E-commerce or electronic commerce simply refers to carrying out business transactions over the internet. Just like in conventional businesses, this type of trade has all the aspects of a business transaction such as buying, selling, and payments. The major difference is that this business model is based on electronic transactions.
For many people in the world, e-Commerce becomes one of the preferred ways of shopping due to its easiness and convenience. People can buy products or services anywhere and anytime as long as they are logged in to an online shopping platform.
If you are running a physical store, it will be limited by the geographical area that you can service, but with an e-Commerce website, you can sell your products and services across the world. The entire world is your playground, where you can sell your complete range of products without any geographical limits. Moreover, the remaining limitation of geography has dissolved by m-commerce that is also known as mobile commerce.
Economy
The Philippines is home to 103.32 million people with a total GDP of 304.91 billion USD and GDP per capita of 3,430 USD, which is expected to reach 4,937 USD by 2022.
Digital User Insights There are currently 37.75 million e-Commerce users in the Philippines, with an additional 18.02 million users expected to be shopping online by 2022. Four years from now, these 45.77 million e-Commerce users will spend an average of 48.72 USD online.