By Global Newswire
The “Philippines Social Commerce Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics – Q1 2022 Update” report has been added to ResearchAndMarkets.com’s offering.
Social commerce industry in Philippines is expected to grow by 30.4% on annual basis to reach US$681.6 million in 2022.
The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 26.7% during 2022-2028. The social commerce GMV in the country will increase from US$681.6 million in 2022 to reach US$2,744.5 million by 2028.
In the midst of the growing number of consumers flocking to social media platforms to discover and purchase products from social networking sites, the social commerce industry is gaining increasing ground on traditional e-commerce channels and physical retail outlets in the Philippines. The sheer amount of time spent by consumers, especially younger generations, on social networking platforms is making social commerce one of the fastest-growing trends in the Philippines.
The rise of the social commerce industry in the Philippines is parallel to the growth of the market in Southeast Asia. Being one of the youngest communities globally, Southeast Asia is expected to remain one of the largest markets for social commerce over the next four to eight quarters. According to the analysis, social commerce accounted for more than 45% of the Southeast Asian e-commerce market in 2021 alone and is expected to have increased further in 2022.
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