Some 12 million more Filipinos became digital consumers since the pandemic started, Google data showed, underscoring how the pandemic has altered buying behavior.
Twelve million shoppers is just one million short of than the entire population of Metro Manila. Six in 10 of the new digital customers are from outside the capital region and 99% intend to continue paying via digital until after the pandemic.
As soon as the clock strikes 12 midnight this Thursday, Filipinos will again "check out" online carts filled with items in the 11.11 sales of Lazada and Shopee, among the year's biggest.
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In the study that covered South East Asian countries, the Philippines was the overall "fastest growing market" in the region, owing to strict lockdowns that coincided with the peak of adoption of digital shopping and payments.
Online shopping takes out the hassle of going outdoors to shop through physical stores and grocery shops, or dine in at restaurants. This proved especially useful during the long-running quarantine, where people are required to stay at home.
The Philippines’ Gross Merchandise Value, or total sales over a given period, is expected to reach $17 billion in this year, up 93% from 2020, and underpinned by a 132% growth in e-commerce, Google said.
By 2025, the overall internet economy of the Philippines will likely reach $40 billion in value, growing by 24% annually, it said.
The Philippines has "significant headroom for growth" given its population has the lowest digital consumer penetration at 68%, Google said.
Though four in 10 (39%) of digital merchants told Google they would not have survived the pandemic if not for digital platforms, profitability remains a top concern.
Dealmaking is on track to hit record levels after the value of investments in the first half alone surpassed that from the last four years, Google said.
Investment appetite remains strong in digital services such as e-commerce and fintech, it said, adding that healthtech and edtech also saw significant funding activity.
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