What Business Trends in the Philippines to Adapt in the Coming Year?

Business trends in the Philippines shift to the new concept due to the COVID-19 pandemic. This new trend is expected to till exist for the next year, especially when there is no better development related to COVID-19 cases in the country.

At the end of September 2021, Globe Business, one of the big companies in the Philippines, held a seminar that presented a panel of experts. They were discussing the current condition in the Philippines. They focused on the trends of how industries and companies deliver their hospitality and professional services. 

Digitalization is one of the business trends in the Philippines

As the mobility of employees is restricted during a pandemic, various online platforms are now used to replace in-person meetings. Some industries in the Philippines are now digitalized. It can be seen through businesses from various sectors such as e-commerce, fintech, and also professional services.

Due to this digitalized shift, traditional processes and practices inevitably changed. It is normal now to see restaurants dine-in which offer food delivery as eating in public spaces is not allowed during a lockdown. This food delivery service makes people who stay in the house are easier to get the foods they want. 

Another example is how physical signatures move to online signatures. Almost every activity today is moved into online platforms to reduce the contact among people so any meetings or other discussion commonly held in physical space is currently replaced with electronic devices. 

Not to mention medical consultation that usually allows patients to meet the doctors. At the present, it is swapped with telemedicine. This platform provides facilitates people who want to consult about their health condition without meeting with the doctors in-persons. 

Customer Dynamics 

Google has released data from a 2021 mobility report. Those data reveal that consumer behavior in the Philippines’s National Capital Region is likely to experience negative impacts from the pandemic. That’s why companies need to consider the dynamics among customers when running their businesses.

Moreover, in the context of mobility restrictions and increasing infection rates in this country, stakeholders will need to make a change based on the predicted movement restrictions in the future. It is important to evaluate the trends among customers so that companies know how they will step forward. 

Hybrid Work Set-ups

Known as one of the changes from stakeholders is the rise of hybrid work set-ups implementation. Hybrid work is a rising term introduced by companies nowadays due to the COVID-19 pandemic. This term defines as work that combines both works from the office and works from home. 

JLL Philippines has surveyed to know employees’ expectations about this new working model. The results reveal that 66 percent among 3300 employees in this country prefer to apply hybrid work arrangements. 

Currently, it is a good solution for employees to keep themselves and their family members safe by working at home but also experience interaction with their working colleagues when present in the office. It promotes more flexibility among employees. Business trends in the Philippines are impacted by a pandemic which now shifted to digitalization, customer dynamics, and hybrid work for the safety of all working parties.

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