Anvil members and guests had the privilege of learning from one of the most successful young entrepreneurs today, Steve Sy. Steve is the Founder & CEO of Great Deals E-Commerce Corp., and is aggressively leading his team to becoming the Alibaba of the Philippines, offering end to end service processes, brand awareness, and logistics fulfillment for its clients. Many companies have already embraced going online. They have taken steps to digitalize their businesses, as well as open e-commerce channels. However, this transition is not to be made blindly, as this is a major undertaking that requires strategy and precise execution. Steve discussed three major consumer behaviors:
1.) most buyers complete orders during their lunchbreak,
2.) 80% still prefer Cash on Delivery (COD), and
3.) “Home-conomy” reigns. These insights give us clues on when we should be more present and available to assist our customers, the payment options we should have available, as well as the products and services we offer. “Home-conomy” means consumers now prioritize health and hygiene, prefer to stay home, value quality and safety, but all on a tighter budget. Also discussed were trends in E-Commerce.
The lowest hanging fruit for businesses right now is to make their products available in major e-commerce platforms like Shopee, Lazada, and Zalora. Another way to be stay relevant is to engage in Social Commerce like having updated Facebook and Instagram pages, and even being present in Viber communities, and new alternative platforms like Tiktok. Needless to say, digital marketing is no longer an option but a must. Businesses need to be where the market is. However, we need not be slaves to likes and shares, we need to focus on the bottomline -- sales. How much of a businesses online engagement really translate into actual sales? This has given birth to a new phenomenon called “Influensales,” - a growing trend that has revived the home TV shopping economy - but now in the digital realm. Major brands have launched livestreamed influencers presenting products using creative and engaging content. The times are still transforming the way we do business. It’s both challenging and exciting, but one thing is for sure, we need to move along with it - strategically and swiftly.
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