The Philippines saw exponential growth in the e-commerce space in the last five years, but the Covid-19 pandemic propelled its massive adoption to an unprecedented level. The thriving sector is forecast to grow four times by 2025 to $15 billion.

"The pandemic has shown us the potential of e-commerce that can open a wider market for startups," said Kim Lato, chief executive officer and founder of gadget e-commerce platform Kimstore. "We learned that we can reach a wider market by selling our products and services online. And we don't even need a brick-and-mortar store."

Lato cited the latest data from the Philippine Statistics Authority showing the country's population at 110 million, 75 million of which use the Internet and shop online.

"Interesting fact is, we always have an issue in terms of the Internet speed, but that did not stop our customers from shopping online," Lato added.

By the numbers
The Philippines is, indeed, an exciting market for regional players because of the vast potential of its untapped market. The country is home to nearly 75 million active Internet users, the second largest in Southeast Asia. It has the third largest number of people who shop online for consumer goods at 39 million, amounting to up to $3.55 billion with an annual growth of +42.5 percent. Online shopping in the Philippines is ranked only next to Indonesia and Vietnam in the ASEAN region.

More importantly, virtually all these Internet users are active on social media. According to research by Hootsuite and We Are Social, the Philippines has 89 million active social media users. This allows marketers to reach out to a more extensive audience reach and promote their offerings cross-border on Facebook, Instagram, Twitter, and online marketplaces.