Banking During Crisis

Posted by Hey Aiah on Jul 21, 2020 8:13:53 PM

Banking During Crisis

During this great uncertainty, customers around the globe have cut down on their spending. Financial service companies are feeling this drastic change and are rushing to provide the much needed support for their clients.

Customers now need support from their banks on credit terms

Many have lost their jobs and some have been furloughed.

Filipinos now fear losing their jobs completely as this crisis continues. Customers are forced to cut their spending due to loss of income and minimal savings. This greatly affects paying the bills, loans, and fees on time.

At this time of uncertainty, banks have made credit terms bearable and lenient in pursuant of The Bayanihan to Heal as One act proposed by the Philippine government. This will also help out those who are having financial instability at this time of crisis.

Two months worth of fees were waived, staggered payment has been implemented, and late fees were canceled. Continuing this new implementation of banking will make processes easier for both parties to survive the pandemic and thrive even after.

Online and mobile payments are increasing

Since the start of social distancing, cash payments have decreased and customers rely on bank transfers or deposits using mobile apps and/or mobile payment methods. (E.g. E-wallet like GCASH, PayMaya etc.)

According to GlobalWebIndex, 51% still prefer to pay in cash. But with the fast rising of E-Commerce and M-Commerce, more and more Filipinos are going cashless and are using digital payment methods.

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Easy-to-access apps and websites

This evolution of technology is an advantage to many, but how do banks make it accessible to everyone?

Because customers are rushing to use mobile and e-banking, financial services companies are now fast tracking their digital transformation strategies. They are rapidly changing online customer journeys to make websites more user-friendly and improve the user experience.

This keeps customers happy and also cuts down on their own operational costs (because manual repetitive work can be time consuming and cause high manpower costs). 

New products that will protect the finances of the customers

During this hard time, banks are also rethinking their entire portfolio.

By creating new products that focus on wealth protection and much more lenient credit terms, they better meet the current needs of their customers. Changing parts of their business model such as lower interest rates and enhanced risk policies helps the banks protect their customers better in crisis.

Protecting the finances of the customers is the number one priority and giving them options & affordable products will lift them up and will make them feel that banks are there for the customers at this point in time. 

Digital platforms help improve the marketing and sales customer journey

Banks are using digital strategies to stay connected with their customers. By actively finding more customers online, they are able to find their audiences, whom they previously needed to walk into a bank branch prior to this crisis.

Another item needed is the automation of customer service to help their existing customers. By using conversation automation, for example, banks can serve a high volume of customers at once. Of course, for the more complex queries, they can easily connect a human representative to the client.

Digital solutions are not only used to communicate, but also to listen to the customers sentiments, preferences, lifestyle, and routines. This is important now more than ever.

During this crisis, it is key for banks to continue providing the support for their customers. But while they continue to build the technology needed for digital transformation, they also need to remember that the world is in crisis. They cannot lose the empathy for their customers. This should be embedded across all customer facing units and also for internal employee facing departments. 

 

The Millennial Effect

Posted by Hey Aiah on Jul 20, 2020 7:19:58 PM

The Millennial Effect-1

 

The FMCG industry has been a global superpower with a long list of some of the world's most powerful household brands - these are mostly mass brands.

But for FMCGs to succeed today, they need to recognize big consumer shifts:

The Millennial Effect 

We all know who they are - and they receive the most flak from the older generations. They get critiqued for their clothes, hyperconnected digital lifestyle and often times, even diet preferences (obsession with avocados, for one).

But if 75% of the global workforce will be comprised of millennials by 2025, brands not only have to recognize that their customers have changed drastically, but also have to understand them more deeply.

Consumers under the age of 35 or commonly called Millennials are born during the rise of technology; therefore, this generation has been poised to reshape the world economy. Compared to baby boomers, they prefer newer and innovative brands.

