Recent statistics have estimated the internet population in the Philippines to be the fastest growing in the world. It is determined to have enjoyed a growth rate of530% over the last 5 years. The E-Commerce industry is also set to grow at an annual growth rate of 101.4% between 2016 and 2020. The Philippines is home to a sizeable youth population and is well placed to see continued online retail activity in the coming years.
This is not only a local trend, the Asia-Pacific region has been booming in E-Commercesales over the last number of years and has surpassed North America and Western Europe in terms of Business to Consumer (B2C) sales. The below graph displays the exponential growth that the Asia-Pacific region has been enjoying versus the corresponding growth figures for other parts of the world. B2C E-commerce Sales Worldwide by Region, (values in billion US$)E-Commerce activity is dependent on access to the Internet and as the world's online footprint increases, consumers will inevitably increase the amount of products they buy online. Statistica.com has forecasted that the total number of smartphone users in the Philippines will reach 38.4million by 2020, as displayed by the figure below.Number of Smartphone Users in the Philippines, (In Millions)Source: E-Commerce Across Asia – Trends & Developments – Asia Briefing, pg. 4
The Department of Trade and Industry (DTI) in the Philippines has reaffirmed their commitment to facilitating this growth in the E-Commerce market.
“The coming years will be bullish for Philippine E-Commerce and come 2020, our strategies and plans for the industry will exhibit a 20/20 vision— utterly perfect and accurate."
“The coming years will be bullish for Philippine E-Commerce and come 2020, our strategies and plans for the industry will exhibit a 20/20 vision— utterly perfect and accurate,” Undersecretary Prudencio Reyes Jr. declared in the recently concluded E-Commerce Forum.
It seems as though E-Commerce merchants in the Philippines are set to enjoy a prolonged period of prosperity and success.
Sources: Philippines E-Commerce Roadmap 2016 to 2020: Department of Trade & Industry Philippines Statista.com
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