Saturday, May 25, 2024

‘Digital experiences’ now key differentiator for PH biz to accelerate growth: report

Delivering exciting and seamless digital experiences has become a key competitive differentiator for Filipino organizations as the country continues to accelerate its journey towards a digital-first economy, according to a report from virtualization firm VMware.

According to VMware Digital Frontiers 3.0 Study, 74% of Filipino consumers indicated that they have started engaging with brands that delivered superior digital experiences, suggesting that a strong alignment is needed from the organizations to close the digital experience gap.

The study revealed that 77% of Filipino consumers have defined themselves as “digitally curious” or “digital explorers” who look forward to organizations delivering more digital experiences and services, putting them on par with Southeast Asia’s overall average of 78% and well ahead of five out of nine other developed nations surveyed: US (59%), France (55%), Germany (57%), UK (64%) and Singapore (67%).

Filipino consumers are now more conscious of the digital experiences they get from brands, with at least six in 10 consumers (64%) stating that they will switch brands if the ongoing digital experience did not live up to their expectations.

According to the same study, high level of security and data protection (63%), faster speed of service (52%), apps that deliver simple and effective services (36%), as well as ease of use across multiple device (36%) have emerged as top factors that impact the overall digital experience from brands.

With more Filipinos embracing digital services, consumers in the country are also becoming more environmentally conscious with 65% reported that they are willing to pay more for goods or services from a firm that has demonstrated how it is using renewable energy and supporting the transition to net-zero emissions.

This puts them ahead of the other developed nations surveyed – including US (35%), France (35%), Germany (34%), UK (35%) – and slightly behind Thailand (66%). This has also impacted their interactions with brands as majority (61%) said that they will stop engaging with companies if they did not publicly share their ethical policies.

“In 2020, a majority of Filipino organizations were able to respond and adapt to the onset of the COVID-19 pandemic by making a pivot towards digital platforms and channels to continue engaging with customers,” said Walter So, country manager of VMware Philippines.

“As the Filipino economy begins its recovery this year, future-forward Filipino enterprises must be able to accelerate their growth by strengthening their ability to develop and deliver superior digital experiences that are not only more secure, but easily accessible on any app, any cloud and any device. This will be critical in meeting the increasing demands from digitally-hungry Filipino consumers.”

The study also found that in the Philippines, certain industries fared better in terms of meeting consumer expectations in 2020, with respondents stating that financial services (58%), retail (60%), and education (37%) organizations delivered improved digital experiences now compared to before the Covid-19 pandemic. Financial Services leads all other industries when it comes to the issue of trust, with respondents stating that financial services organizations (61%) provide them with the assurance that their personal data is well protected.

The digital expectation from Filipino consumers is set to continue growing, with those surveyed saying they find Financial Services (57%), Retail (64%) and Education (42%) more exciting to engage with because of the digital services they offer.

For organizations in the Philippines, recovery and growth rest on leveraging innovations that enable them to adapt and accelerate in the new digital frontier. In a fast-changing business environment, digital transformation is key to unlocking greater opportunities in Filipino’s dynamic digital economy. VMware’s portfolio of cloud and app modernization, networking, security, and digital workspace anywhere platforms form a flexible and consistent digital foundation that enables organisations to deliver powerful and personalized digital experiences to end users seamlessly and more securely.


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