They do not like buying from mass channels and prefer a much more personalized online shopping experience. While baby boomers are allergic to sharing personal preferences online, millennials are much more open to sharing information with the brands that they like.

They were born into technology and are proud to have a digital footprint with brands that they believe in.

What has really changed in this generation?

Mindset

Two things are for sure- millennials are meticulous with what they want and they are willing to adapt to go after their goals. With digital channels rapidly evolving, they now demand much more compelling experiences and customer journeys. The baby boomers, however, still prefer to call up customer service and speak to a human representative.

Millennials also are much more health conscious today than their baby boomer counterparts were at the same age. This has forced FMCG brands to rethink product development to cater to a much greener lifestyle. 

Attitude

Diversity is the key. Millennials’ upbeat and always on-the-go personality has been compared to the traditional values of baby boomers. Their expectations, aspirations, and priorities are very different, which is why FMCG brands have explored more niche products that cater to the millennials (whether in branding, product offering or channel strategies).

Millennials also prefer to discover new brands from each other or on social media. Unlike the older generations who still prefer to browse through shopping aisles, millennials browse through their online feed and listen to their peers.

This is why FMCG brands are also investing in social media so they have a much more relevant and conversational experience with this younger set of consumers.

Evidently, a strong brand or popular name is not enough to lock in a sale for the millennial generation. While their spending habits or hyperactivity on social media may raise some eyebrows from older generations, it's evident that this generation is next in line (if not already part of) in leading the global economy.

Brands should invest in customer research to listen to the millennial pulse and understand how they can remain relevant to this ever changing generation.

Want to know more? Shoot us an email at marketing@aiah.ai.

 

New Consumer Mindset

Posted by Hey Aiah on Jul 14, 2020 6:02:26 PM

Consumer Mindset-2

 

As the retail market shifts and makes new ways to survive even during the crisis, consumers are also changing their shopping behavior. People are starting to purchase products that will fill in the gaps in their usual routine to ease the current uncertainty. Living rooms have become their gyms, bedrooms have turned into office spaces and kitchens are now restaurants where they experiment and cook food that they can no longer buy outside. 

More and more are leaning towards E-commerce and/or mobile commerce. In terms of capacity, they lean towards influencer marketing since their spending power is limited.

Credibility and customer engagement have played vital roles in this new normal.

Experimenting with different platforms

Consumers have recently changed priorities. Since the start of the pandemic, many have shifted from buying unnecessary products to only the essentials.

Since online shopping is more popular nowadays, consumers find it safer and more convenient to shop online since it is contactless with other shoppers. Because of this, Buy Online, Pickup In Store (BOPIS) and Buy Online, Ship to Store (BOSS) methods have emerged.

Innovating to meet consumer’s needs

This is an indicator for retailers to provide an excellent customer experience- from navigating the store to hassle-free delivery options. Sellers should create a creative and positive customer experience for the consumers to keep them loyal to their business.  

  • Revisit, revise, and integrate digital strategies across platforms (if you have more than one) to build a single customer view and to fuel brand advocacy. 
  • Since consumers prefer to have a convenient online shopping experience, have multiple delivery options available that will match the consumer’s preferences.
  • Study your consumers and be familiar with their behaviors and preferences to deliver a unique and personalized interaction with them. You may use social listening tools or surveys to get to know their lifestyle and needs.

 

Leverage data to keep up with the most popular trends

Automating the business and using technology will keep your business during this crisis.

Take advantage of the online shopping trend and scale up your online store with faster operations and service delivery.

The most important and probably the most effective way to keep up with the trend is knowing your consumers inside out.

Consumers in all parts of the country have tightened their wallets and are carefully spending on necessities since the start of the crisis. Every business is facing a different retail landscape and knowing the trends will help influence the consumers’ mindset.

Never ever lose sight of your customer. They are the key to your survival in these difficult times. 

 

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Cashless Payment

Posted by Hey Aiah on Jul 6, 2020 4:29:01 PM

Cashless Payment-2

Imagine a world where people don’t use cash to pay anymore.

