Payment cards were the most preferred mode for e-commerce purchases in the Philippines accounting for 43.1% in 2019
According to GlobalData, the Philippines’ e-commerce market is set to drive at a compound annual growth rate (CAGR) of 15.7% from an estimated $3.9 billion in 2019 to $7 billion in 2023. The research says this is due to the growing number of smartphone users and favorable government initiatives.
The e-commerce market in the Philippines is one of the fastest-growing in Southeast Asia, the analysis says. Between 2015 and 2019 the e-commerce transaction value grew at a CAGR of 26.4%.
Rising consumer preference for online shopping, wider availability of online merchants, pricing benefits on online purchases, and the proliferation of alternative payment solutions remained the key driving factors behind e-commerce sales over the last four years