E-commerce development is aided by infrastructure upgrades
Infrastructure improvements, as well as demography and people’s capacity to adapt to innovations, are among the elements that will increase electronic commerce (e-commerce) in the nation.
While many investors are focused on Singapore for technology-related investments, Foxmont Capital Partners Managing Partner Franco Varona said in a video briefing on Tuesday that the Philippines is beginning to attract some of these companies.
He believes that Indonesia’s experience a decade ago, when it dominated Southeast Asian technology inflows, may repeat itself in the Philippines since the amount of money that poured into the former are now seeking other opportunities.
“What does this imply for the Philippines?” you may wonder. That implies the Singaporeans are sitting in Singapore with a lot of money to invest and are searching for alternative options outside of Indonesia. And here is where the Philippines, in my opinion, becomes very intriguing,” he said.
The Philippines’ population of nearly 109 million people, according to Varona, is a significant aspect for investors to consider, particularly because more Filipinos are becoming social media aware and purchasing more goods online.
He claims that more companies are turning to internet platforms and that some of these firms were already operating or utilizing online platforms before the epidemic began.
He said, “That really indicates that there is a big, you know, fast growth in the Philippine market.”
Singaporean investors are taking note of the rise, according to Varona.
“Once again (investors) see that we are on the same road as Indonesia was 10 years ago,” he added, noting infrastructural improvements such as the addition of additional communications towers.
By 2025, Alexander Friedhoff, co-founder and CEO of e-commerce enabler Etaily, expects the Philippines to have a billion-dollar e-commerce industry.
“We can certainly predict that as a result of the epidemic, developments will be much higher,” he added.
Etaily, a Philippine-based end-to-end omnichannel solutions provider, has received seed financing of USD1.6 million (about PHP80.6 million) from Ayala Ventures, Foxmont Capital Partners, Magsaysay Shipping & Logistics, and Boston Consulting Group.
Friedhoff said that the investment would enable the firm to assist companies operating in the nation in expanding their e-commerce activities in order to increase their footprint in the area.
“We will not allow the retail catastrophe that occurred in the United States and Europe,” he said, “because we are providing traditional shops a digital fighting chance to compete for the local and regional market.”
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