April 27, 2018, 10:14 am
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1 Philippine Peso = 0.07067 UAE Dirham
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1 Philippine Peso = 0.12188 Chinese Yuan
1 Philippine Peso = 54.13893 Colombian Peso
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1 Philippine Peso = 0.01924 Cuban Peso
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1 Philippine Peso = 0.95228 Dominican Peso
1 Philippine Peso = 2.20275 Algerian Dinar
1 Philippine Peso = 0.24835 Estonian Kroon
1 Philippine Peso = 0.33981 Egyptian Pound
1 Philippine Peso = 0.52376 Ethiopian Birr
1 Philippine Peso = 0.01587 Euro
1 Philippine Peso = 0.03935 Fiji Dollar
1 Philippine Peso = 0.01378 Falkland Islands Pound
1 Philippine Peso = 0.01381 British Pound
1 Philippine Peso = 0.08579 Ghanaian Cedi
1 Philippine Peso = 0.89994 Gambian Dalasi
1 Philippine Peso = 173.19607 Guinea Franc
1 Philippine Peso = 0.14116 Guatemala Quetzal
1 Philippine Peso = 3.98422 Guyana Dollar
1 Philippine Peso = 0.15097 Hong Kong Dollar
1 Philippine Peso = 0.45338 Honduras Lempira
1 Philippine Peso = 0.11771 Croatian Kuna
1 Philippine Peso = 1.2411 Haiti Gourde
1 Philippine Peso = 4.96671 Hungarian Forint
1 Philippine Peso = 267.13488 Indonesian Rupiah
1 Philippine Peso = 0.06892 Israeli Shekel
1 Philippine Peso = 1.28763 Indian Rupee
1 Philippine Peso = 22.78237 Iraqi Dinar
1 Philippine Peso = 808.15854 Iran Rial
1 Philippine Peso = 1.95209 Iceland Krona
1 Philippine Peso = 2.37271 Jamaican Dollar
1 Philippine Peso = 0.01363 Jordanian Dinar
1 Philippine Peso = 2.10216 Japanese Yen
1 Philippine Peso = 1.92419 Kenyan Shilling
1 Philippine Peso = 1.32033 Kyrgyzstan Som
1 Philippine Peso = 77.1599 Cambodia Riel
1 Philippine Peso = 7.74909 Comoros Franc
1 Philippine Peso = 17.31768 North Korean Won
1 Philippine Peso = 20.73446 Korean Won
1 Philippine Peso = 0.00578 Kuwaiti Dinar
1 Philippine Peso = 0.01578 Cayman Islands Dollar
1 Philippine Peso = 6.31441 Kazakhstan Tenge
1 Philippine Peso = 159.45738 Lao Kip
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1 Philippine Peso = 3.03079 Sri Lanka Rupee
1 Philippine Peso = 2.52088 Liberian Dollar
1 Philippine Peso = 0.23908 Lesotho Loti
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1 Philippine Peso = 0.01194 Latvian Lat
1 Philippine Peso = 0.02571 Libyan Dinar
1 Philippine Peso = 0.17834 Moroccan Dirham
1 Philippine Peso = 0.3172 Moldovan Leu
1 Philippine Peso = 0.97229 Macedonian Denar
1 Philippine Peso = 25.57245 Myanmar Kyat
1 Philippine Peso = 45.98807 Mongolian Tugrik
1 Philippine Peso = 0.15549 Macau Pataca
1 Philippine Peso = 6.79238 Mauritania Ougulya
1 Philippine Peso = 0.64845 Mauritius Rupee
1 Philippine Peso = 0.2996 Maldives Rufiyaa
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1 Philippine Peso = 0.36266 Mexican Peso
1 Philippine Peso = 0.07533 Malaysian Ringgit
1 Philippine Peso = 0.239 Namibian Dollar
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1 Philippine Peso = 0.5965 Nicaragua Cordoba
1 Philippine Peso = 0.15376 Norwegian Krone
1 Philippine Peso = 2.05118 Nepalese Rupee
1 Philippine Peso = 0.02719 New Zealand Dollar
1 Philippine Peso = 0.0074 Omani Rial
1 Philippine Peso = 0.01924 Panama Balboa
1 Philippine Peso = 0.06226 Peruvian Nuevo Sol
1 Philippine Peso = 0.06253 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.22244 Pakistani Rupee
1 Philippine Peso = 0.06713 Polish Zloty
1 Philippine Peso = 106.81739 Paraguayan Guarani
1 Philippine Peso = 0.07004 Qatar Rial
1 Philippine Peso = 0.07398 Romanian New Leu
1 Philippine Peso = 1.20728 Russian Rouble
1 Philippine Peso = 16.27497 Rwanda Franc
1 Philippine Peso = 0.07215 Saudi Arabian Riyal
1 Philippine Peso = 0.15075 Solomon Islands Dollar
1 Philippine Peso = 0.25842 Seychelles Rupee
1 Philippine Peso = 0.34734 Sudanese Pound
1 Philippine Peso = 0.1666 Swedish Krona
1 Philippine Peso = 0.02553 Singapore Dollar
1 Philippine Peso = 0.01378 St Helena Pound
1 Philippine Peso = 0.42728 Slovak Koruna
1 Philippine Peso = 150.08659 Sierra Leone Leone
1 Philippine Peso = 10.83317 Somali Shilling
1 Philippine Peso = 389.09177 Sao Tome Dobra
1 Philippine Peso = 0.16837 El Salvador Colon
1 Philippine Peso = 9.90918 Syrian Pound
1 Philippine Peso = 0.23902 Swaziland Lilageni
1 Philippine Peso = 0.60785 Thai Baht
1 Philippine Peso = 0.04673 Tunisian Dinar
1 Philippine Peso = 0.04257 Tongan paʻanga
1 Philippine Peso = 0.07818 Turkish Lira
1 Philippine Peso = 0.13 Trinidad Tobago Dollar
1 Philippine Peso = 0.57066 Taiwan Dollar
1 Philippine Peso = 43.7945 Tanzanian Shilling
1 Philippine Peso = 0.50356 Ukraine Hryvnia
1 Philippine Peso = 71.29113 Ugandan Shilling
1 Philippine Peso = 0.01924 United States Dollar
1 Philippine Peso = 0.54531 Uruguayan New Peso
1 Philippine Peso = 155.05099 Uzbekistan Sum
1 Philippine Peso = 1284.77966 Venezuelan Bolivar
1 Philippine Peso = 438.02193 Vietnam Dong
1 Philippine Peso = 2.04753 Vanuatu Vatu
1 Philippine Peso = 0.04934 Samoa Tala
1 Philippine Peso = 10.40485 CFA Franc (BEAC)
1 Philippine Peso = 0.05195 East Caribbean Dollar
1 Philippine Peso = 10.40485 CFA Franc (BCEAO)
1 Philippine Peso = 1.88359 Pacific Franc
1 Philippine Peso = 4.80854 Yemen Riyal
1 Philippine Peso = 0.23908 South African Rand
1 Philippine Peso = 99.85568 Zambian Kwacha
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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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