Several of them say they don’t have the skills, time, or money to build a business website and that they don’t need it either because it’s not required, or they’ll just use social media like Facebook and Instagram instead. Though the Philippine Government wanted to expand and upgrade to the new generation system and to ride on with this growth, there are still a lot of challenges that our country is facing. Today, we have listed 5 of the most common challenges:
- Infrastructure gap. If you check your internet speed, you will know that it is much slower compared to other countries. According to OOKLA’s Speedtest, the Philippines is one of the poorest in terms of internet infrastructure. However, our growth is continuing to go up, and while it may occasionally slow down, it will continue to increase. Furthermore, internet speeds have gradually improved. The amount of information and content the consumers access have also greatly increased. In fact, there is a 143.74 percent improvement from the years 2016 to 2019.
- Smartphones. Most users access the internet through their smartphones. But a lot of Filipinos, especially from the rural areas still do not have access to these devices. Thus, most Filipino business owners are reluctant in getting a website because it may not cater to those areas and finds it more of an added expense rather than an investment.
- Low broadband penetration. Just like our challenges with mobile devices, one of the main problems is the low broadband penetration. It is common knowledge that in remote areas, you can only access the internet through internet cafes and urban workplaces, in which they still need to travel a few kilometers just to get by.
- Digital payment penetration. Unlike in other more developed countries wherein they can easily link their bank cards/accounts online for online payment. It is difficult to penetrate this method of payment here. If businesses opt in on this, it can be an added expense as they need to connect to a third-party and in turn charges an additional fee. Currently, it is not yet widely used however, we are still positive in the future that this method of payment will be fully adopted by our country’s businesses for convenience and cashless transactions.
- Security. The mindset of Filipinos with online payments and using online platforms in payment transactions leaves a great mark for opportunity. Filipinos still need further convincing about this. But with proper education and knowledge in online transactions, it’s sure to establish confidence. Truth be told, it is most beneficial for online banking, Buy & Sell, or any small to big businesses. All the discussion till this point has made it evidently clear that while having a social media page boosts their reach, having no business website still takes a noticeable impact on business scopes by missing out on opportunities.
Additionally, relying solely on social media to attract customers or clients is not only preventing several prospects from doing business with you, but due to the fact that you do not own your stuff and you cannot control what happens with it. So, there you have it, our list of the 5 most common challenges of business owners. Do you have something to add? Let us know in the comments section below.