The Philippines is currently estimated to have the fastest growing internet population in the world, with recent statistics estimating 530% growth over the past five years. Close behind the Philippines in global rankings are other Asian countries such as Indonesia in second place with 430% growth over the same period, India in fourth place at 230%, and Vietnam in seventh with 82% growth.18
At US$1.15 billion in 201319, the e-commerce industry is projected to increase at a compound annual growth rate of 101.4% during 2013 to 2018. The B2C e-commerce market is projected to grow at 107.4% during the same period.20 The Philippines, considering its sizeable youth population and a slightly smaller population in the working-age range, is thus well-placed to see an increase in online retail in the near future.
In a study conducted by VISA, nine (9) out of 10 Filipino consumers go online to shop at least once a month.21 As in other Asian countries, Filipinos still prefer going to malls as it has become a part of their culture.
A survey conducted by We Are Social found that Filipinos spend an average of 6.3 hours every day using the internet. Amazingly, the mobile subscription of the Philippines exceeded its 101.1 million population by 13.5 million.