GIVEN that the Philippines is mainly driven by MSMEs (micro, small and medium enterprises), one of the main challenges businesses face to be successful would be how to stand out in a competitive market. If an aspiring entrepreneur hopes to make an impact in the economy, understanding which industries are emerging can give them a head start. Here is a list of some of the fastest-growing industries which may be considered and possibly change the economic landscape of the country.

E-commerce

Ever since the pandemic forced people to stay indoors, manufacturers and retailers struggled to recover from the foot traffic they were accustomed to before 2020. Platforms like Shopee and Lazada have since then become more relevant and significant to the way people shop. Since then, selling products online and other methods such as live selling are more effective than ever, and consumers no longer need to go out of their way to purchase things that they need. However, the challenge that the e-commerce industry presents is that there are already so many sellers present online, so there is difficulty in finding ways to stand out among the rest.

The PNC website states that "[s]mall business owners should pay attention to shifts in shopping habits as essential categories like grocery, health, and personal displace home improvement and large appliance purchases in the virtual shopping space." In short, there will always be a demand, but to get a share of this demand depends on how well a business implements their strategy and utilizes all the tools at their disposal.

Online/Virtual fitness

As many households invested in home workout setups during the peak of lockdown, fitness coaches took this as an opportunity to capitalize on gaining a larger client base by setting up online coaching sessions. Fast forward to 2024, home fitness is still being practiced as hybrid setups allow for proper workout routines without leaving the comfort of their homes. According to Allied Market Research, "It is a convenience-based fitness/wellness service for the clients to access a trainer or instructor online instead of visiting the fitness facility." Aside from home fitness being convenient, it also encourages consumers to develop a healthier routine and lifestyle at their own pace since virtual training can be personalized and adjusted to their preference. These are just some of the reasons why home fitness has potential to be a profitable business.

Cybersecurity

Seeing how technological advancements continuously develop yearly, the challenge to protect sensitive information becomes more difficult for businesses undergoing digital transformation. This creates a demand for better security in order to prevent cyberthreats that are costly to fix. "It is projected that revenue in the cybersecurity market will reach $183.10 billion in 2024," according to statista.com. Furthermore, the need for cybersecurity is due to the rapid transition to changing strategies in the market. Yahoo pointed out that factors contributing to this surge in the industry are the increased purchases of smart devices, the integration of cloud software/services to business performance and workflows, and "an increasing number of cyberattacks brought on by the proliferation of e-commerce platforms." As more data is uploaded on the internet, the need for protection will always be a priority for companies.

Of course, these are just some of the industries that young startups and companies can look into. There are many products and services that have changed the competitive landscape after the pandemic, which has drastically changed the way consumers and companies act. With everything being a click away and decisions being made easier, businesses have adapted to get ahead of the trend and gain an edge over their competition. The generation now is digitalized and utilizing technology in numerous ways that we thought were beyond our imaginations. In the end, the constant battle for consumer convenience, consistent and efficient performance can determine the success of a product or service entering the growing tech industry. Maybe you could be the next big entrepreneur in the Philippines after reading this, who knows?

Alonzo Umali is a Business Support Analyst at First Circle Inc.