Outlook on the Philippines’ electronic commerce remains positive, with gross merchandise value (GMV) expected to grow by 20 percent from 2022 to 2027, according to a report released yesterday by Meta and Bain & Company.
The annual SYNC Southeast Asia report said the Philippine market is the second largest in Southeast Asia at 69 million and continues to grow.
The value of basket sizes in the Philippines is up 4 percent across the majority of categories, including non-essentials.
The report noted consumer online purchasing also grew from 2021, with household appliances increasing by 37 percent, personal care by 21 percent and consumer electronics and accessories by 20 percent.
Post pandemic, the study found that Filipino consumers are at a new stage of evolution. The consumer appetite for integrated shopping experiences that effectively blend online and offline services continues to drive digital commerce in the country.
At least 75 percent of the Filipino digital consumer’s pre- and post-purchase journey are spent on online channels, with 77 percent citing a preference for social media and e-commerce platforms in the discovery and evaluation stages.
“This openness of consumers to experimentation and engagement is also driving new behaviors, with 33 percent of consumers spending more time on video and 47 percent having used business messaging in the past year,” said John Rubio, Philippine country director at Meta. According to the study, the experience of metaverse-related technology such as augmented reality, virtual reality, virtual worlds, crypto currencies and non-fungible tokens will evolve from 2D apps currently, to immersive virtual 3D experiences in the next two to three years.
