Apparently Nintendo Switch has been flying off the shelf everywhere globally.
It’s a no-brainer that there are several shifts in Filipinos’ consumer behavior during the COVID-19 lockdown. Prior to Duterte’s lockdown announcement on the evening of March 12, 2020, the Philippines, especially Metro Manila, was at its usual hustle-and-bustle state despite the rising cases of COVID-19 worldwide. With sudden strict restrictions on physical mobility and consequently, purchasing freedom, Filipinos are left to look for alternative ways of shopping.
In recent years, Southeast Asia’s digital economy has been growing and shifting. According to Accenture, Southeast Asia’s share of digital commerce will exceed $30 billion in the next two years. This means that Southeast Asians are now discovering the different avenues of online shopping. It’s at the cusp of peaking in online economic growth.
Samsung just unveiled their newest products worldwide and one of these much-awaited gadgets is the Samsung Galaxy S20, which is announced to be available in stores by March 6. Loyal Samsung-users have been anticipating its release as it's said to have the best specs yet, but perhaps they should hold on to their wallets because according to historical trends, Samsung Galaxy S20’s price is predicted to drop by a significant amount after 6 months to a year.
MANILA, 5 February 2020- Today, iPrice Group and ViSENZE announced a partnership that will bring more exciting products to consumers in Southeast Asia, including the Philippines, when they shop with their mobile cameras via their AI-powered Shopping Lens embedded in their smartphones. Though smartphone users across Southeast Asia were able to use Visual Shopping Lens powered by ViSenze on their mobile phones since 2019, iPrice is now currently bringing over a billion new products from thousands of merchants across Southeast Asia for consumers to choose from.
In the recent 12.12 sale, Filipino consumers shelled out the highest amount spent on a special holiday sale for the past year. According to our study, Filipinos spent 78% more this year on 12.12 as compared to 2018. With the growing number of smartphone users reported in the Philippines, continuous growth in online sales is expected.
Data (collected as of November 22, 2019) from Google Trends show that between 2016 and 2019, search interest on Singles’ Day has grown by 97%. Hence, it comes as no surprise that the average basket size of each consumer this year is 10% more than last year’s.
Lazada maintains its lead as SEA's most visited e-commerce platform. Shopee ramps up against Lazada’s lead by 66% becoming Lazada's closest competition by November 2018. SEA's top 10 e-commerce platforms grew at an average of 53% in 2018 compared against the previous year. E-commerce players from Indonesia and Vietnam namely Tokopedia, Bukalapak, Blibli, Thegioididong, and Tiki are dominating the SEA region despite its only available locally. The year 2018 has been significant for the e-commerce industry in Southeast Asia. Among the notable highlights in the region were from Indonesia's two eCommerce giants Tokopedia and Bukalapak. Tokopedia received a $1.1 billion funding from Alibaba Group- SoftBank while Bukalapak, on the other hand became Indonesia’s fourth Unicorn. Meanwhile Lazada, the biggest eCommerce in SEA received an additional US$4 billion. A recent study by Google forecasts that the e-commerce industry in the region will be valued $23 billion in gross merchandise revenue (GMV) by the end of the year. By 2025, the SEA e-commerce industry's estimated value will be US$102 billion in GMV. Given the potential and rapid growth of SEA e-commerce, iPrice Group conducted a market analysis to track which e-commerce players finished first in the region, and its exciting new competitions and developments in 2018. Our market analysis research were based from the total desktop and mobile visits of biggest e-commerce platforms from Singapore, Indonesia, Malaysia, Philippines, Vietnam, and Thailand. The e-commerce players included in this study is based from our Map of e-commerce report which ranks the most visited e-commerce platforms (on desktop and mobile web) in their respective countries. The Rapid Growth Of Southeast Asia’s Top 10 E-commerce Platforms Based from the overall e-commerce traffic across SEA, 10 biggest emerged are Lazada, Shopee, Tokopedia, the visits between January and November 2018 saw a drastic growth in traffic by 53% on average. This positive uptrend is mirrored by Google’s report stating that the online retail sector is moving quicker than expected.
To date the Philippines has been consistently the smallest eCommerce industry in SEA, this is according to Google and Temasek latest 2018 report. It highlighted that the Philippines estimated 2018 valuation grew to 5 Billion USD- a 30 percent growth from last year’s 2 Billion USD. By 2025, it projected that the country will experience a 25 percent growth worth 21 Billion. Meanwhile, Indonesia is projected to be the biggest market in SEA, currently it’s valuation is 27 Billion USD and is expected to hit a gross merchandise value of 100 Billion by 2025.