Technology as success drivers for entrepreneurs this year
With the fast-paced evolution of technology in the lives of people and businesses around the world, some brands were able to adapt. Unfortunately, some were still left behind, particularly the Micro, Small and Medium-sized Entrepreneurs (MSMEs).
This is why the Association of Filipino Franchisers, Inc. (AFFI), the home of Filipino home-grown franchisers, believes that the 3 I’s—Improvement, Integration, and Innovation—will be the name of the game for SMEs this year. Many MSMEs have to learn to fully embrace technology by integrating new systems that will help improve and innovate their business.
AFFI noted, though, that while the 3-I’s are catalysts in business development trends this year, millennial consumer behavior remains as a major influencer of business trends for 2020. For one, some as young as 18 years old already earn enough money, those who work mostly in Business Process Outsourcing (BPO) companies to transform them into “entitled spenders.” Second, most companies now look at skills and high aptitude towards technology even without a college degree. Also, there is a noted increase in the number of freelance professionals due to “offsite” or “remote office” setups, where even those with existing jobs can accept extra work at home, thereby increasing their buying capacity.
With this shift in buying power of consumers, it may mean more growth for the local economy, and thus will help expand the field for more SMEs and other business start-ups.
Some business trends that AFFI sees will experience a boom this year include those that provide “Convenience” such as online shopping, which will continue to level up due to technology, delivery services because of the so-called shared services business such as Grab and the like. There will also be the prevalence of specialty cuisines minus an actual restaurant or store, and more home-made products will emerge, while old and traditional food will flourish due to available delivery platforms.
Home services like car wash, aircon cleaning, pet grooming and even personal wellness services will also grab a piece of the spotlight because it can now be rendered at everyone’s doorstep. And after the Ice Scramble, Siomai, Milk Tea, Waffle, Shawarma, and the Mango Graham craze, more original brands with new food concepts will crop up, those that will cater to the taste buds of Filipinos.
These trends and other developments will be the highlight of the upcoming 18th Franchise and Business Expo, the country’s biggest and longest-running business expo organized by the Association of Filipino Franchisers, Inc. Happening on February 28 and 29 up to March 1, 2020 at the World Trade Center, Pasay City. The event features some of the best savvy start-up businesses and the best and most successful ventures across various industries in the country today.
Now with a brand-new logo designed to represent “Empowerment” in every way, the expo aims to help aspiring entrepreneurs start their dream business, and help existing ones reach their full potentials through informative seminars, learning sessions, and other opportunities to be provided by partner-organizations, government agencies and fellow entrepreneurs.
The Association of Filipino Franchisers, Inc. (AFFI) continues to be the country’s foremost organization that caters to the needs of the country’s 99.6 percent of MSMEs and promotes expansion through franchising. Currently, its 221 members own a total of 16,093 outlets, 36 percent of which are company-owned while 64 percent are franchised, generating annual sales worth Php 54.07 billion and providing employment for 96,000 Filipinos.
The AFFI 18th Franchise and Business Expo will happen on February 28 and 29 up to March 1, 2020 at Halls B & C, World Trade Center, Pasay City. For details, call Rafael Canare, AFFI Executive Director, at 0917-5182334, (02) 7745-3237 or email [email protected] or visit www.affi.com.ph.
The Association of Filipino Franchisers, Inc. (AFFI) is headquartered at Unit R, 7/f Future Point Plaza III, 111 Panay Avenue, Brgy. South Triangle, Quezon City.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.