Cambodian e-commerce to grow rapidly in 2021
Xinhua Silk Road, Phnom Penh, July 4 (Reporter Wu Changwei) According to the latest announcement issued by the Cambodian Ministry of Commerce, the transaction volume of Cambodia's e-commerce market in 2021 will be 970 million US dollars. A year-on-year increase of 19%, rapid development.
Affected by the acceleration of local economic development, the increasingly frequent trade between Cambodia and neighboring countries, the Regional Comprehensive Economic Partnership Agreement and the implementation of the China-Cambodia Free Trade Agreement this year, the development of Cambodia's import and export trade has been promoted. At the same time, due to the impact of the epidemic, people's shopping habits have gradually changed, and with the help of various factors such as the popularization of network informatization, the Cambodian e-commerce market will become an important industry to promote the country's economic growth in the future. According to the forecast of the Cambodian Ministry of Commerce, by 2025, the transaction volume of Cambodian e-commerce market will reach 1.7 billion US dollars.
According to the announcement of the Cambodian Ministry of Commerce, the main income of e-commerce comes from clothing and apparel products (260 million US dollars), electronic products (250 million US dollars), and beauty and health products (230 million US dollars).
At the same time, the popularity of electronic payment methods is also an important driving force for the rapid increase in online sales. According to the 2021 Visa User Payment Attitude Research Report, e-wallets and bank card payments are already mainstream payment methods. In Cambodia, about 40% of the people choose one of these methods to pay for goods, and about 14% of the country's population use the above two payment methods at the same time. Digital payment provides convenient and safe application scenarios for cashless transactions.
In order to ensure the healthy development of the e-commerce market, the Cambodian government promulgated the E-commerce Act in 2020 to regulate the operation of e-commerce. The E-commerce Act protects the interests of all parties in the online business format and lays the foundation for mutual trust between merchants and consumers.