South East Asia being the hub of the ever increasing information technology, is the region the world should watch out for when it comes to E-commerce. With the sky high internet penetration and the booming E-Commerce industry, the South East Asian region comprising of Philippines, China, India, Bangladesh, Pakistan and a few others, is predicted to emerge on the map of the world as the market leader in IT. Philippines being the center of this emerging South Asian IT Market, is all geared up to make its mark on the industry with its increasing number of innovative and sophisticated technological advancements. With the fastest growing internet users in South East Asia with more than 22 % internet penetration growth rate every year, Philippines is a prosperous market for the E-Commerce players. The country offers burgeoning opportunities for the existing e-commerce companies and also for the newbies entering in this space. The laws, infrastructures and technologies have already been established and are being vigorously implemented making the prospects even more attractive.
Many national and international leading entrepreneurs strongly believe that it’s just matter of time that Philippines E-Commerce industry will be competing head to head with the leading E-Commerce giants such as Amazon and EBay. Other E-commerce websites such as Kaymu Philippines and CashCashpinoy are also gaining momentum and accelerating the prospects of online shopping in Philippines.
When it comes to revving up the E-commerce potential, Philippines have decided to take the slow but sure route. The industry is facing many challenges. The issues of rising poverty and illiteracy are two of the primary setbacks that withhold the industry from achieving its full potential. A lack of a fully developed infrastructure is also a drawback that slows the growth process. Experts believe though the country faces many challenges but they see Philippines as a growing market for Ecommerce. With the increasing number of internet users, Ecommerce industry in The Philippines is predicted to witness an exponential growth in matter of few years. A developed and sophisticated infrastructure and an improved literacy rate are the measures that can help boost the E-commerce industry by leaps and bonds. The implication of E-commerce friendly Laws and regulations by the government can further flourish the industry.
Since the credit card penetration in the country is very limited and there is a lack of trust associated with online shopping, many e-commerce companies have introduced the cash on delivery service where the customers have the ease to pay for the products after the delivery of the products.
Despite a few hurdles, E-commerce industry is predicted to grow and prosper in the country. The rising internet penetration proves that buyers and sellers are poised to take e-commerce industry to the next level of success. Blending the Filipinos passion for shopping with the convenience, security and reliability of online purchasing, is the recipe for success for Philippine e-commerce industry.