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Financial solutions provider UnaCash expects the proportion of electronics and gadgets purchased through e-commerce to increase by 7.9% to P397.7 billion in 2024 due to the increased adoption of “buy now, pay later” (BNPL) services. I expect it to reach.
“The development of BNPL in the Philippines is closely tied to e-commerce. Online purchases of electronics, gadgets, furniture and home appliances reflect the dynamic nature of the online retail sector, and in 2024, solutions like UnaCash will It looks like it will be a fruitful period for providers,” said Erwin Ocampo, Head of Product at UnaCash.
He said the success of the electronics and gadgets sector in e-commerce highlights the mutually beneficial relationship between BNPL services and e-commerce.
According to UnaCash data, as of February 2024, 70.17 percent of purchases made on the platform were electronics and gadgets.
UnaCash noted a 12% increase in in-app BNPL usage. A Filipino online buyer uses his girlfriend's BNPL for online shopping at least once a week. This reflects the growing popularity of this financial service in the local market.
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The company also forecasts growth in BNPL usage in food and beverages by 11% to P114.1 billion, consumer electronics by 10% to P100 billion, and fashion and beauty by 8.5% to P93.5 billion.
Data analysis based on app usage shows that the main products Filipinos purchase online are fashion at 65%, beauty and personal care at 47%, and food and beverages at 35%.
Consumer interest in using the app is consistent with the 25-34 year old demographic, which is the largest user group for e-commerce platforms.
Although these categories have high consumer engagement, their market shares vary, with electronics, gadgets, and physical media leading the way at 45 percent, followed by food and personal hygiene at 25 percent, furniture and appliances at 16 percent, and fashion at 10 percent. It becomes.
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