Dublin, May 31, 2024 (GLOBE NEWSWIRE) -- The "Philippines Ecommerce Market Opportunities Databook - 100+ KPIs on Ecommerce Verticals (Shopping, Travel, Food Service, Media & Entertainment, Technology), Market Share by Key Players, Sales Channel Analysis, Payment Instrument, Consumer Demographics - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The E-commerce market in Philippines is expected to grow by 13.73% on annual basis to reach US$16.1 billion in 2024. The E-commerce is expected to grow steadily over the forecast period, recording a CAGR of 11.38% during 2024-2028. The E-commerce Gross Merchandise Value in the country will increase from US$14.2 billion in 2023 to reach US$24.8 billion by 2028.
The e-commerce sector is expected to grow at a steady pace over the medium term in the Philippines. Startups are raising funding rounds to further scale and grow their business in 2024. Furthermore, firms are entering into strategic collaborations to boost local e-commerce. Internet transactions law, enacted in the Philippines, is expected to aid the sector growth over the medium to long-term perspective.
Amid the projected growth in the market over the next three to four years, global players are planning to strengthen their position in the sector and therefore, are expected to increase their investment over the medium term. The trend of retailers launching new e-commerce platforms is also projected to gain momentum in 2024.
E-commerce service providers are raising capital to fund expansion in Southeast Asian markets
The e-commerce market is poised to grow at a rapid rate across Southeast Asia over the medium term. To tap into the growing market, e-commerce service providers are raising capital to fund regional expansion.
- etaily, the e-commerce enabler in the Philippines, announced that the firm had raised US$17.8 million as part of its Series A round in December 2023. The round was co-led by SKS Capital and Pavilion Capital. The firm is planning to use the fresh capital to finance its expansion in Malaysia, Indonesia, Singapore, and the Philippines. Furthermore, part of the capital will be used for developing in-house brands and improving technology.
- Abenson, JGDEV, Landmark, and Ayala are among the Filipino brands that are using the services offered by etaily to build an online presence. Content production, channel creation, warehousing, and fulfillment are among the many services offered by etaily. In the first 12 months of its operations, the firm processed over one million transactions and made 50,000 unique products available across the region. The firm also revealed that the gross sales have tripled in 2023 and are on track to reach US$100 million over the next few years.
Businesses are forging strategic alliances to boost local e-commerce in the Philippines in 2024
To promote security, drive business continuity, and ease product deliveries, logistic service providers are entering into strategic collaborations with local and national government bodies in the Philippines.
- Ninja Van Philippines, the Philippines-based firm that uses technology to enhance fast delivery services, has entered into a collaboration with the Pasig City Government. They signed a memorandum of understanding (MOU) to mark this partnership, aiming to work together on plans that enhance security, support business operations, and make delivery services more convenient in Pasig City.
- As part of the alliance, Ninja Van Philippines will assist micro, small, and medium-sized enterprises to become more competitive in the fast-growing e-commerce landscape.
Internet transactions law is expected to aid e-commerce market growth in the Philippines
The government, in December 2023, passed the internet transactions law in the Philippines. The new regulations will drive activities in the digital market and will offer more protection to consumers when making online transactions. The Internet transactions law will protect consumers against unfair trade practices.
The regulation has also set penalties for merchants, marketplaces, and digital platforms that violate the law. With more protection for consumers in place, the publisher expects consumer confidence to grow significantly over the medium term. This, in turn, will drive sustainable long-term growth of the Philippines e-commerce industry.
Companies Featured
- Carousell
- Lazada
- MetroDeal
- Shopee
- Zalora
- Food Panda
- GrabFood
- Jollibee
- Mc Delivery
- Pickaroo
- Agoda
- Cebu Pacific
- Grab Taxi
- MiCab
- Tripadvisor
Report Scope
This report provides a detailed data-driven look at the Philippines Ecommerce industry, covering various segments and highlighting areas of interest across the verticals in the industry. In addition, it provides a comprehensive understanding of market dynamics and future forecast.
Philippines Ecommerce Market Size and Future Growth Dynamics
- Gross Merchandise Value Trend Analysis
- Average Value Per Transaction Trend Analysis
- Gross Merchandise Volume Trend Analysis
Philippines User Statistics and Ratios of Key Performance Indicators
- User Statistics
- Card Abandonment Rate and Product Return Rate
- Ecommerce Per Capita and GDP Per Capita
- GDP Per Capita Trend Analysis
Philippines Ecommerce Market Share by Key Players
- Philippines Retail Shopping Ecommerce Market Share by Key Players (Amazon, Coles, Kmart, Myer, Woolworths)
- Philippines Travel Ecommerce Market Share by Key Players (Expedia, Lux Group, Shebah, Uber Taxi, Webjet)
- Philippines Food Service Ecommerce Market Share by Key Players (Deliveroo, Doordash, Menulog, OpenTable, Uber Eats)
Philippines Ecommerce Market Size and Forecast by Ecommerce Segments (Gross Merchandise Value Trend Analysis
- Retail Shopping (breakdown by clothing, footwear & accessories, health, beauty and personal care, food & beverage, appliances and electronics, home improvement, books, music & video, toys & hobby, auto)
- Travel and Hospitality (breakdown by air travel, train & bus, taxi service, hotels & resorts)
- Online Food Service (breakdown by aggregators, direct to consumer)
- Media and Entertainment (breakdown by streaming services, movies & events, theme parks & gaming)
- Healthcare and Wellness
- Technology Products and Services
- Other segments
Philippines Ecommerce Market Size and Forecast by Retail Shopping Sales Channel
- Platform to Consumer
- Direct to Consumer
- Consumer to Consumer
Philippines Ecommerce Market Share by Travel and Hospitality Sales Channel
- Market Share by Travel and Hospitality Sales Channel
- Aggregator App - Gross Merchandise Value Trend Analysis
- Direct to Consumer - Gross Merchandise Value Trend Analysis
Philippines Ecommerce Market Size and Forecast by Online Food Service Sales Channel
- Aggregator App
- Direct to Consumer
Philippines Ecommerce Market Size and Forecast by Engagement Model (Gross Merchandise Value Trend Analysis, 2019-2028)
- Website Based
- Live Streaming
Philippines Ecommerce Market Size and Forecast by Location (Gross Merchandise Value Trend Analysis
- Cross Border
- Domestic
Philippines Ecommerce Market Size and Forecast by Device (Gross Merchandise Value Trend Analysis
- Mobile
- Desktop
Philippines Ecommerce Market Size and Forecast by Operating System
- iOS/macOS
- Android
- Other Operating Systems
Philippines Ecommerce Market Size and Forecast by City
- Tier 1
- Tier 2
- Tier 3
Philippines Ecommerce Market Size and Forecast by Payment Instrument (Gross Merchandise Value Trend Analysis, 2019-2028)
- Credit Card
- Debit Card
- Bank Transfer
- Prepaid Card
- Digital & Mobile Wallet
- Cash
- Other Digital Payment
Philippines Ecommerce Consumer Demographics
- Market Share by Age Group
- Market Share by Income Level
- Market Share by Gender
For more information about this report visit https://www.researchandmarkets.com/r/hp3ird
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
