Almost every one of us right now is familiar with the term ‘Electronic Commerce’, commonly referred to as ‘E-Commerce’, right? In simple words, it is purchasing, selling and exchanging products over the Internet and the transactions are made electronically. It is rather convenient and cheaper to the buyers. At the same time, it generates massive profit and revenue for the people engaged in online businesses. Due to which, E-Commerce is rising to a greater scope day by day.
Although E-Commerce has been in the market for a long while now especially in the developed countries, currently it has been growing all over the world as an easier platform for doing business as well. There are a few factors for it: one of them being people having a better access to the internet, and the other one being the recent COVID-19 pandemic. Ever since the beginning of pandemic, E-Commerce has been a safer means of shopping and transactions for people especially during the lockdown as they can shop clothes, groceries or any other goods sitting in their houses through Internet. Even after the end of lockdown, people seem to prefer shopping via online rather than visiting the market themselves as they seem to have found it more convenient for them and I too feel the same. There are many platforms in the internet for online business for people to get engaged in it.
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In Nepal, online shopping sites like Daraz, Hamrobazar, SastoDeal and many other sites have increased their business during the pandemic and it seems to be increasing even right now. After the beginning of pandemic, 70 percent of total transactions have been online by means of E-Banking, Khalti and E-Sewa. Currently, up to 90 percent sales of jewelleries are currently conducted through digital platforms in Nepal. Online booking of vehicles through Pathau has been greater than before compared to people. Hamrobazar Online classified has seen 40 percent increase in overall traffic since the pandemic and the case is similar for other online shopping sites as well. People are slowly reverting to going local but in the online platform.
In the worldwide context, there are 2.05 billion shoppers in 2020 most of them using Amazon, Ebay, Walmart, etc. Amazon accounts for 47 percent of US E-commerce sales in 2020 which is expected to increase to 50 percent by the end of this year. According to Statista, 75 percent of people shop online at least once a month and about 54 percent the E-commerce sales through mobile devices. E-Commerce sales have reached about $4 Trillion by the end of 2020. Google has said that 64 percent of shopping journeys start online. So, a lot of people have been slowly shifting towards online shopping as the first choice preference.
Every day, the number of people using E-commerce is increasing. That is because, it attracts relevant audiences efficiently. It is quite reliable with its goods, offers variety and something unique. Along with that it maintains its expectations well, it is mobile optimized allowing you to access to it from anywhere, accessible 24 hours. Although there might be some problems and exceptions which happen with literally everything, it is still favoured by a lot of people as it has many advantages over it. So, I advise the people who haven’t used E-commerce yet to try it in the future. The trend of going online for shopping and transactions seems to have grown during the past few years and especially during the pandemic. In spite of several local businesses getting shut, this pandemic has shown people the importance of E-Commerce as a safer way of transactions and doing business. This has influenced many people to start online business themselves in the future.
So, I think E-commerce should be promoted more and more as it is safer, convenient and reliable as well. That’s why, people should understand its benefits especially those who haven’t used it yet. I’m pretty sure; you would prefer it more as well. In my opinion, E-commerce will keep on growing to an even higher extent. I guess it wouldn’t be too surprising if the E-Commerce replaces and monopolizes most of the market in the near future. So, why don’t all of us be a part of it too?
Pratyush Awasthi is studying BBA I st year in Kathmandu University School of Management (KUSOM).
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