Top 5 Emerging Business Trends in the Philippines for 2021
The emergence of COVID-19 pandemic in 2020 resulted in a massive shift in the world of business, and the Philippines was not an exception. The pandemic resulted in a paradigm shift in business operations, and businesses that have been able to weather the storm have adapted to these changes seamlessly.
2021 provides an opportunity for businesses to assess the challenges and opportunities that lie ahead. From a macro perspective, the following top five emerging business trends are projected to take hold in the Philippines for 2021.
1. Digitalization
The pandemic has led to an increase in the adoption of digital technologies across different sectors in the country. From education to e-commerce, digital technologies have proven to be a solution for businesses that have been striving to provide seamless services to customers in these trying times.
The adoption of digital technologies is expected to gather even more momentum in 2021 as businesses realize the effectiveness and efficiency of digital solutions and how it can increase customer reach and loyalty.
2. Flexible Workplace
The pandemic has also brought to light the need for flexibility in the workplace. With remote working becoming the norm, businesses have been able to keep their operations running while ensuring the safety of their employees.
In 2021, companies are expected to continue with remote working arrangements, which have also proven to be cost-effective since companies save on office rental costs. The hybrid workplace – where employees work both remotely and in the office – is expected to take shape.
3. Sustainability
Environmental sustainability is becoming an increasingly crucial aspect of business operations, and the pandemic has only served to bring this to the forefront. Consumers – especially millennials and Gen Z – are more conscious of the impact of their decisions and have been more inclined to support businesses that are environmentally friendly.
In 2021, businesses are projected to prioritize the creation of sustainable business models, which will see a shift from traditional business models that rely on extractive methods to more sustainable solutions.
4. Investing in Human Capital
COVID-19 has had a profound effect on businesses and resulted in massive layoffs, and most businesses have been able to cope through the creative reallocation of resources. However, investing in human capital will prove essential for businesses that seek to remain sustainable in the long run.
The pandemic has presented an opportunity for businesses to provide training and reskilling programs that allow their workforce to adapt to the changes that lie ahead. In 2021, businesses will be seen investing more in their staff’s welfare and well-being.
5. Increased E-commerce
The pandemic saw an increase in demand for e-commerce platforms since social distancing measures were introduced. With most brick-and-mortar businesses facing restrictions, e-commerce has provided a viable alternative for businesses and customers alike. Due to the convenience and accessibility of online shopping, e-commerce is expected to grow even more in 2021, and businesses that fail to adopt this trend run the risk of being left behind.
In Conclusion
2021 presents a unique opportunity for Philippine businesses to adapt to the emerging trends. The country has weathered tough times and has come out stronger, and businesses that align themselves with the outlined trends will be better positioned to thrive in uncertain times. By embracing digitalization, flexibility in the workspace, environmental sustainability, investing in human capital, and e-commerce, businesses can steer towards securing their positions in the market and sustaining their growth for years to come.
