Philippines Social Commerce Market Report 2022: Market Expected to Grow 30.4% to $681.6 Million in 2022

DUBLIN, May 12, 2022 /PRNewswire/ — The report “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” has been added. for from ResearchAndMarkets.com offer.

Social commerce industry in Philippines is expected to grow by 30.4% on an annual basis to reach US$681.6 million in 2022.

The social commerce industry is expected to grow steadily over the forecast period, registering a CAGR of 26.7% during the period 2022-2028. The GMV of social commerce in the country will increase from US$681.6 million in 2022 to reach US$2,744.5 million by 2028.

Amid 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 more and more traction on traditional e-commerce channels and outlets. of physical sales in The Philippines. The sheer amount of time spent by consumers, especially younger generations, on social media platforms makes social commerce one of the fastest growing trends in the world. The Philippines.

The rise of the social commerce industry in The Philippines parallels the growth of the market in South East Asia. Being one of the youngest communities in the world, South East Asia is expected to remain one of the largest social commerce marketplaces over the next four to eight quarters. According to the analysis, social commerce accounted for more than 45% of the e-commerce market in Southeast Asia in 2021 alone and is expected to grow further in 2022.

The publisher expects growth in the Philippines social commerce sector to continue over the next four to eight quarters as several local and regional startups continue to compete for market share in the country. Notably, the increasing investment from major social media platforms, such as Facebook, Instagram and TikTok, is also expected to support the growth of the social commerce industry in The Philippines.

Additionally, as the social buying method continues to become mainstream in the country, the publisher expects a further increase in investment from private equity and venture capital firms in the Philippine social commerce industry. . Growing competition in the space is also expected to lead to more mergers and acquisitions over the next four to eight quarters in The Philippines. Overall, the publisher expects the social commerce industry The Philippines to record strong growth in the short and medium term.

Brands are increasingly using social platforms to tap into the growing trend of social commerce in The Philippines

Amid the growing number of consumers flocking to social media platforms such as TikTok to discover and buy products in the country, a number of different brands are using social commerce platforms to boost their sales.

• In The Philippines, companies such as Belo Medical Group and Shopee Philippines are already using TikTok to tap into the platforms’ business potential. Apart from these two companies, Samsung Philippines is also using the platform to drive consumer engagement and purchase intent in the country.
• Notably, Samsung Philippines reported improved brand awareness and engagement after using a gamified hashtag challenge on the social media platform to launch its smartphone models. Samsung Philippines’ 2021 campaign resulted in a 7.35% increase in ad recall, an 11.25% increase in purchase intent, and a 9.5% increase in brand preference among consumers of The Philippines.

With several of the brands reporting a positive impact on consumers when interacting through social commerce platforms, the publisher expects more businesses to leverage TikTok and other social media platforms to drive consumer growth. purchase intention of consumers in the country in the short and medium term.

Social commerce startups are adopting different business expansion strategies to expand their market by The Philippines

Social commerce company Pinduoduo has achieved substantial success in China over the past four to eight quarters. Notably, startups around the world are looking to recreate the success of Pinduoduo in their own region. Similar trends are visible in The Philippineswhere social commerce startups seek to recreate the success of Pinduoduo in Southeast Asia.

• Resellee, a social commerce startup in The Philippines, partners with individual sellers and manufacturers and farmers nationwide. The platform connects resellers with manufacturers and farmers, thus allowing resellers to choose the product they want to add to their stores and market it to potential buyers through the use of different platforms. forms of social media.
• Notably, social commerce platforms offer products in different categories including fashion and electronics. However, its main focus is groceries. During the global pandemic outbreak, the company partnered with government and farmers to meet growing demand. In November 2020the company also raised $1 million in its seed funding round with Hofan Capital and Mintech Enterprises.

Scope

Philippines E-Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

Philippines Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028

Philippines social commerce industry market size and forecast by retail product categories, 2019-2028

• Clothes and shoes
• Beauty and personal care
• Food and groceries
• Appliances and Electronics
• Home improvement
• Others

Philippines Social Commerce Industry Market Size and Forecast by End-Use Segment, 2019 – 2028

Philippines Social Commerce Industry Market Size and Forecast by End-Use Device, 2019 – 2028

Philippines Social Commerce Industry Market Size and Forecast by Location, 2019 – 2028

Philippines Social Commerce Industry Market Size and Forecast by Location, 2019 – 2028

• Tier 1 cities
• Tier 2 cities
• Tier 3 cities

Philippines social commerce industry market size and forecast by payment method, 2019-2028

• Credit card
• Debit card
• Payment
• Prepaid card
• Digital and mobile wallet
• Other digital payment
• Species

Philippines social commerce industry market size and forecast by demographics and consumer behavior, 2021

• By age
• By income level
• By gender

For more information about this report visit https://www.researchandmarkets.com/r/oy77cp

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