Retail Trends in the Philippines one should Watch out for

Asia accounts for more than half of all global online retail sales. The global retail market has changed dramatically in favor of Asian supremacy. As the continent as a whole maintains its retail leadership, the Philippines is well-positioned to benefit from the increased global retail investment.

Fremont, CA : When customers' shopping habits and preferences change, so does the retail industry. To keep up with consumer demands, new innovations are increasingly evolving and being incorporated into retail.

Whether it's new disruptive technology or a shift in customer understanding, there are some significant new retail developments that businesses in the Philippines should be aware of in order to remain competitive and profitable.

Rising Asia

Asia accounts for more than half of all global online retail sales. The global retail market has changed dramatically in favor of Asian supremacy. As the continent as a whole maintains its retail leadership, the Philippines is well-positioned to benefit from the increased global retail investment.

Online presence

Consumers of all ages and backgrounds are increasingly turning to the internet for details and retail offers. As a result, businesses that do not have an online presence will suffer. A digital presence is important in driving consumers to a company's brand, whether it is through blogs, advertising editorial, or innovative social media material.

eCommerce

Unlike having an online presence, exploiting eCommerce is a development that retail companies cannot continue to neglect. The Philippine Department of Trade and Industry introduced a program to improve eCommerce in 2016, with the aim of it accounting for 25 percent of the country's GDP by 2020. By incorporating online distribution platforms, business owners in the Philippines will significantly increase their sales.

Gen Z

Generation Z is the generation that follows the Millennials and includes people born between the mid-1990s and the mid-2000s. This generation will be the largest user group by 2020, having grown up with new technology, the internet, and social media all around them.

Their purchasing patterns will propel the retail industry over the next decade, as they have more disposable income than ever before. Retailers and mall operators are now focusing on this Filipino audience in order to capitalize on their purchasing power.

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