Starting an online business can be very daunting and costly as well, but once you’ve learn how to navigate the dynamics of setting up and had tied all possible loose ends it can be rewarding. There are challenges definitely like any conventional business start-up it has rules and laws that needs to be followed. Unlike in a more developed economy, the Philippines eCommerce is still having a long way of threading not just in regulatory aspect, but also security, supply chain, warehousing, financial support as well as public awareness non-the-less the silver lining is at sight.
The market has a tremendous potential in terms of future growth because of a large number of people becoming adaptive towards online shopping trends with the help of rising internet and social media penetration rate in the country. There are 2 different business model which is very prominent either B2B or Business to Business and B2C or Business to Consumer. However, it was the latter that is gaining more traction and volume.
In order to capitalize on this growing online shoppers, small business need to expand the market reach. This presupposes tapping non-credit card shoppers which is a huge chunk of the consumer spectrum. The credit card penetration in the Philippines is very low according to the Credit Card Association of the Philippines it around 7.6 million as of 2013, this due to restrictive requirements implemented by the government and it could hurt the eCommerce growth if not given proper correction in the long-term.
However, fear no more since there are alternatives payment solutions available like Dragonpay, ML ePay that can help SME and entrepreneurs to leverage their product marketability and keep up their competitive advantage. This alternative payment gateway is very relevant and still cost efficient.
This is a very simple platform that can be integrated in any online shop and supported by the network of more than 1,500 branches owned and managed by M.Lhuillier.
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