E-commerce companies cash in on '11.11' shopping bonanza
MANILA, Philippines — E-commerce companies started on Monday their annual “11-11” sale, offering hugely discounted items to Filipino shoppers amid robust demand ahead of the Christmas shopping season.
Online stores had everything discounted from gadgets and appliances to potato chips in a bid to corner more consumers, heating up competition and testing Filipinos’ willingness to spend as the economy recovers from a slowdown earlier this year.
E-commerce platform Lazada marked its 11/11 sale with a TV special as well as several new features to make the app a “lifestyle destination,” the company said in statement.
Meanwhile, Singaporean e-commerce platform Shopee — one of Lazada’s rivals in the Philippine market — likewise kicked off its own 11/11 shopping blitz with a TV special.
According to Statista, revenue in the Philippine e-commerce market amounts to $953 million in 2019, up 14.4% year-on-year. That is forecast to grow 10.4% by 2023.
The Philippine market's largest segment is “electronics and media” with a market volume of $258m in 2019, Statista said. Meanwhile, user penetration in the country is at 45.1% in 2019 and is expected to hit 47.4% by 2023. — Ian Nicolas Cigaral
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