Pakistan’s e-commerce market has witnessed wonderful growth recently, it is still a young e-commerce market with significant room for growth.
Many consumers in Pakistan are embracing the online stores as the changing trends and recent developments are creating boom and buzz in the existing retail structures while also unleashing several growth opportunities which I am sure will take Pakistani retail industry to new heights of growth.
Though indicators show a positive trend, our e-retail market is still nowhere near the global one because of it’s late adoption of eCommerce and lack of trust among our people.
Pakistan is lagging behind in terms of eCommerce industry with about $1billion market currently while India has an edge over and leads with a whopping billion dollar figure.
Why is it so?
There are several reasons why Pakistan has not been able to realize its full potential in eCommerce market share.
The lack of a digital system is keeping Pakistan’s eCommerce from moving ahead. The two factors highly critical for the advancement of the eCommerce industry in our country are financial inclusion and literacy required to conduct a business.
Apart from this, the other main hindrance is the lack of trust. There are many online stores operating in Pakistan that deliver substandard quality even though they display high-quality products on their sites. These eCommerce platforms have jeopardized the trust that our Pakistani consumers have in them.
The world’s preferred digital payment method, PayPal, is not available in Pakistan. Further, the presence of Amazon and eBay is also lacking in Pakistan. Imagine if such portals were present here, how far reaching benefits it would have across businesses as currently we are deprived of a large market opportunity.
We need to use eCommerce as a tool to increase exports at large. We have just scratched the surface with regard to eCommerce. In order for Pakistan to get a bigger share of global exports, Pakistani businessmen need to reinvent their strategy of conducting business and get on the bandwagon of online presence.
All in all, despite hurdles, one should know that eCommerce in Pakistan will surely grow but we need to successively wither away the mistrust in order to bear fruits in near future.
Via: Saqib Azhar