June 23, 2017, 12:36 am
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1 Philippine Peso = 0.07443 UAE Dirham
1 Philippine Peso = 2.4017 Albanian Lek
1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
1 Philippine Peso = 0.03626 Aruba Florin
1 Philippine Peso = 0.04054 Barbados Dollar
1 Philippine Peso = 1.63579 Bangladesh Taka
1 Philippine Peso = 0.03534 Bulgarian Lev
1 Philippine Peso = 0.00763 Bahraini Dinar
1 Philippine Peso = 34.60377 Burundi Franc
1 Philippine Peso = 0.02027 Bermuda Dollar
1 Philippine Peso = 0.02797 Brunei Dollar
1 Philippine Peso = 0.13904 Bolivian Boliviano
1 Philippine Peso = 0.06579 Brazilian Real
1 Philippine Peso = 0.02027 Bahamian Dollar
1 Philippine Peso = 1.30624 Bhutan Ngultrum
1 Philippine Peso = 0.20692 Botswana Pula
1 Philippine Peso = 405.75598 Belarus Ruble
1 Philippine Peso = 0.04049 Belize Dollar
1 Philippine Peso = 0.02733 Canadian Dollar
1 Philippine Peso = 0.01952 Swiss Franc
1 Philippine Peso = 13.57175 Chilean Peso
1 Philippine Peso = 0.13799 Chinese Yuan
1 Philippine Peso = 58.59343 Colombian Peso
1 Philippine Peso = 11.43535 Costa Rica Colon
1 Philippine Peso = 0.02027 Cuban Peso
1 Philippine Peso = 1.98075 Cape Verde Escudo
1 Philippine Peso = 0.47231 Czech Koruna
1 Philippine Peso = 3.59951 Djibouti Franc
1 Philippine Peso = 0.13357 Danish Krone
1 Philippine Peso = 0.95278 Dominican Peso
1 Philippine Peso = 2.19181 Algerian Dinar
1 Philippine Peso = 0.28109 Estonian Kroon
1 Philippine Peso = 0.36583 Egyptian Pound
1 Philippine Peso = 0.46433 Ethiopian Birr
1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
1 Philippine Peso = 0.01573 Falkland Islands Pound
1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
1 Philippine Peso = 4.14512 Guyana Dollar
1 Philippine Peso = 0.15784 Hong Kong Dollar
1 Philippine Peso = 0.47422 Honduras Lempira
1 Philippine Peso = 0.13229 Croatian Kuna
1 Philippine Peso = 1.24625 Haiti Gourde
1 Philippine Peso = 5.54195 Hungarian Forint
1 Philippine Peso = 269.57844 Indonesian Rupiah
1 Philippine Peso = 0.07211 Israeli Shekel
1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
1 Philippine Peso = 657.62059 Iran Rial
1 Philippine Peso = 1.9771 Iceland Krona
1 Philippine Peso = 2.6139 Jamaican Dollar
1 Philippine Peso = 0.01433 Jordanian Dinar
1 Philippine Peso = 2.23666 Japanese Yen
1 Philippine Peso = 2.0906 Kenyan Shilling
1 Philippine Peso = 1.38113 Kyrgyzstan Som
1 Philippine Peso = 81.57681 Cambodia Riel
1 Philippine Peso = 9.12404 Comoros Franc
1 Philippine Peso = 18.24078 North Korean Won
1 Philippine Peso = 22.6366 Korean Won
1 Philippine Peso = 0.00614 Kuwaiti Dinar
1 Philippine Peso = 0.01662 Cayman Islands Dollar
1 Philippine Peso = 6.364 Kazakhstan Tenge
1 Philippine Peso = 166.08836 Lao Kip
1 Philippine Peso = 30.51277 Lebanese Pound
1 Philippine Peso = 3.08877 Sri Lanka Rupee
1 Philippine Peso = 1.84435 Liberian Dollar
1 Philippine Peso = 0.25922 Lesotho Loti
1 Philippine Peso = 0.06179 Lithuanian Lita
1 Philippine Peso = 0.01258 Latvian Lat
1 Philippine Peso = 0.02821 Libyan Dinar
1 Philippine Peso = 0.19642 Moroccan Dirham
1 Philippine Peso = 0.36735 Moldovan Leu
1 Philippine Peso = 1.09972 Macedonian Denar
1 Philippine Peso = 27.52331 Myanmar Kyat
1 Philippine Peso = 48.27726 Mongolian Tugrik
1 Philippine Peso = 0.16258 Macau Pataca
1 Philippine Peso = 7.25578 Mauritania Ougulya
1 Philippine Peso = 0.70024 Mauritius Rupee
1 Philippine Peso = 0.31394 Maldives Rufiyaa
1 Philippine Peso = 14.54094 Malawi Kwacha
1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
1 Philippine Peso = 6.52615 Nigerian Naira
1 Philippine Peso = 0.59972 Nicaragua Cordoba
1 Philippine Peso = 0.17055 Norwegian Krone
1 Philippine Peso = 2.08654 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00779 Omani Rial
1 Philippine Peso = 0.02027 Panama Balboa
1 Philippine Peso = 0.06622 Peruvian Nuevo Sol
1 Philippine Peso = 0.06654 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11897 Pakistani Rupee
1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
1 Philippine Peso = 16.61897 Rwanda Franc
1 Philippine Peso = 0.076 Saudi Arabian Riyal
1 Philippine Peso = 0.16004 Solomon Islands Dollar
1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
1 Philippine Peso = 0.04917 Tunisian Dinar
1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
1 Philippine Peso = 72.78071 Ugandan Shilling
1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
1 Philippine Peso = 0.20216 Venezuelan Bolivar
1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
1 Philippine Peso = 0.25921 South African Rand
1 Philippine Peso = 105.17835 Zambian Kwacha
1 Philippine Peso = 7.33482 Zimbabwe dollar

Consumer attitudes towards online shopping now more sophisticated

by Desmond Gregory E. Tribdino

ONLINE shopping is quickly becoming the new normal. In countries such as Korea and Japan, online shopping and deliveries are the mode of buying for their busy citizens. To better understand and keep pace with “what drives people to shop and buy online” KPMG International analyzed the online shopping preferences and behaviors of more than 18,000 consumers in 51 countries, by geography, generation, and product category.  

