According to a market research study organized by logistics solutions provider Locad Philippines with Cube Asia, e-commerce in the Philippines is anticipated to achieve a 15% growth, reaching USD 16 billion in 2023, from USD 14 billion in 2022, across all major platforms. However, this growth rate is expected to be more subdued compared to the remarkable compounded annual growth rate of 67% observed over the past four years.
The study also estimated that the Philippine e-commerce sector would reach USD 24 billion, with 17% growth through 2025. It also found that the Philippines’ contribution to the combined e-commerce value in Southeast Asia and Australia of USD 170 billion is at nearly one-tenth.
While key challenges face Philippine brands and other players, such as massive competition, logistics and fulfillment, financial payment methods, and regulatory barriers, growth is still expected as driven by a thriving local e-commerce scene and promising global outlook.
(Source: Manila Standard)