Franchise group sees innovation as vital for SMEs
The Association of Filipino Franchisers Inc., the home of Filipino home-grown franchisers, believes that the three 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 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. on Feb. 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.
