The Philippines, a second-largest country in South-east Asia is home to a large and rapidly growing market for e-commerce. The country has a digital population of more than 67 million people that attracts local and regional companies. The potential of e-Commerce growth is based upon engagement by both consumers and sellers. The means of e-Commerce is changing ways to business easily and hassle-free. This industry has a wider implication for economic growth, employment, and future of the nature of jobs. According to a report, Philippines ranked 16th worldwide with over 39 million internet users.
In the year 2018, the Philippines e-market revenue was recorded at USD $ 840 million and the annual growth rate within the span from 2018-2022 is 12.0% with an expected value of USD $ 1.322 million by 2022. The user penetration, being one of the most important factors of the e-Commerce, was recorded at 44.1% in 2018 and with gradual exposure to the technology and online shopping, it is expected to reach 46.5% in 2022. The aspects that lead to the above-mentioned statistics are the important reason as to why the e-Commerce is experiencing a fair growth in the Philippines.
1. Adaptability to the changes in Technology.
Not as privileged as other SEA countries, The Philippines still keeps up with the latest technologies despite having a lack of resources. Filipinos are known to quickly adapt to the new technologies hence, introducing new things in the country is indeed beneficial for everyone.
2. Significant use of Social Media
With the tech-savvy generation all around the world, the total population that is on social media in the country is 47%. Exposure to social media eventually leads to online shopping as there are many social media fashion influencers, shopping pages and ads by which potential shoppers get swayed.
3. Numerous Website Options
There are a number of websites available for each and every category in the Philippines and since access to the internet and easy services are being provided by the merchant websites themselves, these convenient services are leading more and more people to choose online shopping. Websites like Lazada and Shoppee are very popular websites hence by using Lazada PH voucher code, the shoppers can avail great reduction on their purchase for many items. Whereas for appliances, clothing and overall necessities, application of Shopee voucher code at the time of shopping would lead to less spending of money.
4. Competent and Reliable Labor Source
Considered to be the most reliable and coveted professionals in the technology industry, Filipinos are known to harness their skills without any aid to make the most out of the opportunities. There are many eligible individuals available for the new job experiences in the e-Commerce industry that has led to great employment opportunities.
The payment methods in the Philippines plays a very important role in the growth of e-Commerce, a maximum number of people prefer the cash on delivery method instead of online payments. The World Banking Report in 2019 stated that 1 in 50 people in the Philippines own a credit card leading to only 2% of population owning it. But the trend and dependency of e-Wallets were observed in the year as 40% of the population used it for online transactions and transferring purposes. Because the people in the Philippines are passionate about fashion and the latest trends, access to websites like Zalora offers people a wide variety of options to shop from. The access of Zalora promo code is available for the online shopper from which they can get products at reduced prices. This is not only encouraging the people to shop online but it also keeps their interest in shopping online intact and constant. The Global Web Index in its report released in 2019, the data showed that Filipinos are increasingly engaging in e-Commerce due to which the Philippines should observe solid growth in the upcoming years. However, with technical and exposure challenges, it may take some years before the c-Commerce completely settles and contributes maximum to the country’s GDP.