According to PH e-commerce market seen to expand by 15% this year | Inquirer Business, according to logistics solutions provider Locad, the Philippine e-commerce business is anticipated to expand by roughly 15% this year due to the ongoing uptick in online sales despite the reopening of brick-and-mortar stores.
At a gathering on Wednesday in Pasay, Locad CEO and co-founder Constantin Robertz predicted that gross merchandise value (GMV) will increase to $16 billion in 2023 from $14 billion in 2018. If the prediction comes true, it would represent an exponential increase from just $3 billion in 2019.
E-commerce GMV in Southeast Asia is anticipated to increase from $131 billion in 2022 to $153 billion this year.
Filipino and regional firms have the chance to expand through cross-border trade because of the flourishing local e-commerce market and the bright future of the world, according to Robertz.
The Southeast Asian region's main online marketplace, according to him, is still the e-commerce portal Shopee. At P2,500, Lazada has the highest average expenditure per customer.
In the Philippines and Southeast Asia, TikTok Shop, according to Robertz, is fast becoming a relevant channel. As of the first quarter, Locad reported that 20 million Filipinos were TikTok users. The region's TikTok Shop sales were anticipated to reach $12 billion this year, up from $4 to $5 billion in GMV in the previous year.
Fashion, clothes, shoes, beauty products, and personal care are among the most popular retail categories on the well-known social networking site.
Reefknot Investments, a business sponsored by Temasek and the logistics industry Kuehne & Nagel, led a series A fundraising round in which Locad secured $11 million in January.
