CLARK FREEPORT—Big and traditional businesses are now being eaten up by modern technology, specifically online sellers and online stores.
This was the observation made by Pampanga Chamber of Commerce and Industry Inc. President Jesus Nicdao during the media forum “Balitaan” organized by the Capampangan in Media Inc. at the Bale Balita here last Friday.
Nicdao said he had a recent conversation with Tessie Sy-Coson, who told him of their plan to put up an online store soon.
Coson is the vice chairman of SM Investments Corp. (SMIC), one of the Philippines’s largest publicly traded holding companies with interests in retail, banking, property and portfolio investments. According to her business portfolio, she is the chairman of BDO Unibank Inc., the Philippines’s largest bank in terms of total resources, capital, loans, total deposits and assets under management.
Nicdao said Coson admitted their business rivals are now the small entrepreneurs like online sellers.
“If you buy appliances or clothes, it’s cheaper online,” he said. “That is why Ayala Corp. has Zalora and Jack Ma of the Alibaba Group has bought 51 percent of Lazada.”
Nicdao said Silverworks sales jumped five times more with Lazada and with only one employee on its online-shopping department. Silverworks Philippines is a leading retailer of sterling-silver jewelry in the country.
Nicdao said he does online shopping, which has faster delivery services and much cheaper. He said he placed an order for TVs in the morning from Lazada, now the No. 1 online shopping and selling destination in Southeast Asia, and was surprised when the orders were delivered on the same day: He made the order in the morning and got the merchandise in the afternoon. “The delivery crew told me that Lazada now has a warehouse in the city of San Fernando,” Nicdao said.