Gen Z, millennials drive social media spend

Filipino exporters are encouraged to create products and services, including the sustainable ones, for the younger generation using social commerce to purchase online amid the eCommerce boom.

Rey Lugtu, founder and chief executive officer of consulting company Hungry Workhorse, said 73 percent of the millennials are now engaged in the B2B (business-to-business) buying process.

Lugtu said this trend is also applicable in the B2C (business-to-consumer) environment where there is a growing number of Gen Z and millennials making their purchase decisions.

“Gen Z and millennials are a bigger buying force right now among consumers, we have to listen to them. Based on several studies, these generations, they look for brands that are about sustainability so think about sustainable packaging and sustainable and green deliveries,” he said in a webinar.

Lugtu said more consumers want to buy from green retailers and have items shipped by green providers.

“To gain customer loyalty from eco-conscious consumers, like the younger generation, you need a lot of creativity. Sellers need to create sustainable practices for their international strategy,” he said.

Lugtu thus underscored the importance of giving customers a green shipping option at check-out, using paper or recycled packing, or offering products from recycled materials.

This, as green packaging and green delivery using sustainable materials has been a growing trend, especially among the younger consumers, he added.

Lugtu said the eCommerce boom has been attributed to a growing number of online marketplaces, buying opportunities, and cross-border eCommerce purchases.

“The nature of cross-border ecommerce, it is now technology-enabled. Apart from B2C, the global B2B eCommerce market is also growing,” he said.

With these trends, Lugtu also advised exporters to update their websites, be present and active in social media, and onboard new payment options.

“You even need to localize the website, there has to be automatic translations capability for your website. So updating the website is the single biggest thing that you can do now immediately for your business,” he said.

Lugtu said they have to also consider using Linked In to cater to professional buyers.

He added exporters can also explore other online payment options and not be limited to the traditional bank transfers, as global payments have changed the landscape in the last two years.

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