, we can assume there are at least 1,000,000 independent websites.
Search terms such as – Web Security In The Philippines, Cyber Security Law In The Philippines, Online Security Companies In The Philippines – have increased. This business trend in the Philippines will likely continue as we look into the next five to 10 years.
6. Social Media Income Expands
In recent years the Philippines has been the number one country in the world for social media usage. Several case studies investigating businesses in the Philippines found many small businesses earn a large part of their income from selling their products and services on social media. Additionally, as social media is a free service, they found small businesses saved on marketing and advertisement costs.
Therefore it’s no surprise that one business trend in the Philippines for small businesses is to use the power of social media. The great thing about social media is that it can be highly influential, especially when considering social proofing. Whether Facebook will be the dominant social network in the future is unclear but what is clear is that for businesses in the Philippines, social media is a business trend that will continue.
7. Outsourcing Stays Strong
In recent years outsourcing has been the fastest growing industry in the Philippines. Large corporations and small independent businesses are now seeking the services of call centers and freelancers in the Philippines, which has increased the demand rapidly.
Several well-known freelancing platforms in the Philippines have continued to grow during the pandemic and in recent times. Additionally, “call center services” and “opening a call center in the Philippines” are popular key phrases that have increased over the years. As a result, the Philippines is now one of the leading outsourcing countries in the world.
8. Filipino Entrepreneurship Is Here To Stay
Filipino entrepreneurship is a desire that more Filipinos realize is achievable. Therefore, the desire for money-making procedures, secret tips, and financial information is higher than ever; As somebody in this very competitive niche, I have firsthand seen the increasing demand for entrepreneurship across the Philippines.
This is one of the biggest business trends in the Philippines right now; however, there are also many hurdles for entrepreneurs, which opens up many opportunities for new businesses and services. For example, small business loans have been trending for some time now. This is because one of the biggest problems for entrepreneurs is the financial requirements. With every problem also comes a profitable solution.
9. Innovation Will Win
The strongest business trend we have seen in the Philippines in recent years, especially at present, is innovation. As the economy is changing and the markets are expanding, there are many opportunities for innovation in the business world. However, not all innovation is successful. Therefore, the domestic market needs to have a demand for the innovational service or product.
Entrepreneurs are starting to see the business world differently, which has opened the doors for several other business trends in the Philippines that are closely related. However, despite this, there are still several business trends that are not on the topic of innovation. For example, numerous traditional businesses startups are still trending, such as grocery stores, franchising businesses, etc.
More Trends In The Philippines
If you are looking for more business trends in the Philippines or other trending topics, here are some useful services and platforms to find the latest and most popular trends in the Philippines.
- Trending Cryptocurrency
- Twitter Trends Philippines
- Google Trends PH
- Business Updates, News & Trends
- Youtube Trending PH
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