Study Shows More Filipinos Shopped Online For the First Time in 2020
Online shopping has become increasingly common in recent years. But, the trend noticeably grew during the coronavirus pandemic last year. According to a study by Visa, more Filipinos shopped online for the first time.
The changes in consumer behavior includes a decline in cash usage, purchases on social media channels, and more. Visa adds that these activities could continue beyond the pandemic.
Dan Wolbert, Visa country manager for the Philippines and Guam, says "More Filipinos are using e-commerce for the first time to make purchases. This admittedly is a new habit for many Filipinos." He continues, "Prepandemic, 7 out of 10 payments of the respondents were made with cash, and currently that number shifted down to only 5 out of 10 payments."
"Even though we’ve made progress in digital payments adoption, there remains huge opportunities for us to encourage more Filipinos to embrace digital payments as we look to expand digital payments acceptance across the country," Wolbert added.
With a COVID-19 vaccine on the horizon, things are bound to normalize soon. Another study, however, says that the rise of online shopping will continue to increase far beyond 2021.