Philippines E-Commerce Retail Market recorded GMV of PHP 160 Bn in 2020. The country has a young, tech-savvy population (the average age is 25.7 years) that’s hungry for products and services.
1. Of the Total 109.5 Mn Population in the Philippines, 67% (73 Mn) are The Internet Users, the Second Largest in Southeast Asia.
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Expansion in Internet Services (over 70% internet penetration in 2020) coupled with increasing demand for online logistics services have collectively given a boost to development of E-commerce logistics industry in the Philippines. The number of internet users in the country has increased from 47.4 million 2015 to almost 73.0 million in 2020. Increasing usage of advanced mobile applications and banking solutions for the customers has made it easier for them to shop online, which further intensified the e-commerce logistics market in the Philippines. Moreover, faster deliveries and live tracking are the trends recently witnessed in the country for better and convenient deliveries.
2. The Yearly Income of the Average Filipino was Recorded It to be around $3,600 in 2017, Just Need an Extra around $240 to Get Upper-Middle Income Countries Status.
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Philippines has sustained average annual growth of around 6.3% from 2010 – 2018, up from an average of around 4.5% from 2000 – 2009 and is on its way to becoming an upper-middle income country in the near term. In addition to this, growing awareness among Filipino consumers about global brands as well as preferences for improved and latest fashion trends and technologies has heightened the demand.
3. Almost, 63% of the Total Internet Users in Philippines are Online Shoppers.
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109.5 Mn people in the country accounted for a young, tech-savvy group of Millennial & Gen Z consumers spending on an average 101 hours and two minutes every day using Internet, resulting in higher number of orders in 2020. The population density of the Philippines is high, but the distribution of the population is uneven. Parts of Metro Manila have a population density that is more than 100 times that of some outlying areas such as the mountainous area of northern Luzon. Moreover, companies are increasingly extending their reach in other provinces as well apart from Metro Manila i.e., Visayas and Mindanao.