The Philippine E-commerce Market Will Exceed $24 Billion in 2024
Jayson 04 Jun 2024 10:10
Thanks to consumers' growing preference for online shopping and increasing internet penetration, the Philippine e-commerce market is growing rapidly and is expected to grow by 19.6% in 2024.
According to GlobalData, the Philippine e-commerce market will grow at a compound annual growth rate of 28.6% from 2019 to 2023, reaching 1.1 trillion Philippine pesos (about US$20.1 billion) in 2023.
The market size is expected to reach 1.3 trillion Philippine pesos (about US$24.1 billion) by 2024.
Shivani Gupta, payment analyst at GlobalData, said that the growth of the Philippine e-commerce market is due to a large number of young consumers, improved logistics and the provision of secure payment functions. In addition, major promotions such as Black Friday and Cyber Monday also contributed to the overall growth of Philippine e-commerce.
According to GlobalData, the Philippine e-commerce market will grow at a compound annual growth rate of 28.6% from 2019 to 2023, reaching 1.1 trillion Philippine pesos (about US$20.1 billion) in 2023.
The market size is expected to reach 1.3 trillion Philippine pesos (about US$24.1 billion) by 2024.
Shivani Gupta, payment analyst at GlobalData, said that the growth of the Philippine e-commerce market is due to a large number of young consumers, improved logistics and the provision of secure payment functions. In addition, major promotions such as Black Friday and Cyber Monday also contributed to the overall growth of Philippine e-commerce.
