, Philippines
Photo by Patrick Vogt via Pexels

Philippine e-commerce market to surge by 19.6% in 2024

Increasing consumer preference for online shopping and robust internet penetration are driving this growth.

The e-commerce landscape in the Philippines is poised for a growth of 19.6% in 2024, according to GlobalData.

This surge is attributed to increasing consumer preference for online shopping and robust internet penetration.

The market witnessed a compound annual growth rate (CAGR) of 28.6% from 2019 to 2023, reaching $20.1b (PHP1.1t) in 2023. 

Projections also indicate further growth to $24.1b (PHP1.3t) by the end of 2024.

Shivani Gupta, Senior Banking and Payments Analyst at GlobalData, credits this growth to factors like the young population, trust in online payments, improved logistics, and availability of secure payment solutions. 

Additionally, government initiatives, such as the One Town One Product Philippines program, are also driving e-commerce sales.

ALSO READ: Why BNPL is booming in Southeast Asia

In August 2023, Chinese e-commerce powerhouse Temu entered the Philippine market, intensifying competition with established entities like Lazada and Shopee. Moreover, social media platforms like TikTok are emerging as key e-commerce hubs, whilst alternative payment methods dominate, though cash remains prevalent, especially amongst certain demographics.

Gupta anticipates sustained growth, projecting a CAGR of 13.2% from 2024 to 2028, reaching $39.5b (PHP2.2t) by 2028.


Follow the link for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Hydration products gain traction in APAC
It was driven by increased awareness of health concerns like global warming and modern lifestyles.
Suntory Holdings launches low carbon sugarcane farming project in Thailand
This supports the company’s goal to reduce greenhouse gas emissions by 30% across its value chain by 2030.
Ingka Group unveils strengthened climate targets
It focuses on reducing GHG emissions, carbon removal and storage, and contributions beyond the value chain.
How can retailers improve customer value and operations
Businesses must adopt a unified commerce strategy to meet consumer demand for seamless transactions driven by technology.


AI prompts fearless dive into corporate reinvention
Siam Piwat Group’s digital chief touts AI’s transformative power in boosting customer value, personalisation, and brand trust.
Indonesia’s future of retail lies in a blended approach
Industry leaders discuss the innovative strategies to meet evolving consumer needs at Retail Asia Forum 2024
GenAI’s impact on retail unfolding faster than expected
Retailers now leverage GenAI for a competitive edge in communications, marketing, and operations.