It is believed that the Philippines is ready and primed to go cashless and use mobile payments. E-commerce and mobile commerce are fast rising in the country. More and more customers are using alternative payment methods aside from cash-on-delivery. Driven by high internet usage and strong mobile penetration, the Philippines is not far from shifting to using mobile payment for a seamless and fast transaction experience. 

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With over 105 million total population, 31% have electronic wallet (E-wallet) accounts. Top industry players like GCash and PayMaya have secured millions of subscribers and both charge competitive rates. Having lower fees is one of the factors that enable customers to be quick in adapting to the new technology.

However, there are concerns in terms of security and financial accessibility, based on Rappler and TheNerve’s survey. Around 20.1% think that mobile payment is not secured and low-tech payment solutions like cash-on-delivery or bank transfer are still the preferred methods.

Who are the key players in mobile payment and how are they performing in the local market?

 

GCash

GCash is powered by Globe telecom and is the leading E-wallet in the country. Its simplicity and easy to use services have brought convenience to many consumers. Its availability nationwide helped GCash gain more than 15,000 partners in the Philippines. Using the service is as easy as pointing the camera to the QR code, scanning it, and paying.

GrabPay

For the people who are on-the-go, GrabPay is such a relief. Customers can use the services like transportation, food delivery, grocery shopping, and fund transfers. Having control over paying and sending cash through the app is made easier. Grab has partnered with Mastercard in its mobile wallet launch and is being used as a medium of payment.  

Smart Money / PayMaya

With over 8,000+ of branches nationwide, the scan-to-pay method of PayMaya is as good as paying cash in the country. Paying bills, booking airline tickets, or purchasing music streaming online have been made easy. From 8 million subscribers, Smart Telecom aims to increase its users for digital financial products to 30 million this 2020.

DragonPay

Partnered with supported online banks, DragonPay made it convenient for bank account holders to do online banking payment or over-the-counter payment. DragonPay closely monitors each deposit to notify merchants once payment is done. This payment method is also supported by non-banking payment channels such as Bayad Center, SM Payment Counters, LBC, Palawan Pawnshop etc. Purchasing online is now possible for all sectors and ages since there are a lot of means to use DragonPay.

PayPal

PayPal is the most common E-wallet used locally and internationally. This is best used in purchasing items and rendering services abroad. Being one of the largest digital finance platforms in the world, PayPal can be used for 25 different currencies electronically in over 200 countries. The only problem is that you can’t use this method in paying bills and essentials. This limits the use of PayPal in the Philippines.

Coins.ph

Paying bills is made easier with Coins.ph since the customer doesn’t need to register a bank account. Payments for bills, buying load, money exchange, and money remittance are their main services aside from the Bitcoin-based services. With its scan-to-pay feature, using the platform is easy to use and familiar to many. Coins.ph also partnered with over 100,000 merchants, which makes it convenient to the market.

 

* https://www.rappler.com/brandrap/data-stories/225452-reasons-philippines-slow-adopt-e-wallet

https://www.esquiremag.ph/money/industry/mobile-payment-apps-philippines-a00288-20190408-lfrm2

Recipe for Strong Customer Service

Posted by Hey Aiah on Jun 17, 2020 6:10:16 PM

Secret Recipe-1

 

What convinces a customer to buy a product aside from stunning photos and a strong brand name? It's all about how quick the seller responds to them.

 

There are a lot of experiences that customers positively share online but often, they also vent on social media. Suddenly, everyone is licensed to give reviews or comments and many others can easily vouch for it.

This is why brands take customer service seriously.

Nowadays, people are much more able to look for solutions and answers online and on social media platforms. Customer service has become an integral part of the business process as this represents the brand.

The moment a conversation starts and when it ends are both crucial. The start of every conversation will determine what impression brands will give the customer.

