Enterprises looking to accelerate growth see DX as an advantage
POSITIVE digital experiences–those that are exciting, seamless, relevant, and relatable to a company’s target market have become a key competitive differentiator for Filipino businesses seeking to have a firm handhold on their audience.
According to the Digital Frontiers 3.0 Study, commissioned by VMware, Inc., some 74 percent of Filipino consumers indicated that they have started engaging with brands that delivered superior digital experiences, suggesting that a strong alignment is needed from the organizations to close the digital experience gap.
The pandemic catalyzed the need to improve on digital experiences and has thus accelerated digital transformation in the country. With more consumers turning to digital channels and services and shifting their consumption at home, because of remote work, study-from-home, limitations set my quarantine regulations, and also also the fear of contracting the COVID-19 virus when going out.
The study revealed that 77 percent of Filipino consumers have defined themselves as “digitally curious” or “digital explorers” who look forward to organizations delivering more digital experiences and services, putting them on par with Southeast Asia’s overall average of 78 percent and well ahead of five out of nine other developed nations surveyed: US (59 percent), France (55 percent), Germany (57 percent), UK (64 percent) and Singapore (67 percent).
The result of this rapid pandemic-induced digitalization includes improvements in the digital delivery of financial services (58 percent), retail (60 percent), and education (37 percent) organizations in the Philippines lead to delivering improved digital experiences now compared to before the pandemic.
Financial services lead all other industries when it comes to the issue of trust, with respondents stating that 61 percent of financial service organizations including digital banks, e-wallets, and fintech payment platforms, provide them with the assurance that their personal data is well protected.
“In 2020, a majority of Filipino organizations were able to respond and adapt to the onset of the COVID-19 pandemic by making a pivot towards digital platforms and channels to continue engaging with customers,” Walter So, Country Manager, VMware Philippines explained.
Filipino consumers are now more conscious of the digital experiences they get from brands, with at least six in 10 consumers (64 percent) stating that they will switch brands if the ongoing digital experience did not live up to their expectations. With the ability to deliver a superior digital experience becoming a key success factor for local organizations today, they need to consider what ticks for consumers.
According to the same study, high level of security and data protection (63 percent), faster speed of service (52 percent), apps that deliver simple and effective services (36 percent), as well as ease of use across multiple devices (36 percent) have emerged as top factors that impact the overall digital experience from brands.
With more Filipinos embracing digital services, consumers in the country are also becoming more environmentally conscious with 65 percent reported that they are willing to pay more for goods or services from a firm that has demonstrated how it is using renewable energy and supporting the transition to net-zero emissions.
This puts them ahead of the other developed nations surveyed – including US (35 percent), France (35 percent), Germany (34 percent), UK (35 percent) – and slightly behind Thailand (66 percent). This has also impacted their interactions with brands as majority (61 percent) said that they will stop engaging with companies if they did not publicly share their ethical policies.
“As the Filipino economy begins its recovery this year, future-forward Filipino enterprises must be able to accelerate their growth by strengthening their ability to develop and deliver superior digital experiences that are not only more secure but easily accessible on any app, any cloud, and any device. This will be critical in meeting the increasing demands from digitally-hungry Filipino consumers,” So added.
For organizations in the Philippines, recovery and growth rest on leveraging innovations that enable them to adapt and accelerate in the new digital frontier. In a fast-changing business environment, digital transformation is key to unlocking greater opportunities in Filipino’s dynamic digital economy. Learn more about VMWare innovations to improve digital experiences here.
“VMware will continue to be a trusted partner and enabler in helping Filipino businesses adapt and accelerate into this new digital reality where digital experience will be key,” added Walter.
“As the Philippines sets its sight on accelerating growth and recovery, VMware will continue to help enterprises tap on key cloud and app modernization technologies to fortify their digital foundation and adapt, respond and accelerate to the needs of digital-first consumers.”