Top Philippine SME Trends for 2020 You Should Know About
The Philippines as a booming economy never gets left behind when it comes to business trends, including Small and Medium-Sized Enterprises (SMEs). With the increasing working people in the country with a great capacity to buy, many people would like to open their own SMEs and become a businessperson.
So what are these Top Philippine SME trends for 2020 in the Philippines?
Work from Home
As you probably know, many people had to work from home to avoid crowding and be safe from the pandemic of COVID-19. Well, there are many advantages of the Work from Home scheme not only to workers but to employers as well.
On the side of the employees, they don’t have to commute and experience the traffic rush. They have maximum flexibility to work from their home and can manage their schedules accordingly, having a better work-life balance.
On the side of the employers, the consumption of utilities like water, electricity, tissue paper, etc. are lessened since workers are simply at home. Some startup businesses won’t even have to pay for their office rental especially when they do online transactions.
A lot of workers have been laid off due to the Pandemic of COVID-19 as some of the companies were forbidden to operate like airlines, health clubs, disco, etc. While waiting for their re-opening, some workers from these companies engaged themselves in freelancing. Some of them entered into online selling while some have chosen temporary employments.
Freelancing individuals can actually be a great thing for startups. There’s a lot of undiscovered talents in the market. Or probably they’re already employed but still wish to make use of their extra time. Salary costs from these people could be cheaper if they agreed as anyways, they’re just making use of their idle time.
Some businesses, especially when the demand for products and services is high for a certain period, could employ freelancers to facilitate more outputs. When the business gets back to off-season, companies don’t have to lay them off as they’re aware that the firm only hired them for a certain period of time.
Logistics is about the information on the movement of goods and services. As a startup business, there is much information that we need to equip ourselves in order to run our business.
For example, where can we get raw materials for our business? From the list of suppliers, who can give us the cheapest and the fastest products and services? There’s a lot of information and services a logistics business can provide us. It’s worth subscribing to them.
The fifth-generation (5G) of internet connectivity started in 2019 in the Philippines. As many people would want a faster internet connection, this will surely be a hit in the coming years. Communication facilities as well as gadgets are being upgraded in compliance with the requirements of 5G.
Artificial Intelligence (AI)
Artificial Intelligence (AI) has been around for quite some time. Different business sectors use it for different purposes. In the medical field, AI can detect blood pressure and can command the device when to pump and when to stop.
In other fields like Airlines, once a flight is being cancelled, AI can automatically send an email notification to all passengers affected by that flight.
AI has many uses. It just depends on how they were programmed to function.
Automatic Chat Box and Voice Box.
Common customer problems can be solved with the use of Chat Box and Voice Box. It can be done by great computer programmers.
The Chat Box and VoiceBox can be our first line of customer service. For example, if a customer has an inquiry about our products and services, his questions can be answered by these technologies, and only when it can’t be answered by the machine, that’s when the aid of human comes in.
Social Media Stories
Stories are some ways to connect with our customers. For example, if our product is makeup for women, we would want to connect to them by posting some makeup tutorials. The tutorials could be different from day to day to the point we want to show them that our presence exists. Creating stories through social media for different companies and products is a trend this 2020.
The proliferation of Voice Recognition to many devices like in mobile phones, computers, cars, etc. has given the people a new way to fetch and use information. Aside from browsing the usual menu, people now can simply talk and enter commands on their different devices. It really has made the life of people easy.
As the population continues to grow, a number of people get sick and old as well. This is when the importance of the health care business comes in. People would take products and services that can make them healthy and extend their lifespan.
Having your products advertised on TV, Radio, Newspapers, and Social media would hopefully increase your potential customers. Companies spend on these aspects in the hope of more potential income. This is surely a hit for this year 2020.
Were you entertained by the Top Philippine SME Trends for 2020? We hope you do. We at 3E Accounting would like to keep you informed on the latest trends when it comes to business and the Philippine business startup. You can also contact us for the best corporate services in the Philippines.