More Filipino merchants are using social media for selling their products, digital payments firm PayPal said.
PayPal said that 87% of Filipino merchants are currently selling on social media platforms, while 69% say they are likely to use social media in the future. This is based on a study called “Beyond Networking: Social Commerce as a Driver of Digital Payments”, conducted with respondents from China, Hong Kong, India, Indonesia, Philippines, Singapore and Thailand between March and April last year. In the Philippines, 500 consumers and 200 merchants were surveyed.
“With social media users in Asia expected to reach one billion in 2018, which is almost double the number of users in 2012, social media platforms have become an attractive marketplace for merchants. Low overheads, ease of setting up and a readily available consumer base of 67 million active users in the Philippines are adding to the lure of s-commerce,” the company said in a statement.
PayPal added that 75% of respondents answered that it is easier to set up businesses on social media. 55% liked the idea of being able to utilize the network of family and friends on the platforms.
“The proliferation of s-commerce is expected to continue, with 69% of merchant respondents who have yet to incorporate social media into their business model saying that they are likely to sell through social media/messenger platforms in the future,” PayPal said.
For consumers, 32% of Filipino respondents with Internet access said they have already made transactions via social media.
PayPal Regional Head for Strategic Partnerships for Southeast Asia Abhinav Kumar had said last month that the company is getting “positive” signals in the Philippine market. — Patrizia C. Marcelo