DUBLIN, April 12, 2024 (GLOBE NEWSWIRE) — “Philippine Social Commerce Market Intelligence and Future Growth Dynamics Data Book – 50+ KPIs on Social Commerce Trends by End-Use Sector, Operational KPIs, and Retail Products and Consumer Demographics – Q1 2024 Update report added. ResearchAndMarkets.com Recruitment.
The market is expected to grow by 20.4% annually and reach USD 1.09 billion by 2024. If this momentum continues, the sector is expected to maintain a compound annual growth rate (CAGR) of 16.3% from 2024 to 2029. In the forecast period, gross merchandise value (GMV) is likely to rise from US$909.48 million in 2023 to an estimated US$2.33 billion by 2029.
This positive outlook is characterized by a wide range of retail product categories, including clothing and footwear, beauty and personal care, food and groceries, home appliances and electronics, home improvement, travel and hospitality. The substantial consumer base is divided into various aspects such as business-to-business (B2B), business-to-consumer (B2C), and consumer-to-consumer (C2C). Detailed analysis on end-use devices is also provided, pinpointing the proliferation of mobile and desktop trends in social commerce.
Trading dynamics and payment methods
The fast-growing sector is also assessed in terms of trading dynamics, addressing market size and forecast by location, domestically and cross-border, and by different city tiers, providing a more in-depth understanding of the market. Additionally, it provides insights into consumer payment preferences, highlighting usage of credit and debit cards, bank transfers, prepaid cards, digital and mobile wallets, other digital payments, and cash transactions.
Social commerce platforms and consumer behavior
This analysis delves into the various platforms contributing to the social commerce environment, including video commerce, social network-driven commerce, social reselling, group purchasing, and product review platforms. It includes a detailed depiction of consumer demographics and behavior, providing insights stratified by age, income level, and gender. This is a key element for stakeholders to develop bespoke strategies.
Strategic implications for stakeholders
The continued expansion of the market size provides significant opportunities for businesses and investors to take advantage of social commerce trends. By refining market-specific strategies, stakeholders can target growth segments and leverage the comprehensive data available to confidently navigate the evolving online retail landscape and create clear market-specific Align your operations to trends, drivers, and risks.
The strong growth forecast for the Philippines' social commerce market highlights the dynamic and evolving part of the digital economy, presenting tremendous opportunities for innovation and investment. Data-centric analysis ensures a comprehensive view of the industry's current state and expected progress, facilitating informed decision-making among industry players.
Key attributes:
| report attributes | detail |
| number of pages | 70 |
| Forecast period | 2024-2029 |
| Estimated market value in 2024 (USD) | $1.1 billion |
| Projected market value to 2029 (USD) | $2.3 billion |
| compound annual growth rate | 16.3% |
| Target area | Philippines |
Featured companies
- YouTube
- resale
- Cafe 24 Co., Ltd.
For more information on this report, please visit https://www.researchandmarkets.com/r/3uinuz.
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Philippine social commerce market
