Business Trends in the Philippines for 2024

As we enter 2024, the Philippines, like the rest of the world, is riding a wave of digital transformation. In a previous article, we discussed key Global Business Trends in 2024 that companies should know when developing their business digitization plan. 

In this article, let’s explore specific Business Trends in the Philippines for 2024 and see how Qashier can help digitize your business.

Philippines’ Digital Transformation Drive

Government and business initiatives across various key sectors drive the digital transformation in the Philippines, reshaping its retail scene at a rapid pace. The Department of Information and Communications Technology (DICT) is spearheading this movement, with a clear vision from President Ferdinand Marcos Jr. for universal connectivity and leveraging ICT as a tool for building a safe, secure, and competitive nation. 

Programs like BroadBand ng Masa and SIM Card Registration are among the forefront projects in strengthening the ICT industry in the Philippines. This commitment to digital transformation is a national priority, reflecting the government’s role in fostering an environment conducive to technological innovation and digital inclusion​. 

The Private Sector’s Role in Digitalization

On the business front, initiatives from the private sector are playing a crucial role. For instance, the Digital Pilipinas Festival 2023 exemplified this drive by bringing together various stakeholders in the tech ecosystem. The festival featured record-breaking participation, with over 2,500 attendees and 237 speakers, focusing on key growth sectors like Fintech, Sustainability, and E-commerce. This event highlighted the synergy between private sector endeavors and national priorities, emphasizing the Philippines’ potential to emerge as a regional hub for technological advancements. This community-driven approach has been instrumental in attracting international attention and demonstrating the Philippines’ capabilities in technology and innovation.

Key sectors experiencing significant advancements include cloud computing, with major providers like Google Cloud, Alibaba, AWS, and Tencent Cloud supporting the digital shift. The internet economy of the Philippines was valued at US$7.5 billion in 2020, which is projected to grow by 30% annually, reaching US$28 billion by 2025. The data centre market is also expected to reach US$488.50 million by the end of 2023, growing at a CAGR of 6.51% between 2023 and 2028. These figures indicate substantial investments in digital infrastructure, reflecting the country’s commitment to embracing digital transformation across various sectors. 

With such rapid digital transformation bolstered by strategic public and private sector partnerships, the Philippines is an attractive destination for businesses looking to tap into a market ripe with technological innovation and digital growth.

Businesses and Digital Transformation 2024

As the business landscape evolves, the role of Point of Sale (POS) and payment solutions becomes increasingly significant. Businesses need to adopt flexible and adaptive POS systems in our digitally-driven market. These systems are crucial for managing the complexities of modern commerce, from handling diverse payment methods to integrating with various digital platforms.

Qashier’s smart POS solutions exemplify this adaptability. Our software and hardware address evolving business trends by offering a comprehensive suite of features that cater to the needs of modern businesses. Qashier POS solutions facilitate seamless transactions, provide valuable insights through data analytics, and ensure smooth customer experience, which is essential in today’s competitive market.

There is an optimistic outlook for businesses that leverage innovative POS solutions. These technologies are not merely transaction management tools but business success drivers. By adopting advanced POS systems like Qashier, businesses can enhance operational efficiency, improve customer engagement, and adapt to the changing market dynamics more effectively.

In conclusion, integrating advanced POS solutions, such as those offered by Qashier, is how businesses can thrive in the current and future business landscape. Technological solutions, like Qashier, play a critical role in navigating the challenges of modern commerce, ensuring enterprises stay ahead in an ever-evolving market.

More about Qashier

Qashier offers multiple digital solutions, including QR code table ordering, table management (F&B), employee management, customer relationship management (loyalty programs), inventory management, data analytics, and track payments, in an all-in-one device.

Qashier promises a seamless setup within 10 minutes, without the need for technical expertise. It boasts a user-friendly interface that is simple for anyone to learn and use. If you require assistance, you’ll find 7 days-a-week responsive technical support from your local team.

Try the Qashier app for free on your own Android device! Speak to us to see if Qashier’s Smart POS can meet your business needs. Schedule a meeting with us here, or contact us at +63 917 QASHIER (7274437) (Whatsapp and Viber) or email at [email protected].