Shopping has become more accessible and convenient that it only takes a few clicks to from your smartphone. Nevertheless, eCommerce still shows no signs of slowing down and continues to deliver more convenience and accessibility to online shoppers. The top obstacles of any online business are attracting repeat or new customers. It’s a familiar challenge for any type of business, but in this article, we will discuss the demands of customers to keep up with the eCommerce trends in the Philippines this 2023.
As people get more and more connected digitally, eCommerce continues to grow at an accelerating pace. According to GlobalData’s ECommerce Analytics, the value of e-commerce transactions in the Philippines surged by 11.8% in 2020, reaching PHP 229.8 billion ($4.8 billion). In 2021, eCommerce in the Philippines was able to produce sales valued at approximately PHP 952.8 billion ($17 billion) with over 73 million active users. By 2023, the eCommerce market size will be expected to be valued at $258B GMV.
In a fast growing industry, it is critical for eCommerce businesses to pick up the pace in the competitive landscape. Getting ahead of the curve makes you stand out from the market. Being able to meet your customers’ demands guarantees your success by winning over them. Without further ado, here are the eCommerce trends in the Philippines 2023 that you should look out for.
Cross-channel Sales
In 2023, cross-channel sales are expected to be a significant trend in the eCommerce industry. Cross-channel sales focuses on providing a seamless customer journey by integrating online marketplaces, social media platforms, mobile apps, and physical stores. This allows customers to start their shopping journey on one channel and effortlessly transition to another without disruptions. A key factor of cross-channel sales is the click-and-collect model. This enables customers to purchase products online and pick them up in-store which combines the convenience of online shopping with the immediacy of in-person fulfillment.
Growth in Social Commerce
Social media platforms are what shaped eCommerce in the Philippines today. Social media platforms are increasingly becoming eCommerce hubs. Social media users find convenience and accessibility when shopping online through social media users. With more and more people getting connected digitally, businesses are leveraging social media channels to market and showcase products, engage with customers, and facilitate seamless transactions. Social media commerce integration of “Buy” buttons, shoppable content through online advertisements and influencer marketing are becoming popular strategies in social commerce.
Personalized Shopping
Customers like it when they see product selections handed to them. Most online customers have products in mind but keep their options open to decide which products are best for them. Providing a personalized shopping experience for your customers enhances their shopping experience by a lot. Personalized shopping includes product recommendations, tailored marketing campaigns, and customized offers based on demographics, preferences, and browsing habits. This enables customers to have accessible and convenient product choices without them having to spend too much time looking for products online.
Subscription Services
Did you know that having a subscription-based service helps your business to maintain customer loyalty? A subscription-based eCommerce models are gaining popularity that provide customers with convenient access to products and services. These subscription services can include loot boxes to streaming platforms.
Mobile Shopping
Smartphones are a mobile device that you can bring anywhere at any time. Mobile shopping is still an ongoing trend in the eCommerce market due to the availability of shopping at the grasp of their hands. This leads to increases in purchases and sales which can help your business grow. Businesses are optimizing their websites and creating user-friendly mobile apps to cater to the growing demand of consumers who prefer to shop on their smartphones.
Artificial Intelligence (AI)
Artificial intelligence or AI has been the talk of the town for almost 2 years now. Some say it may replace humans, but smart people know that by leveraging AI, you can 10X your productivity rather than replacing real humans. By leveraging AI, businesses can enhance customer preferences which provide a solid personalized shopping experience for your customers. AI can collect customer’s shopping behaviors which includes preferences, browsing history, and time of purchase. Through AI-generated marketing, businesses can easily create campaigns that are highly customer oriented, providing a better customer shopping experience.
Same day delivery & fulfillment options
With the convenience of online shopping, it should also match the convenience of getting the product. In 2023, same day delivery & fulfillment options are a significant demand for the eCommerce industry. Customers have heightened expectations for faster deliveries and fulfillment that are driven by eCommerce success giants. The ability to offer same-day delivery positions your eCommerce business at a competitive advantage for providing the demands of convenience. Providing same day delivery options may not be easy for small to medium businesses, but investing in one can provide long-term success.
