Seven out of ten Filipinos are expected to increase their online shopping as the coronavirus disease 2019 pandemic continues to change customer behaviors, according to a study by digital payments company Visa.
The survey covered consumers from across 40 countries worldwide, including the Philippines. It found that 73 percent of Filipino consumers said they are most likely to increase or sustain their online shopping.
“They are shopping for essential goods and services such as groceries, drugs and pharmaceutical goods and making bill payments for their telecommunication services. They are also making purchases for business services, showing a shift in small business owners making ecommerce purchases for business related services,” Visa country manager for Philippines and Guam Dan Wolbert said.
He said 37 percent of Filipino respondents also said online shopping is a more positive experience than shopping at a physical store, higher than the global response of 35 percent. This indicates a shift to ecommerce that should demand constant improvements in the online shopping experience of Filipinos, especially as it provides a safer alternative as our government continues to struggle in its response to the COVID-19 pandemic.
The study also shows cashless habits are forming across the globe with 42 percent of Filipino respondents saying they prefer cashless methods.
The latest survey from the United Nation’s Better Than Cash Alliance showed the share of e-payments from total transactions increasing to 10 percent in 2018 from only 1 percent in terms of volume and to 20 percent from 8 percent in terms of value.
Changing habits, coupled with further innovations and collaborations should benefit the general public as more rely on online shopping and cashless payments to do business. Aside from offering a more convenient alternative to shoppers, it is also safer in terms of health as well as overall security. If we continue to develop this sector, online shopping and cashless payments could give our currently sluggish economy a much-needed boost in the short term and change the marketplace for the better in the long term.*