Philippines e-commerce market in 2023: numbers revealed

Payment cards were the most preferred mode for e-commerce purchases in the Philippines accounting for 43.1% in 2019

Philippines

Philippines e-commerce market in 2023: numbers revealed. Source: shutterstock.com

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
Ravi Sharma, Senior Payments Analyst at GlobalData

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