The e-commerce sector is booming like never before. More and more people are choosing to buy things online, thanks to the benefits of digitalization and the internet. While this is good news for online businesses, the competition continues to rise. For you to not be left behind, you need to keep up with the latest e-commerce statistics and market insights.
To help you understand e-commerce more deeply, we’ve compiled here the latest e-commerce data and market research. These online shopping statistics will help you stay on top of the e-commerce trends. With the help of these data, you can strengthen your e-commerce digital marketing strategies.
1. Global E-commerce Sales Continual Increase
The global e-commerce market will continue to rise this year. In 2023, it is expected to hit nearly $6 trillion before topping $7 trillion in 2025. Data also showed that worldwide e-commerce grew 8.9% this year, a 5% point faster than overall retail. This e-commerce growth is impressive, but this is still several times slower when compared to the pandemic-driven boom of 2020.
Source: Insider Intelligence, February 2023
2. Philippines’ E-commerce Market Size
The Philippine e-commerce market is also poised for remarkable growth. E-commerce statistics from Statista projected that the market would reach $16 billion by the end of this year. Furthermore, the country’s e-commerce market is projected to grow at a compound annual growth rate (CAGR) of 12.42% from 2023 to 2027, which can reach $26.42 a billion in total value.
This double-digit sales growth only proves that the Philippines e-commerce sector is among the fastest-growing market in the world. This also presents a substantial revenue potential for many businesses in the country.
Source: Statista
3. Most Used E-commerce Marketplace in the Philippines
E-commerce marketplaces provide platforms for businesses, regardless of size, to easily penetrate the e-commerce world. These online platforms have already trust built and credibility among consumers. Shopee dominates the online shopping scene in the Philippines with approximately 50 million monthly traffic. Lazada follows with approximately 40 million monthly visits.
Setting up a store on leading e-commerce marketplaces in the country allows businesses to gain access to a vast audience and the opportunity to boost sales. These industry powerhouses can also streamline e-commerce operations as they allow their sellers to use their logistic networks.
Source: Similar Web Data
4. The Rise of Mobile Commerce Worldwide
Mobile commerce also referred to as M-commerce is the e-commerce transactions that were completed on mobile devices. As technology continues to advance, more and more consumers are embracing this mobile shopping trend.
M-commerce statistics by Insider Intelligence predicted that mobile commerce will hit $534.18 billion in 2024. This will make up for 40.4% of e-commerce sales in the said period. The two devices that fuel the m-growth are smartphones and tablets.
Source: Insider Intelligence
5. The state of Mcommerce in the Philippines
Filipinos have become increasingly reliant on mobile devices in the past years. The Philippines recorded a five-year consecutive growth in mobile internet preparation. According to projections, the country’s steady rise in mobile internet usage reach can result in a new high of 77.59% by 2028.
A separate study by Statista also revealed that Filipino internet users spend an average of five hours and 31 minutes per day in the third quarter of 2022. With that said businesses should respond to this trend by optimizing their websites and webstores for a seamless mobile experience.
Source: Statista
6. Social Commerce set to reach a new height in the Philippines
In a nutshell, social commerce is simply the process of selling products and services on social media. In the Philippines, this industry is expected to witness consistent growth in the next few years. A forecast estimated that the social commerce GMV in the country will rise from US$928.8 million in 2023 to US$2348.3 million in 2028, with a CAGR of 16.7%.
Source: Research and Market
7. Most-used Payment Method in the Philippines
Consumers in the Philippines historically preferred to use cash. A 2021 survey by Statista revealed that a whopping 94% of Filipino consumers preferred cash as a payment method. However, things are changing in the e-commerce world right now.
A more recent e-commerce statistic from PPRO which is posted on the Statista website showed that e-wallets were the leading payment method used in e-commerce transactions in the Philippines, with a 31% share. Interestingly, card payments surpassed cash-based payments in popularity, accounting for 27% of the transactions. Cash payments, on the other hand, represented only 21% of the market share.
Source: PPRO and Statista
The Key Takeaways
In a highly-competitive industry like e-commerce, data can be your most reliable weapon to have an edge over your rivals. You can use e-commerce statistics to identify the best strategies and help you grow your business.
Keep in mind that you can also partner with Be Global e-commerce corporation to help your daily online operation. We have a team of e-commerce experts who can provide you with data-driven and tailored e-commerce strategies to help you grow your sales and succeed online. Whether you need an e-commerce store, marketing campaign, warehouse or fulfillment services, we have the solution for your goals. Visit our service pages or contact us today to find out more.
