In the Philippines, the COVID-19 pandemic has increased the eCommerce market. While the millennial generation is still open to internet shopping, the desire to distance themselves socially has driven the cash-center and consumer community to a more digital world and it is likely to continue. There is not enough digital technology and logistics to even facilitate a digital economy. The retail industry needs to be served by greater bandwidth capability.
Prolific social media consumers are the Filipinos. Scholarships this year indicate that the Philippines has 76 million engaged social media users. There are 75 million of these on Facebook, 12m on Twitter, and 4m on LinkedIn. There is a strong cause for optimism in the Philippines about the rise of e-commerce.
There is a need to increase internet speed more. The Philippines has a average internet download speed of 25 Mbps. In June 2020, mobile broadband bandwidth is 16.17 Mbps and out of 138th countries, it ranked 121st. In the 2020 Economist intelligence unit stated, the Philippines ranked 63rd out of 100 economies, and 26th Inclusive Internet Index.
Distributions and logistics also face major goods fulfillment problems. The absence of cold chain storage restricts the movement of agricultural goods for longer periods. Traffic and an inadequate supply network allow distribution across certain fields highly unreliable. Most internet users have access via smartphones. The percentage of households in smartphones now reaches 48.4%
Many Philippines have access to the internet with the use of their mobile, home, internet cafe, and office.
Bangko Sentral ng Pilipinas (BSP) in 2018 study reveals that an estimated of 66%of Filipinos do not use banks, and only 8% use credit cards. therefore, online retailers in the Philippines have cash on sale payment solutions or payment centers (i.e., 7/11 branches). E-wallet for unbanked societies has been developed for different businesses such as telcos, banks, and financial services start-ups. PayMaya (PLDT), GCash are significant players (Globe).
BSP has launched a new e-funds transfer service PESONet, that enables participating banks, e-money issuers, and mobile money operators for customers to transfer money to Philippine peso currency to another bank customer, e-money issuers, or mobile monetary providers.
The Philipines is also the fast-growing e-commerce market for retailers, and the common eCommerce retail platforms are Kimstore, Zalora, Lazada, eBay, and Shopee.
Those who have credit cards are wary of online transactions, because of frequent cases of hacking and inadequate cybersecurity measures that still plague the world. Therefore, e-commerce sites have developed a cash payment system using big convenience store chains (i.e., 7/11 and Mini Stop) and local express delivery service (i.e., LBC). Philippine customers need more training in safety initiatives to secure their online purchases. This will raise the confidence in online banking, procurement, and sales.
In order to support eCommerce, the law on e-commerce, cybercrime, and data privacy, the Philippines adopted adequate regulations. The Department of Justice and the National Police and the local courts are nevertheless not yet adept in handling electronic payment proceedings. However, the mechanism does not exist.
Implementing of Data privacy law is done by the National Privacy Commission (NPC) and significantly achieved by Philippine-based companies that appoint Data Privacy Officers or DPOs. National Privacy Commission is now leading the Philippines to be compliant with international privacy.
The growth in internet shopping and the right of entry to online financial deposits is increasing the payment in the Philippines. sellers use online payment as a flexible means of purchase. However, safety issues over websites and the atmosphere of a cash-based company limit its performance.
There are 163.7m mobile subscriber customers in the Philippines, according to data from Globe Telecom and the Philippine Long-Distance Telephone Company. Most Philippines use their cell phones to access the internet, offering economic and consolidated access. Philippine and foreign enterprises offer goods and services to online customers through mobile phones. The Philippines is Southeast Asia's fastest-growing smartphone market.
Digital marketing has been driven by the rise of social media and web networks. Internet consumers are estimated at 76m Filipino and stable patterns in growth persist. New marketing technology, like social media, has developed traditional marketing agencies. Businesses continue to shift to digital media to a larger, more reliable, and rising demand for future buyers.
In March, April, May, November, and December, Philippine consumers historically make purchases. They are the highest months in which salaries are paid to staff. Within these months, companies deliver promotions and discounts.
Prolific social media consumers are the Philippines. This year's estimates indicate that in the Philippines there are 76 million active social media users. Of all, 75 million are using Facebook, 12 million are using Twitter, and LinkedIn is being by 6.7 million. In terms of spending more time on social media, they spent 4 hours on the smartphone and 5.2 hours on laptop and table., The Philippines is known as one of the top countries for Internet users worldwide.
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Philippines Ecommerce Table of Contents
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