Cambodia’s E-Commerce market hit $1.12 billion

Cambodia’s E-Commerce market hit $1.12 billion

Cambodia’s market value of E-commerce reached approximately $1.12 billion in 2024 and is projected to reach $1.81 billion in 2029, thanks to the rapid digital payment adoption, a tech-savvy youth population, rising smartphone penetration, and strong government support, said a 2024 E-Commerce report published by the Ministry of Commerce on Monday.

“Cambodia’s E-Commerce growth in 2024 is driven by increased internet penetration, widespread adoption of digital payments, and evolving consumer behaviour post-pandemic, coupled with innovative solutions from industry players,” read the report.

Cham Nimul, Minister of Commerce, said that the expansion of Cambodia’s E-commerce sector reflects the country’s broader commitment to digital transformation, as outlined in the Pentagonal Strategy Phase I and the Digital Economy and Society Policy Framework 2021-2035.

The Ministry of Commerce is taking decisive steps to become more fit-for-purpose in supporting Cambodia’s E-commerce and digital trade ambitions.

“By strengthening its institutional capacity, the Ministry aims to provide more dedicated and targeted support to the industry, ensuring that businesses and consumers alike can fully leverage the opportunities presented by digital transformation,” she said.

Looking ahead, the market is expected to grow at a compound annual growth rate (CAGR) of 9.98 percent from 2024 to 2029, potentially reaching a volume of $1.81 billion by 2029, stated the report.

The study, enriched by extensive consumer surveys and expert interviews, provides recommendations tailored to the Cambodian context, addressing both opportunities and challenges faced by businesses and policymakers, according to PROFITENCE (Cambodia) Co., Ltd, which produced the report.

The minister commended PROFINTENCE (Cambodia) Co., Ltd for their valuable contribution in producing the comprehensive overview, which will serve as an important reference to advance Cambodia’s E-commerce agenda.

“The 2024 E-commerce Report provides a comprehensive analysis of Cambodia’s E-commerce landscape and outlines key considerations for expansion of E-commerce and digital trade,” Nimul said.

As Cambodia deepen its digital integration, the evolution from E-commerce to a broader digital trade ecosystem will be instrumental in ensuring economic resilience and global competitiveness, Nimul added.

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