Thinking of expanding your online store operations to the Philippines? There's no better time to do so than now. The country was recently ranked by the World Bank's latest edition of the Global Economic Prospects as the 10th fastest growing economy in 2017, not only in Asia but all over the world.
As the second most populous country in Southeast Asia, the Philippines is also enjoying a fast internet growth rate. There are now 60 million internet users spending an average of 9 hours daily online as per a 2017 report by Hootsuite and We are Social 1. Nine out of ten Filipinos also shop online at least once a month, and their online consumer shopping behavior is similar to Singaporeans.
With digital commerce, companies need not establish physical stores overseas these days to be able to expand their operations to other countries. You just need to find the best digital commerce with international capabilities that can help you streamline your risks and make it more convenient to run your operations.
Are you ready to expand to the Philippines?
As an entrepreneur, only you can gauge your readiness to foray into another market like the Philippines. Here are some questions to ask yourself.
1. Have I established a good foundation?
Establishing a good foundation means that you are already confident with your capabilities to run your store in your existing market. You have a good track record and sustained customer growth. You have the time and resources to allocate to your new endeavor.
2. Have I checked out local market?
It’s important to do your research. Are there merchants offering similar, if not the same goods? What are the comparative price points for your goods in the local market? Are there particular cultural nuances that you need to take note of? Knowing the lay of the land allows you to position your products well.
3. Do I have a good digital commerce partner?
The beauty of digital is that you don’t have to start from scratch. The right digital commerce platforms can give you the leg up in that dream of expanding beyond where you are right now. For example, TackThis! (www.tackthis.com.sg) offers a customisable Overseas Selling Plan package with concierge services, making it easier for you to expand to the Philippines, even if you do not have prior experience in cross-border selling.
The best digital commerce platforms can provide you with easy store creation, auto listing in local marketplaces and assistance in vernacular communications - be it in customer support, marketing, and info updates, payment consolidation, delivery coordination and inventory management. With these tools at your disposal, expanding to an overseas market like the Philippines is within easy reach.
- Dickson Gregory, Co-Founder, Takatack Technologies Pte Ltd -