Growth prospects remain for the Philippine e-commerce market despite its slower take-off compared to its Southeast Asian neighbors, according iPriceGroup.
Its CEO and co-founder David Chmelar said a lot of tech startups have been setting sights on other countries in the SEA region, particularly Indonesia.
Based on a Google study, the Indonesia internet economy is estimated at $40 billion in 2019, quadrupling in size since 2015 at an average growth rate of 49 percent a year.
In contrast, the Philippine internet economy grew 32 percent since 2015, registering at $7 billion in 2019.
“But when you look at the economics, the geography, the complexity of the islands in the Philippines. It’s still more than 100 million people, that’s a huge population,” Chmelar said.
He said that there are still problems of the logistics and also the payments, and most of the transactions are still done by the cash on delivery basis.
iPriceGroup is the leading e-commerce aggregator in Southeast Asia, specifically in Indonesia, Vietnam, Thailand, Philippines, Singapore, Malaysia and Hong Kong, with 1.5 billion products available from more than 1,500 merchant partners.
In 2019,the company registered five million transactions made on the iPrice platform and recorded more than 20 million monthly visitors.
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