PH e-Commerce Trends for 2024

foodpanda shares key trends to drive PH digital economy

In 2024, the Philippines’ digital economy is projected to maintain its upward trajectory, with e-Commerce playing a pivotal role. This growth is fueled by increasing local spending, as unemployment drops and remittances rise.

According to insights from data and analytics firm GlobalData, e-Commerce sales in the Philippines are projected to maintain their growth trajectory driven by the growing online consumer preference, reaching Php 969 billion by 2026 or at a compound annual growth rate of 9%.

As e-Commerce becomes the main driver of the country’s digital transformation, foodpanda Philippines CEO Daniel Marogy highlighted key e-Commerce trends in 2024 that will be essential for boosting the PH digital economy.

“This year, we’re expecting to see some global e-Commerce trends that can also be applied to the Filipino market. Digital transformation keeps evolving, and those groundbreaking trends we saw in 2023 will continue reshaping our world in remarkable ways.”

AI-powered in-restaurant solutions for partner vendors

Among the anticipated trends for 2024 is the greater use of Artificial Intelligence (AI) to improve customer experiences. Filipinos value personalized service, so e-Commerce platforms can leverage AI to offer tailored recommendations based on individual preferences and browsing habits.

For foodpanda’s part, they have partnered with software company TabSquare to empower restaurants with artificial intelligence (AI)-powered in-restaurant solutions.

Restaurant owners can review the transactions via TabSquare’s analytics, which provides valuable insights to support partners in improving menu items, pricing, and promotions, among other things. “This enables restaurant owners to identify trends, and personalize subsequent experiences based on customers’ purchasing history,” Marogy said.

Marogy added that this type of innovative tech tool will also significantly contribute to the digital literacy and expanded growth of micro, small, and medium enterprises (MSMEs) in the e-Commerce landscape. “We’re here to guide MSMEs through these new business and tech trends, which are key to their long-term survival and success.”

Empowering delivery partners

While the increasing adoption of online delivery services has transformed consumer behavior, they have also created new livelihood opportunities, particularly for delivery partners.

Marogy highlighted the growing gig economy, especially in the online delivery space. “Through our partnership with foodpanda logistics, thousands of Ka-panda delivery partners can help us deliver food and groceries to our app users while enjoying flexibility and autonomy to balance work with their other responsibilities.”

He also pointed out how the flexibility provides them with the freedom to shape their daily schedule around their own needs and circumstances.

Sustainable online delivery ecosystem

As environmental awareness increases, the year 2024 will witness more Filipino consumers embracing eco-friendly practices, and e-Commerce platforms that adopt this mindset could connect better with the public.

Being a tech platform, one of foodpanda’s missions is to create a more sustainable restaurant and delivery ecosystem, which is highlighted in their flagship sustainable program “Let’s Do Our Pau-rt” (LDOP).

“With LDOP, we’re honing in on three main goals: protecting the environment, helping our communities grow, and tackling hunger head-on. We have been leveraging our technology and network resources as a platform for sustainability across all aspects of operations and community engagement so we’re confident that by using our resources wisely, we can make a real difference in these areas.”

With hunger being one of the country’s most pressing issues, the company has intensified its efforts in various initiatives to fight hunger, such as food donation drives for underserved communities and educational campaigns addressing food waste.

“One of the initiatives that we’re putting our focus on is our partnership with Scholars of Sustenance, a global food rescue foundation. Through this initiative, we rescue surplus food and donate it to communities in need.”

The e-Commerce sector is set to drive growth in the Philippines’ digital economy and businesses must stay flexible to adapt to changes and embrace innovation and sustainability. This will not only meet consumer needs but also benefit the country’s economy and society.

“At foodpanda, innovation isn’t just about keeping up with the times – it’s about making sure we’re giving the best service to everyone in our network – from our app users and delivery partners to our partner vendors and the communities we serve,” Marogy concluded.

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2024-02-11 17:03:29

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