One platform that supplies hundreds of thousands of these micro-businesses dives into its 2023 data to see what makes them tick…
According to Filipino startup offering a business-to-business fast-moving consumer-goods marketplace for 270,000 sari-sari stores in the Philippines, its market data for 2023 showed some trends about such micro-sized businesses.
First, sari-sari store sales trends had not been directly driven by inflation. Instead, sales for 2023 in the firm’s platform seemed to be driven more by occasions: most of the peaks in the data trends coincided with major occasions containing long breaks, such as the Christmas season and Holy Week.
Other 2023 market findings include:
Second, sari-sari stores continued to serve as the neighborhood pantry last year, with key categories recording demand growth regardless of the time of year. Products with the highest sales included instant noodles, ready-to-heat pre-cooked foods, recipe mixes, and ready-to-cook food packages.
Andoy Montiel, Chief Data Officer, Packworks, the firm reporting its 2023 ecosystem findings, said: “The Philippines’ unique sachet economy plays a pivotal role in the resilience of sari-sari stores amid the challenges of an inflationary economy. It enables the sale of goods in small, affordable units, ensuring that essential products remain within reach for the average Filipino, even as inflation rates fluctuate.”
Montiel underscored the significance of the sales increases in sari-sari stores during special occasions, attributing them to deep community cultural roots and the people’s adaptability in meeting the demands of corresponding observances. He noted: “The stores’ resilience, even amid inflationary pressures, lies in how they are embedded in the fabric of the community’s way of life, reflecting a symbiotic relationship between the stores and their customers. More importantly, the stores display agility in their inventory and operations to cater to the heightened demands of these seasons, further reinforcing their role as indispensable components of community life.”