Will you be able to tend to their needs? Do you have the answers to their questions? Is your product or service fit to what they are looking for? If you are consistent and efficient, you get a satisfied and loyal customer.

But that's just the beginning.

How do you show them that they matter? You treat them like kings. 

How do you deliver excellent customer service? Make them feel that they are a priority.

Below are some tips to make your customer service more effective.

 

Respond quickly and treat each inquiry as a priority.

The average response time is, at most, 12 hours. This ensures that your brand is up and running and is a reliable seller. It shows that the seller values the time of customers. But being quick to respond is a different story from resolving queries effectively.  According to GlobalWebIndex, 43.1% of Filipinos prefer great customer service in order for them to purchase and spread the word around. 

Stand out and give strong customer service by providing quality, speed and focus. 

 

Know your customer’s behavior and lifestyle

Never lose sight of the customer. 

One trick to capture the hearts of your customers is being on top of the game and knowing what they want and need before they even tell you. Market research and software will be your best buddies in getting to know the behavior, lifestyle, and preferences of your customers. Asking questions on their interests and hobbies and giving out options to choose from will give you an idea of what to offer and how to handle the customer.

Knowing what they want and being able to win them over are the best strategies in customer service.

 

Seek to problem-solve for them

One thing that leaves customers satisfied and happy is when their problems have been solved. Give customers the impression that they can count on you. Fixing their problem or catering to their needs (while hitting your goal as a seller) is crucial. Going beyond their expectations will result in creating happy and committed customers.

Listen and be proactive

All customers want to be heard. They don’t want to wait around in a queue and be left unattended to. As a brand, make a difference and take this opportunity to listen and suggest appropriate responses that will help out.

Be personal and warm with them. Do not treat them like strangers. There are many tools that can help give your customers a personalized experience. Conversational platforms like Facebook Messenger often help sellers with this.

 

Going the extra mile

Give freebies, treat them like a priority, and let them know you care. This will go a long way and will make the customers happy and contented. Maintaining a positive attitude will leave you with a 5-star review and glowing recommendations.

At the end of the day, a satisfied customer is the best business strategy in this industry. Remember, word of mouth is the strongest advertising that you need these days. 

Aiah has solutions that can help you and your company boost the customer service. Let your customers experience 5-star service efficiently at a lesser cost. Message us at marketing@aiah.ai.

Things To Consider In Creating A Digital Storefront

Posted by Hey Aiah on Jun 11, 2020 11:38:16 AM

Things To Consider In Creating A Digital Storefront-1

 

With the rise of E-commerce in the Philippines, 71.4 million Filipinos are social media savvy and use internet as a daily source of information and entertainment. One big reason is also shopping online.

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But, how do brands create a digital storefront that will efficiently supply to the demands of growing customers? 

Set up a digital channel that answers the demands of the customers

For the brick-and-mortar stores, faster operations to supply demand quickly is usually the main priority of the brand. But how does a brand know what channel or platform to use to reach the right audience? Simple. Social media is the main channel where customers are today. Using platforms such as Facebook Messenger helps these retailers instantly reach them, exactly where they are.

Knowing the needs, preferences, lifestyle, and behavior of the audience or potential customers will also help in shifting from a physical store to an effective digital channel. 

Speak to thousands, or even millions of customers at the same time 24/7

Talking to customers, most especially the inquisitiveness ones, can be time consuming. Handling customer service all at the same time can be a daunting task. This happens more when a growing business suddenly gets more and more new customers. This is the most exciting part for the business but also the tricky part. This is why automating conversations with customers is necessary. 

Conversational commerce has been getting popular with a lot of retailers. Apart from creating meaningful conversations with the bots of the brand, sales are spiking up as buying online is made easier in just a few clicks, and 24/7. 

Integrate an E-commerce channel with logistics

As E-commerce continues to grow, retailers need to have smooth and efficient logistics. Why? Because every business must have the ability to have organized transactions, efficient inventory management, and automated record keeping for a seamless and transparent view of their business. 

