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The transition from cash to cashless has been slow in the Philippines. Although cashless options are available, many businesses prefer the riskier cash-on-delivery model. But with growing trust and familiarity with digital payment solutions, it’s only a matter of time until cashless payment solutions become the norm in B2B and B2C solutions. Until recently, up to 98% of Filippinos didn’t possess credit cards, but with e-commerce becoming more mainstream, it’s possible the population will bypass credit cards altogether and move straight to smart online shopping in the Philippines, according to Tech Wire Asia. Businesses should start integrating cashless payment methods into their system to account for this inevitable and rapidly approaching change.
Once online sellers in the Philippines fully integrate cashless payments, other technologies used by neighbouring countries will become more accessible. The buy now, pay later (BNPL) system has gained a lot of traction globally with businesses like afterpay and zippay leading the way. Locally though, TendoPay, Cashalo, and BillEase are the key players. Businesses that want to enhance the online shopping experience should integrate these into their website and storefront payment solutions. According to a survey by QR, BNPL payment in the Philippines is expected to grow by 109.7% on an annual basis to reach US$803.5 million in 2022. Online sellers in the Philippines can take advantage of this growing market and establish themselves as competitive retailers by integrating this POS system.
The impact of business on the environment has been a hot topic with experts warning the dangers of maintaining destructive habits. As a response, consumers are choosing to purchase from businesses that are dedicated to green solutions. According to Forbes, 68% of highly empowered consumers plan to step up their efforts to identify brands that reduce environmental impact. A popular strategy for millennials and Gen Z consumers, this trend benefits local MSMEs the most. With consumers focusing on low-milage products and supporting local economies, small businesses are partnering with local farmers to help bring their fresh produce to different communities around the metro through social media and e-commerce stores. Online sellers in the Philippines can use e-commerce solutions to connect online shoppers with local producers.
For a consumer base increasingly concerned with eco-conscious purchasing, a green logistics solution can be a boon for business. DHL Express offers green logistics solutions to our partners. This system is dedicated to cutting down emissions, achieving carbon-neutral, and innovating sustainable logistics solutions. As a DHL Express partner, your business joins a global client base of businesses dedicated to excellent and ethical service. If you’re interested in learning more about our green logistics solution or becoming a part of our mission, then visit our website or sign up for an account today.