WATCH: Now’s The Time To Bring Your Business Online. Here’s What You Need to Know
It can be difficult to come to terms with what's been going on lately, but there's really no escaping the harsh reality: a pandemic has turned our world upside down.
Not least of COVID-19's adverse and still-ongoing effects is a shrinking economy. It's been estimated that the pandemic caused roughly 75 percent of all economic activities in the Philippines to grind to a halt. This crippled us, causing millions to lose their jobs, as well as a 16.5 percent contraction in our economy in the second quarter of 2020. We have officially slipped into a recession—our first in 29 years.
Naturally, small and medium enterprises are left to bear the brunt of these headwinds. Many small kiosks, restaurants, and specialty shops are struggling with the drastic shifts in demand, and the risk of failure looms large.
But not all hope is lost. Where there is crisis, there is opportunity. It's just a matter of being able to adapt.
These days, adapting means bringing your business online and investing in technology. This is no longer an option—leveraging the internet is now a matter of survival for small and medium businesses. Good thing technology has caught up enough so that entrepreneurs of all trades can find ways to use the internet to improve their business.
Take it from Steve Sy, the CEO of Great Deals. Whether or not you're aware, you've probably transacted with Great Deals at some point over the past few months, because it's an e-commerce enabler to a lot of different companies, helping the likes of Unilever and Nestle to set up shop online.
Great Deals' chief executive is a guy who's been doing that for years. Sy saw the e-commerce shift long before it arrived, and now, he's leading the charge of online retailing in the Philippines. Sy firmly believes that technology is a key investment for all modern businesses, and not just another expense.
Here, he shares his story, as well as a few tips for businesses who are choosing to adapt to the challenges we're all facing now.
Great Deals owes its success in part to the support of Globe myBusiness, its internet provider. Globe myBusiness is committed to supporting small and medium enterprises too, in more ways than just providing an internet connection. It offers facilities for cashless payments and salary disbursements via GCash, Facebook Ads credits for businesses, and other digital solutions for more efficient business operations. Globe myBusiness helps small and medium enterprises rise above the challenges of the moment by providing the right digital solutions. These help ensure business continuity, whatever the future brings.
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