There are numerous benefits that a business can get from integrating the logistics of the digital store. Apart from making online purchases easy across locations with automated operations, it also improves transactions. This creates a positive impact with customers, leaving them satisfied and potentially converting them into loyal customers.

Excellent customer digital experience while browsing the online store

Let’s be honest. Who would want to browse a terrible and not customer friendly online store? No one.

This is why E-commerce giants are taking the time and effort to create and revamp their channels and make sure visuals are appealing. Optimized and SEO-friendly websites make a huge impact on search engines that gives the customers an impression of a credible and trustworthy online presence. We all know that those search engines are the first touch point of people who are looking for products and services online. This is why staying up-to-date is essential and consistency in content posts is a must.

5-star customer experience

Experiencing a seamless and reliable transaction from start to end is the most award-winning digital experience for customers. Making them feel like they are a priority will leave them wanting more. One of the most sought after customer service is free delivery. According to Global Web Index, 50% of Filipinos love it best when an online store has a free delivery method. 40% are longing for promos, coupons, and discounts, and 35% go for quick and easy online checkout process.  

Spotlight On: Digital Assistants

Posted by Hey Aiah on May 31, 2020 3:32:07 PM

Spotlight On-1

With the E-commerce giants rising here and there and SMEs sprouting from different platforms, consumers have quickly adapted to the culture of online shopping.

Consumers today expect immediate results and a seemingly, 5-star customer experience.

They spend a lot of time online and use their mobile phones to search the internet for the latest news and products.

64% of the internet users do online purchasing after doing brand or product research. This behavior has brought customer experience to an entirely new level. Brands are now seeking ways  to boost customer engagement and brand affinity.

One of the most relevant methods brands have used is free delivery or shipping.

But, what do customers really need?

A one-stop shop with faster transactions and reliable customer service anytime and anywhere. This transformation has put conversational commerce in the spotlight. 


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Stage 1: 24/7 Digital Assistant

Personalization of customer conversations will help predict and know the preferences of the prospective buyers.  With this kind of strategy, customer experience can be improved significantly. Customer interaction is not only personalized but relevant to what they need. It is also made more convenient for customers to communicate and transact with, at all times.



Stage 2: Human Interaction

Engaging and retaining customers will give the digital assistant more in-depth knowledge on the interests of the customers and their purchase drivers. Bots can also recognize purchase intent and preference based on ad campaign metadata to build up the conversation and customer relationship.  This of course, needs to abide with privacy policy standards. Customers need to be well aware and should give consent before any preference data is shared. 

 

Stage 3: Voice Assistant

This allows the brand to be within reach when customers need their products or services. Customers can interact with, and purchase through voice assistants in real-time. A growing number of mobile phones have equipped voice assistants that help brands be there for customers when they need it. The voice assistant's fast response has brought convenience in doing day-to-day activities like searching for information, playing music, searching for a brand, setting a timer or reminder etc.

 

Stage 4: Chatbot Experience

Creating convenient and meaningful conversations with customers will boost the customer experience and leave positive remarks through the chatbots. Flexibility, security, and faster transactions will always win the hearts of the customers. As for the employees, workload that is repetitive and time-consuming will be avoided to shift attention to value-added skills and career growth.

 

Ultimately, you can take our word for it. Or you can try Conversational Automation for yourself.  We recently launched Aiah Commerce, which runs primarily on this type of solution. You can easily automate your company's operations and services to jumpstart your business.

Sign up and use it for free for 90 days: https://bots.aiah.ai/aiahcommerce 

 

Aiah Commerce 5.21-1

 

Impact on BPM During COVID-19

Posted by Hey Aiah on May 18, 2020 11:24:47 AM

BPM Blog2

As the world shifts to the New Normal, the COVID-19 pandemic has greatly affected businesses and operations.

