As a marketing and e-Commerce practitioner, the ASEAN+3 Youth Digital Business Summit 2019 agenda truly excited me. I am already very familiar with the Philippine digital business market and looked forward to learning new things from the summit – and I most certainly did. Not only did I learn from the speakers, but I also met delegates across ASEAN+3 and gained new insights from their perspectives.
The ASEAN+3 digital business landscape is continuously adapting to evolution and we are constantly innovating, which was the constant theme throughout the summit. Here are some of the key takeaways from the summit:
• Making Online and Offline a Thriving Ecosystem
As online continues to gain momentum, businesses and consumers are expected to have a seamless experience for online and offline. Before, businesses considered online and offline as two separate channels. Now, they have recognized the need to adapt and make these two channels mutually symbiotic for a thriving business ecosystem. Omni-channel strategies are key to success in digital business and offline.
Online and offline can co-exist, and ASEAN+3 is now working on addressing barriers in order to help businesses succeed in digital business.
• The Digital Economy and the Future of Entrepreneurship
Digital technology and online platforms are disrupting business models. The emerging digital economy has the potential to generate new scientific research and breakthrough. It also provides job opportunities, economic growth and improvement in the quality of life. The ASEAN region also has potential with its own unicorn companies, such as: Grab, Lazada, Traveloka, etc.
Freelancing is also a growing trend in the digital economy and entrepreneurs are using their skills to build their freelancing business. This is also apparent as most of the delegates in the summit are entrepreneurs who offer their own products or services.
• Optimizing E-Payments
Optimizing businesses using e-Wallets/ Financial Technology is a growing trend in ASEAN+3. Some countries are already successful in integrating this to their culture of life. This trend is yet to be seen in the Philippines. Despite the introduction of e-Wallets, statistics still show cash on delivery as a dominant payment method. Studies also show that there is a big chunk of the population who do not have bank accounts and credit cards.
Another barrier to consider in growing FinTech in the Philippines is data connectivity. The government should deliberate on how FinTech can be grown in the country to keep up with the ASEAN+3 trends.
These are my key takeaways in relation to digital business. Read about my key takeaways on collaborative work environments here.
NYC-Philippines-AYDBS 