Philippine business trends to watch out for in 2014
MANILA, Philippines – The business landscape in the Philippines will see some changes in 2014, entrepreneur and president of Vcargo Worldwide Paulo Tibig said.
Tibig believes that more Filipino consumers will embrace the concept of convenience and mobility in the new year.
With the potential of e-commerce realized in recent years, Tibig said another industry may soon emerge: the m-commerce.
Tibig describes m-commerce as “the next generation e-commerce wherein internet users will no longer need a place to plug in.”
“Everything will now be mobile and in our pockets,” he told ANC’s “Shoptalk.”
He said an estimated average of 85 minutes a day is being devoted to social media using mobile devices, where most of the selling will take place.
He said the top five products that can take advantage of m-commerce are garments, cosmetics, gadgets, appliances, and fashion accessories.
“Filipinos tend to see and look at these opportunities wherein they can get into business even at home,” he said.
Another emerging business trend is mobile stores and food trucks.
Tibig noted that the food truck concept is booming in the Philippines and may continue to see an uptrend in 2014.
He attributes the success of mobile concepts to its “less stress, investment, manpower, and documentation.”
Tibig also believes that products will soon be made available through dispensers fashioned after ATMs.
In Japan, some of the items being sold in machines are flowers, jewelries, and shoes. In the US, a bakery debuted a “cupcake ATM” on July 2013.
“Filipinos will just have to be more creative and come up with ideas for 2014,” he said.
Other trends include the emergence of skills-based businesses and food-related businesses.
Tibig advised those planning to put up businesses in 2014 to have a balance between passion and skills.
“You need skills to manage business properly, it’s not all about guts,” he said.
Tibig also said the keys to a successful business are planning, identifying resources needed, and determining personal entrepreneurial competency.
“We may all have the mindset of an entrepreneur, but not all can get into entrepreneurship. So dapat ‘yung competencies muna natin, are we fit?” he said.