The fast growing economy of the Philippines presents a lot of business opportunities for entrepreneurs. However, it takes more than just patience to go through the paperwork and take the courage to compete with the local market. You need to understand the local culture first, to see if your idea is viable.
If you are planning to open a business in the country, here are 10 latest business trends in the Philippines that can help you make an informed decision.
Top Business Trends in the Philippines
1. DIY Home Design
As more and more millennials move into their own condominiums and apartments, experts see the comeback of DIY wall treatments that could cater to the increasing needs of this demanding demographic.
For instance, wallpapers could become a big hit for a niche market who want to design their own space but don’t have the patience and time to actually paint the walls. Wallpapers also solve the problem of not being able to paint the walls for those who are renting condo spaces.
2. Co-Working Spaces
Millennials are also outnumbering other demographics in the workplace. The majority of millennials yearn for jobs that allow them to have a work-life balance, but at the same time, do more.
Many of these young professionals also shift towards freelancing because of the high returns and low stakes it offers. With more and more freelancers in the market, there would be a demand for more co-working spaces where they can work for longer hours without having to rent a full office.
3. Good Skin Is In
In recent years, we have seen the popularity of the no-makeup look and hashtags such as #IWokeUpLikeThis. More and more people are understanding the underlying fact that the best makeup is actually good skin and not good coverage.
Businesses who cater to the growing demands of the public for affordable skincare services and products could see a boost in the years to come.
4. Online Shopping For Men
Online shopping has transitioned from luxury to necessity in the last few years. In fact, more and more people, especially men, are doing it out of convenience.
And it’s not just about fashion or makeup anymore, these days, you can do you grocery shopping using your smartphone and buy more than just the bare necessities. This online shopping trend is expected to continue in the coming years.
5. Social/Local Entrepreneurship
Patriotism is seen in better light, and more people are favoring business who sell not only local produce but also help local communities, especially the farmers and fishermen.
These social entrepreneurs that focus on locally made and sustainable products will continue to grow. And with the aid of social media and the internet in general, locally made products can easily transition to international markets.
6. Franchising Won’t Work If You’re Lazy
Riding on the wings of already popular brands seems to be the easy way into entrepreneurship for most people, especially the ones who have no experience. But, the success of a new franchise is still dependent on location and how you market it.
While franchisees are given templates and guidelines, lazy ones will not reap the benefits of the brand’s popularity. While many people seem to go this route, Filipino consumers are also after the “next best thing,” which make novelty products such a big hit.
7. Organic Products
Locally grown, organic products are still a hit with consumers who are conscious about what they eat. As more and more people want to know where their food comes from, the market share of organic products will continue to grow. This is not exclusive to food alone.
Organic products in the health and beauty industry, as well as wellness, are also becoming increasing popular.
8. Lifestyle and Travel Apps
As travel becomes cheaper, mobile apps that cater to both travel and lifestyle will become necessities. Apps that allow you to book and pay for your accommodations and tours while in transit are must-haves for multiple types of travelers.
Apps that also cater to the communication problems between tourists and locals in non-English speaking countries could become the norm.
If you are in the mobile app development business, the key is to look for problems that often arise during travel and then create a mobile solution.
9. Digital Advertising and Marketing
Digital advertising is more than just having a website, but it starts there. Websites are not exclusive to large enterprises. Everyone who has a business needs one, and there’s a demand for people who can make this possible at a lower cost.
Apart from websites, there are SEO, e-commerce, business intelligence, SEM, and other digital advertising and marketing need that every business requires to make tap into the Filipino market. Creative services, both print and online, will continue to see bigger gains too.
10. Online Lending
With more people wanting to become entrepreneurs, more people are looking for capital to how to start. Lending practices will become easier and faster, and online lending is the next big thing in capital investments.
Moreover, business who connect talents with venture capitalists could be big in the Philippines, as it already is in Singapore.
Opening a Business
Every business starts with an idea. The difference between successful and unsuccessful businesses is the grit to see things through.
If you have an idea, you need to secure intellectual property rights to protect your business from being copied. Otherwise, your bright idea could be the fortunes of another.
If you have an idea that you think will fly in the Philippine market, it’s time to start planning and creating your roadmap to entrepreneurship.