Lazada sees electronic commerce in the Philippines and the rest of Southeast Asia growing “a lot higher” in the next five to 10 years, even as these markets are opening up from the pandemic and despite the global economic slowdown and rising inflation.
Lazada Group sees the Philippine e-commerce market growing faster than its peers in the region.
James Dong, Lazada Group chief executive officer (CEO), in a press briefing on Wednesday said the Philippines is one of the leading markets, size-wise, because of its large population base, GDP per capita and internet penetration which is growing.
“The growth, speed wise, (in the Philippines) is slightly above average in Southeast Asia,” Dong said without giving figures.
In his keynote speech at the Lazada Brands Future Forum at Resorts World Sentosa here yesterday, Dong said e-commerce penetration in Southeast Asia is expected to exceed 63 percent by 2025, up from just 53 percent this year, citing a study conducted by the company. This means a total of more than 400 million users.
Lazada Philippines CEO Carlos Barrera said the growth of e-commerce in the Philippines has always been faster than “we had previously anticipated.”
“Online penetration in the Philippines is very high…social media is extremely strong… the Philippines was ranked among the top three, top two counters in the world (with most) time spent (online) and (Filipinos are) willing to embrace all the new things that we do,” Barrera said.
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