Now that social distancing is the norm, businesses are relying on digital platforms to reach people who are staying home. These people are spending more and more time on their mobile phones, tablets, and/or laptops. Behavior is at its peak for digital content consumption.

But as everyone tries to do more business online in this new landscape, businesses need to first design and identify their business processes. Which processes have bottlenecks? Which can be improved through technology? How can the business drive efficiency across manual operations?

BPM as a service market is predicted to grow by $24.01B between 2020-2024. The potential is huge as the demand in automation rises, most especially because the COVID-19 pandemic has shut down establishments and operations globally. Organizations, particularly in the retail industry, are keen to monitor and change business processes to ensure their businesses run smoothly.

That is precisely what BPM does. BPM looks at existing processes and improves the way businesses operate. This saves time, resources and ultimately cuts costs for the company.

Continuous evaluation is needed because BPM is not a one time process. Properly designing a process and identifying areas for improvement are needed before using technology to automate it. Also, with continuous evaluation, processes can be standardized to reduce errors and mitigate risks. 


Technavio has announced the latest market research report titled Global Business Process Management as a Service (BPMaaS) Market 2020-2024 (Graphic: Business Wire)

 

In this time of crisis, what steps should businesses take for BPM?

  • Analyze
  • Re-design and Model
  • Implement
  • Monitor
  • Manage
  • Automate

Benefits of BPM

BPM is not only about reducing costs for businesses, because ultimately, it can also deliver business value. In this changing business landscape, it is crucial to have a solution-based approach and make changes quickly in order to survive.

 

Sources:
https://www.businesswire.com/news/home/20200507005642/en/COVID-19-Impact-Recovery-Analysis-Business-Process-Management

https://www.process.st/benefits-of-bpm-business-process-management/

The New Normal

Posted by Hey Aiah on May 5, 2020 3:23:19 PM

The New Normal3

 

What is the New Normal and how does it affect the consumers and retailers alike?


The dynamics of how people move around and do their everyday work tremendously changed for the past months. The usual routine of a 9-5 job has shifted to a work-from-home setup enclosed in a four-wall room. People now rely on online stores and platforms to buy necessities. Regular physical activities and workouts have turned into a solitary activity to observe the social distancing rule during the enhanced community quarantine (ECQ).

Basically, the usual way of life has flipped 180 degrees and people are left with no other choice but to cope with this "new normal."

 

In the recent podcast of our Chief Bot Builder, he shared two consumer behaviors for retailers and businesses to attend to as the New Normal continues even after the pandemic. The use of digital tools which was relevant before, is even more so now. It is now a prerequisite to more efficient and faster transactions between consumers and businesses. 

One key behavior is that people rely on Facebook for daily (or hourly) news updates to stay informed during this crisis. They also rely on Facebook for online purchases and use Facebook messenger for conversational commerce. Second is the rise of remote work and virtual face-to-face interaction which create more dependency on technology and digital tools.

But how do enterprises adapt? Given these behaviors, where do retailers and businesses position themselves?

 

Dependency on Messenger Apps

Brands have recently shifted all their marketing efforts online since physical stores are forced to close during ECQ. Instead of the usual in-person sales talk, brands are relying on 24/7 customer service that will cater to the consumers’ needs. Creating a space where the consumer can purchase items with a few clicks will help alleviate the frustration of many.

Messenger apps are easy to download and are already used in day-to-day life. Creating an automated space to provide conversational ways to customers will give freedom to access products and actually buy them in one discussion. Feedback is given immediately and meaningful conversations are exchanged as if the bots are real humans. 

 

Rise of Remote Work

Actions-RPA(migrate data)

Staff members and employees are working remotely and because of this, the use of robotic process automation (RPA) is more in demand. This situation will most likely continue even after the ECQ. Skeletal workforce will be enforced to maintain social distancing and less people are seen outside. This will affect the operations greatly.

