eCommerce market in the Philippines

The Philippines is the 23rd largest market for eCommerce with a predicted revenue of US$17,401.5 million by 2024, placing it ahead of Switzerland. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 16.6%, resulting in a projected market volume of US$32,217.4 million by 2028. With an expected increase of 20.4% in 2024, the Philippine eCommerce market contributed to the worldwide growth rate of 10.1% in 2024. Like in the Philippines, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Philippine eCommerce market. Electronics is the largest market and accounts for 24.3% of the Philippine eCommerce revenue. It is followed by Fashion with 19.5%, Hobby & Leisure with 19.1%, Furniture & Homeware with 11.6%, Grocery with 9.9%, Care Products with 8.0%, and DIY with the remaining 7.5%.

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Philippine retail market, the online share is 7.5% and will increase by an average of 6.1% to 9.5% by 2028.

The biggest player in the Philippine eCommerce market is apple.com. The store had a revenue of US$143.6 million in 2023. Store rankings include every store that generates revenue in the Philippines. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in the Philippines was considered.

Although Shopify holds a commanding lead with 111.3% of online stores using the shop software solution, the Philippine eCommerce market in 2023 remains vibrant and competitive. This is due to the presence of several other shop software solutions, including WooCommerce, PrestaShop, Magento, and Salesforce Commerce Cloud, which collectively hold a significant share of the market.