Tightened security and privacy
There has been a surge of data information leaks in the Philippines where people receive text promotion messages from unknown numbers that indicate their full name. It is quite frightening that outside sources are informed about your personal information without your consent. This makes enhanced security and privacy a number one priority for the eCommerce industry in the Philippines. Businesses that implement robust security measures, adapt to encryption technologies, and comply with data protection can ensure your customers a safe and secure online shopping experience.
Sustainability and ethical practices
Sustainability is a significant trend to eCommerce this 2023 as more and more customers place a growing emphasis on sustainability. Practicing sustainability and ethical practices is a big plus for customers. For eCommerce businesses are offering eco-friendly products, sustainable packaging, and showcasing their commitment to take a step to the betterment of the environment.
B2B eCommerce
It is convenient and accessible for consumers to shop online through eCommerce. But what about businesses that want to procure or purchase products for their business? Some eCommerce marketplaces support B2B transactions like Shoppable Business. A B2B eCommerce marketplace offers quantity discounts when you buy in bulk and wholesaling. This type of marketplace enables not only customers but also businesses to buy what they need online.
Why it’s important to keep up with eCommerce trends in the Philippines this 2023
Stay competitive
Staying above the competition is a critical factor in determining your business success. The eCommerce competitive landscape is highly dynamic and constantly evolving. By staying updated with the latest eCommerce trends, you can ensure that your business remains competitive. Understanding what your competitors are doing and how consumer behaviors are changing allows you to adapt your strategies, stay relevant, and maintain a competitive edge in the market.
Customer centricity
Consumer expectations and preferences evolve over time. By keeping up with eCommerce trends, you can better understand what customers are looking for and tailor your offerings to meet their expectations. This includes aspects such as user experience, personalized marketing, convenient fulfillment options, and emerging technologies. By aligning your business with customer demands, you enhance customer satisfaction, increase loyalty, and drive sales.
There’s a huge market for it
By 2025 it’s forecasted that the market size for it will be worth $15 billion. Whether you are selling or buying, now is a good time to invest.
Identifying growth opportunities
Ecommerce trends often bring about new opportunities for growth and expansion. By being aware and adapting to emerging eCommerce trends, you can identify niche markets, innovative business models, and untapped customer segments. This allows you to seize opportunities for growth and diversification, helping your business expand its reach and increase revenue streams. By proactively embracing new trends, you position your business for long-term success in the ever-evolving eCommerce landscape.
Shoppable Business – The fastest growing B2B eCommerce Marketplace in the Philippines
Keeping up with the latest eCommerce trends can be demanding. Not knowing which to prioritize first, getting busy on much bigger projects, and such. Joining an eCommerce marketplace like Shoppable Business can do the heavy lifting in helping your business keep up with the trends and demands of eCommerce this 2023.
Through our omnichannel sales, same day delivery and built-in Fulfillment by Shoppable, enabled subscription services for loot boxes, enhanced on-site and off-site marketing through SEO for your brand, and a robust security and privacy system can ensure that your customers are satisfied when they shop.
Why Become a Seller in Shoppable Business
- Access to a large customer base – giving businesses an opportunity to expand their reach and increase sales
- Increased visibility and brand awareness – a platform for businesses to showcase their products/services and potentially attract new customers
- BNPL (Buy now, Pay later) – grow your ASP; buyers/companies can apply for loans up to ₱150,000.00
Why Become a Buyer in Shoppable Business
- Wide product selection from different categories – a one-stop-shop solution for businesses’ procurement needs
- Save company time and money – Customized orders, RFQ for specific quantities, bundles, configuration, Track their orders, view purchase history
- Need it now but limited budget – Buy Now Pay Later – apply and get up to ₱150,000.00
- 100% Authentic products only every time you buy.