Brands are seeking strategies and methods to make the processes faster and cost efficient. RPA will help automate processes, but for digital tools and platforms to work in their entirety, working hand-in-hand with the logistics operations is integral. This can also be tied back to Messenger bots to deliver and ask for more information real-time. Centralizing operations through robotic process automation that will read software copies of documents, reports, order details, etc. will minimize the challenges while working remotely. 

For more information about Messenger chatbots and RPA, contact Aiah at marketing@aiah.ai

Topics: "retail", New Normal

The Rise of Digital Shoppers

Posted by Hey Aiah on Apr 14, 2020 1:02:40 PM

The Rise of Digital Shoppers2

Retail in the Philippines has been progressing as consumers gain more purchasing power, along with higher demand for convenient shopping experiences. Given the traffic situation and lack of parking spaces in the metro, consumers tend to stay at home and find convenience through online shopping. The convenience, good deals, and variety of products lure the consumers to switch from visiting a brick-and-mortar store to purchasing at Shopee, Lazada, Metrodeal, Instagram resellers etc. 


Now that 70% of total shoppers are online shoppers, how will the more retailers get their consumers to purchase without going to a physical store? E-commerce and online advertising. 

 

The growing online trend of E-commerce has evolved and the leading players in the industry have already embraced this method.  With 5.9% growth in the market (as of 2018) and the increase of spending power, the number of consumers online have aggressively increased. 

 

Below are trends to watch out for in 2020.

 

Ecommerce Spend in The Philippines by Category January 2019 DataReportal

 

Direct-to-Consumer brands will go mainstream

The trend of consumers purchasing online has gone mainstream and the growth of the E-commerce market has spiked up to 31% last 2019. This shows that more and more consumers are relying on digital platforms instead of brick-and-mortar stores.

Consumers see the advantages of online shopping; thus, brands are starting to realign themselves with the market’s demand and reconstruct effective strategies where brands have control over customer’s buying experience, pricing, and promotions. 

Retail Ecommerce Sales Growth in 2019 (eMarketer) May 2019 DataReportal



Shoppable Video and Voice Technology will grow

If there is one thing that emerges across all platforms, it’s video content.

Social media platforms have been expanding in bringing in “shoppertainment” to draw more consumers in.  These shoppable video experiences build strong brand-consumer relationships that unlock unique content and interactive viewing experience.

Take a look at what Shopee, Lazada, and other E-commerce sites have done during the 11.11 and 12.12. They have taken over the ad space and social media platforms to carry the weight of their marketing strategy and promotional capabilities.

 

Digital Installment Plans will become more popular in this tight economy

Digital payment growth of 27-30% in the Philippines, with mostly women, has been the digitization driver in the retail industry. 

With a lot of digital installment plans being offered by brands and retailers on their websites, budget-conscious consumers are able to prevent spending all their money in one transaction. Since consumers are more cognizant in their spending habits, breaking the amount in smaller chunks and paying staggered amounts have been convenient for the consumers. This is especially the case for the younger consumers.


The Rise of Recommerce

Everything old is new again and another man’s trash is someone else’s treasure. Yes, we're being poetic.

But it's true. Here in the Philippines, recommerce is nothing new- most especially to fashion and furniture. Ukay-ukay or thrift stores are all over and more consignment stores resale or rent goods which makes the market’s revenue skyrocket. This is an indicative of digital transition most especially with the emerging issues happening in the country. More and more consumers are switching from one item to another, shaping the closet of the future. 

 

The battle for faster delivery will accelerate E-commerce

84% consumers say that they won’t return to a brand that has poor delivery experience.

Convenient and at-your-doorstep kind of service is what customers are looking for nowadays. More and more brands offer flexible and affordable shipping options. Most use a “purchased today, delivered tomorrow” type of method.

Evidently, this creates an excellent customer experience. On-demand shopping relies on quick and reliable delivery services through efficient digital tracking and automation of logistics. This is also a reason why these brands easily gain affinity and customer loyalty.   

Topics: "retail", "E-commerce", "shopping"