eCommerce market in the Philippines
The Philippines is the 20th largest market for eCommerce with a predicted revenue of US$18,161.0 million by 2023, placing it ahead of Poland. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 12.9%, resulting in a projected market volume of US$29,538.6 million by 2027. With an expected increase of 16.3% in 2023, the Philippine eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in the Philippines, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Philippine eCommerce market. Electronics & Media is the largest market and accounts for 31.2% of the Philippine eCommerce revenue. It is followed by Food & Personal Care with 30.6%, Furniture & Appliances with 18.2%, Fashion with 11.7%, and Toys, Hobby & DIY with the remaining 8.4%.
Market development
eCommerce revenue development in the Philippines
The Philippines is the 20th largest market for eCommerce with a predicted revenue of US$18,161.0 million by 2023, placing it ahead of Poland. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 12.9%, resulting in a projected market volume of US$29,538.6 million by 2027. With an expected increase of 16.3% in 2023, the Philippine eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in the Philippines, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Philippine eCommerce market. Electronics & Media is the largest market and accounts for 31.2% of the Philippine eCommerce revenue. It is followed by Food & Personal Care with 30.6%, Furniture & Appliances with 18.2%, Fashion with 11.7%, and Toys, Hobby & DIY with the remaining 8.4%.
eCommerce revenue development in the Philippines
Note: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source: Statista Market Insights, ecommerceDB
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
|---|---|---|---|---|---|---|---|---|
| Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Growth (in %) | 47.8 | 21.2 | 99.6 | 23.6 | 76.4 | 34.7 | 4.4 | 99.4 |
| AOV (in US$) | 17.3 | 97.7 | 23.9 | 46.1 | 44.5 | 86.1 | 52.8 | 48.4 |
| CVR (in %) | 47.8 | 21.2 | 99.6 | 23.6 | 76.4 | 34.7 | 4.4 | 99.4 |
Top stores
Top five online stores in the Philippines by net sales 2021
The biggest player in the Philippine eCommerce market is shopee.ph. The store had a revenue of US$140.0 million in 2021. shopee.ph is followed by apple.com and zalora.com.ph as the second- and third-largest stores with US$133.3 million and US$59.2 million, respectively. Altogether, the top three stores account for 51.6% of the top 100 online stores' revenue in the Philippines. Store rankings include every store that generates revenue in the Philippines. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in the Philippines was considered.
eCommerce net sales generated in the Philippines in 2021
Note: First party net sales generated after deduction of returns, allowances for damaged or missing goods and any discounts allowed
Source: Annual report, secondary sources, ecommerceDB analysis
| no-access-0 | no-access-1 | no-access-2 | no-access-3 | no-access-4 | |
|---|---|---|---|---|---|
| Filtered revenue (in mUS$) | 900.0 | 550.0 | 470.0 | 430.0 | 370.0 |
| Share of global revenue (in %) | 20.7 | 12.0 | 3.9 | 20.6 | 20.7 |
| Global revenue (in mUS$) | 8,300.0 | 4,600.0 | 1,190.0 | 2,122.0 | 1,814.0 |
| Growth global revenue (in %) | 8.3 | 12.4 | 33.6 | 18.0 | 12.6 |
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