RECENTLY, I was invited to speak to a group of small business owners and aspiring entrepreneurs at a webinar hosted by the University of the Philippines Institute for Small-Scale Industries. The focus of my talk was on navigating the digital transformation that many small businesses are currently facing. With the rise of e-commerce, many companies are grappling with the challenges of declining foot traffic, increased competition, and the technical hurdles of setting up an online presence. These challenges present an opportunity for businesses to pivot and thrive in the new digital landscape.
I recently visited the National Trade Fair as part of the Kapatid Mentor Me Program mentors team who went around the exhibit catching up with KMME alumni and DTI-supported entrepreneurs joining the event. During discussions, a lot of the exhibitors haven't reached the sales revenue they used to have before the pandemic. Many small retail businesses have thrived for years, relying on their local community and loyal customer base. However, with the shift in consumer behavior toward online shopping, many of these businesses have seen a significant decline in foot traffic and sales. This challenge is often exacerbated by increased competition from larger, well-established online retailers.
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