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
Business survival is a priority of small businesses amid COVID-19. Here are the top 5 trends to keep your business afloat and help sustain its growth...
See how DBTIC 19:13 Co. manages its seasonal production and demand gaps through First Circle's reliable and efficient financial services for Filipino...
A business owner should have more considerations than just fast and convenient financing when looking for a partner who will fund their business. The...
Small to Medium Enterprises can benefit greatly from partnerships and scale their business by partnering with other businesses that complement their...
Because of First Circle's fast and easy business funding, Anna Tica shares how AMRT Enterprises is able to deliver client orders on time, regardless...
Take a closer look at how the hypergrowth of FinTech has improved the business landscape in the Philippines and how your business can take advantage...
.png)
