MANILA, Philippines - Local retailers have to think global, but at the same time must still consider what Filipino consumers want in order to grow amid greater competition from international brands and online sellers, as well as changing preferences of individuals here.
In a press conference, Margaret Martinez, director for retail services at research firm GfK Asia Pte. Ltd. said local retailers need to start establishing their presence in overseas markets given competition from international brands.
“They need to improve the level of quality of their products and think global. They do not have to limit themselves in the Philippine market,†she said.
She said that by establishing presence overseas, Philippine retailers would be able to show that they could compete with foreign brands as it would entail coming up with products that are of good quality.
She said there is an opportunity for local retailers to do business overseas since there are many overseas Filipino workers (OFWs) who could help promote their products.
“The OFWs will first and foremost promote the products,†she said. But while local retailers have to think global, she said they also have to come up with ways on how they could still identify with the Filipino consumer so that they could remain competitive here.
This is especially important as the Filipino consumer is changing given their improving income as a result of the country’s strong economic growth.
Martinez said that Asian consumers, including Filipinos, have moved from buying just what they need to purchasing more aspirational items. “Consumers are demanding for more. They want aspirational things. They want to look good. They want to be achievers,†she said.