“Increased competition, combined with consumer demand for richer experiences, means that retailers need to rethink their online strategy. For many retailers, creating an online shopping experience enhanced by technology such as augmented and virtual reality or 3D is becoming at least as important as providing convenient and personalized ordering, payment, and delivery options,” comments Willy Kruh, KPMG International’s global chair for consumer markets.

Moreover the boundaries have practically been erased. Purchases from abroad are done is a couple of clicks and the purchases delivered to the doorstep within a couple of days. 

“Consumers can easily buy from retailers and manufacturers located anywhere in the world—or from those with no physical retail locations at all,” the KPMG consumer markets chief says.

Age determines consumer behavior slant towards online transactions. This was inferred by how survey respondents averaged 17 purchases per year, or 1.25 per month.

Generation X consumers (born between 1966 and 1981), averaged nearly 19 transactions per person per year, and they made more online purchases in the past 12 months than any other age group. In fact, generation X consumers made 20 percent more purchases than the ‘tech-savvy’ millennials (born between 1982 and 2001).  

When comparing the impact of online versus offline touch-points that create the first trigger moment, of note is that 52 percent of consumers cited at least one offline channel as a source of initial awareness, and 59 percent cited one or more online channels.

Retail websites or online shops were the most common source of initial awareness, cited by nearly a third of consumers, and online advertisements were cited by 15 percent. At the same time, physical shops were the second most popular source of awareness, cited by 22 percent of consumers. 

 “Ecommerce is not an online-only affair. Both online and offline channels are effective in creating consumer awareness and demand, especially when used together,” Kruh explains.

Millennials are influenced by online sources such as social media or peer reviews—they were also more likely to be influenced by offline channels. 25 percent more are likely to have seen their most recent online purchase in a shop, than baby boomers, and nearly 50 percent more likely to have talked to a friend about it, and more than twice as likely to have seen someone with it. 

The number one reason that consumers said they shop online is for the convenience of shopping at any hour on any day (58 percent). Price comparison (54 percent), finding online sales or better deals (46 percent) were all cited as reasons for this form of shopping. 

When asked what is most important when deciding where to buy an item online, consumers were most likely to buy from the website with the lowest price they could find (57 percent), then by websites with enhanced delivery options (43 percent) or easy return policies (40 percent). 

Online shopping is built on one thing alone. Trust. And when it came to earning trust, consumers said that protecting their data and information was most important (63 percent). Although millennials were the generation least concerned about data protection, it still ranked high as a priority for earning their trust (cited by 56 percent of millennials, 66 percent of gen Xers and 71 percent of baby boomers). 

“While most companies are of course making a concerted effort to protect their customers’ personal information, frequent media reports on data breaches around the world continue to make consumers anxious and keep the issue top of mind,” Kruh notes.

Customer loyalty is of paramount importance to the seller to keep customers happy. Excellent customer support was the number one loyalty-earning attribute, cited by 65 percent of the respondents. 

The second-most successful loyalty strategy was providing exclusive promotions and offers (cited by 45 percent), followed by loyalty or membership programs (37 percent).
These top three loyalty drivers were consistently effective across all generations, with baby boomers placing a higher importance on customer support (74 percent) than gen-Xers (66 percent) or millennials (59 percent). 

Deeper than that though are personalized interactions such as customized promotions, anticipation of needs, having a sense of community, one-on-one engagement in social media, online games, and other interactive experiences, as well as concierge services are more valuable.

 “The more traditional attributes like excellent consumer support, loyalty offers and membership programs will remain important for all companies to consider as part of their mix…one-on-one engagement will become an expectation for the majority of the market,” Kruh explains.

Overall, 31 percent of the consumers responding to the KPMG survey said they shared a product review online. The millennials were most likely to post a review (34 percent), followed by gen Xers (29 percent) and baby boomers (28 percent). Furthermore, nearly all (92 percent) reported reviews were positive.

“The growing trend for consumers to post positive reviews is driven by factors including the rise of social media, where consumers subtly compete with their peers by publicly sharing their latest purchases and experiences; the rise of bloggers, whose business models are based on providing product reviews that drive affiliate clicks; and sellers, who proactively solicit ratings from happy customers,” Kruh observes.

Consumers responding to the survey said they were most likely to post feedback directly to sellers’ websites (47 percent), followed by posts on Facebook (31 percent), then on the manufacturers’ or the brands’ websites (18 percent).  This was consistent across all age groups, with millennials also frequently posting on WhatsApp, Instagram, and Twitter. 

“The implication for companies is that user-generated reviews are being posted on sites that are increasingly out of their sphere of control or influence. Companies need to integrate these social media sites into their marketing and customer strategy,” Kruh concludes.

Emmanuel P. Bonoan, vice chairman and chief operating officer of R.G. Manabat & Co. (RGM&Co.), Philippine member firm of KPMG, said the relevance of the study to Philippine businesses lies in engaging their target consumers efficiently and effectively. 

“The buying behaviors of Filipinos or global consumers, whether they are millennials or from generations X or Y, are becoming differently motivated and are increasingly influenced by world views and preferences. With the help of this study, retailers will have a more adept understanding of the current trends deemed useful to successfully address consumer buying demands equally beneficial to the growth of their respective businesses,” he shares.
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