Convenience is biggest commodity
Even before the pandemic, online shopping was already booming, but the Covid-19 pandemic accelerated the espousal of the digital lifestyle.
Daily TribuneEven before the pandemic, online shopping was already booming, but the Covid-19 pandemic accelerated the espousal of the digital lifestyle.
The success of the expanding online retail industry results from the consumers' willingness to pay a premium for the convenience of online shopping. Consumers and retailers have embraced online selling as a cheaper, more convenient way to shop.
With skyrocketing petroleum prices, online shopping saves you the cost of driving to malls and paying parking fees.
In a conversation with Kim Lato, the founder of the electronic online shop Kimstore, agrees that the critical advantage online selling offers is the convenience it provides the customers. With shoppers returning to in-person shopping offered by malls, online stores still report brisk sales because of this one advantage.
'We had a very positive result during our 12.12 campaign," Kim told this writer during Gising Na!'s Omni media morning show. "Right now, we are still experiencing positive growth in the online shopping segment, although it is evident that more people are going to the malls to shop."
She added: "We must be more creative because online selling is all about convenience."
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Indeed, the exponential growth in digital literacy and the mass adoption of technology has made online shopping a critical, if not inevitable, part of our lifestyle. Even before the pandemic, online shopping was already booming, but the Covid-19 pandemic accelerated the espousal of the digital lifestyle.
Post-pandemic, the digital lifestyle has taken the front seat, with online shopping the most chosen and favored mode for purchasing things for most people. The biggest perk offered by online shopping is the speed with which transactions are concluded, at the ease and comfort of your mobile phone or laptop, whenever and wherever you are.
A report by Google, Temasek and Bain & Co. identified the Philippines as the fastest-growing economy in the Southeast Asian region. Backed by strong government support, the country's digital space contributes significantly to the nation's gross domestic product. And in 2020, the digital sector was estimated to be worth $7.5 billion and is expected to grow by 30 percent annually.
The Google, Temasek and Bain & Co. report titled, The e-Conomy Southeast Asia, the Philippines' overall internet economy in terms of gross merchandise value is forecasted to reach $40 billion in value by 2025
However, despite its steady growth, the country's digital transformation trajectory faces several headwinds from external and internal factors. These include low adoption of digital technology among micro, small and medium-sized enterprises, gaps in digital access tools, the skills gap in the workforce regarding digital literacy, and the need for more awareness of government policies and programs to facilitate digital adoption.
An independent study by AlphaBeta commissioned by Google added: " if leveraged fully, digital transformation can unlock P5 trillion ($101.3 billion) worth of annual economic value in the Philippines by 2030."
The research concluded: "There is a significant economic prize attached to accelerating digital transformation in the Philippines. If fully leveraged by 2030, digital technologies could create up to P5 trillion ($101.3 billion) in economic value. This is equivalent to 27 percent of the country's GDP in 2020. In addition, technology applications can also help businesses manage the long-term economic implications of the Covid-19 pandemic while staying resilient against future 'black swan' events."
In addition to a more exciting experience, shopping online has a therapeutic effect on a shopper's mood. It can save you plenty of time and money too.
Kim said it all when she said that online shopping is all about convenience. "Time is significant, and with the fast-moving landscape of daily living, the time we can save shopping can be spent on something more important, like the rest of our family."
