Latest News- Retail Market in Philippines: Food and beverages is expected to lead the Product segment during 2024-2028
The Retail Market in Philippines is being driven by Growing demand for convenience food products
The Retail Market in Philippines is expected to grow at a CAGR of 11.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 66353.1 million. In the Philippine retail market, there has been a notable shift towards online sales channels. Established and private retailers are capitalizing on this trend by effectively selling their merchandise through digital shopping portals. The elimination of physical stores, inventory, and sales personnel in the online distribution model has led to increased focus on e-commerce sales. Additionally, the substantial growth in internet and smartphone penetration in the Philippines presents a significant opportunity for retailers to expand their online presence. Consummers are increasingly turning to online shopping as a time-efficient and rational platform, particularly for their fast-moving consumer goods (FMCG) needs.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product (Food and beverages, Personal and household care, Apparel and footwear, Electrical and electronics, Others) Distribution Channel (Offline, Online) Geography (APAC).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Retail Market in Philippines Research Report
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In the dynamic retail landscape of the Philippines, traditional brick-and-mortar stores face competition from e-commerce, mobile commerce, and advanced technologies like data analytics, artificial intelligence, and multichannel retailing. Consumers now enjoy the convenience of online buying, fast delivery, and personalized marketing. Retail sectors such as food and beverages, motor vehicle dealers, parts dealers, gasoline stations, miscellaneous store retailers, cosmetics stores, and personal care stores embrace AI, ML, chatbots, AR, and VR for inventory management, last-mile delivery, cross-selling, upselling, and loyalty programs. Big data analytics is a key driver for business growth and innovation.
The Philippine retail market encompasses big-box retailers, brick-and-mortar stores, e-commerce platforms, mobile commerce, and multichannel retailing. According to Technavio, the global broadline retail market size includes revenues from Internet retailing service providers, third-party online retail platform providers, door-to-door retailing services, department stores, and other general merchandise companies, such as online marketplaces for consumer products and services. Market expansion will be fueled by the increasing use of advanced mobile devices and high Internet penetration, enabling consumers to engage in online buying, personalized marketing, and fast delivery, as well as effective inventory management and last-mile delivery solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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