In Pakistan, e-commerce has become a household term. The internet user base has increased significantly, surpassing 40 million people this year. It is possible to buy anything from electronics, home appliances, books, toiletries, decorations, and even food. Before the advent of ecommerce, Pakistanis did not have other ways to solve their daily problems. Now, online shopping is becoming more popular. Some of the most important e-commerce enablers in Pakistan include Daraz.pk, Kaymu.pk, HomeShopping.pk, and AYSonline.pk. The Future of Ecommerce in Pakistan is bright.
Payment Regulations
Despite all of these advantages, the country faces several challenges when it comes to implementing e-commerce. For example, despite the fact that Pakistan is an IT powerhouse, there are no e-payment regulations in the country. Further, there is a lack of infrastructure for the development of e-payment systems in the country. In addition, most importantly, security concerns are hindering the development of the sector, hindering its expansion and promoting trust in the market.
Internet Banking
As more banks launch Internet banking payment services, the amount of funds transferred via IBFT – a payment system that allows electronic transfer of funds to online stores – is increasing. COD delivery services provided by the delivery giants have rolled out in more than 150 cities across the country, including rural areas. This is indicative of the booming trend of online shopping in Pakistan, which is set to increase by 25 per cent by 2022.
The government of Pakistan is working on creating a National e-commerce council to help regulate the industry and develop its future. The council will also work on drafting the Data Protection Act and will hold various stakeholders accountable. As the government makes more infrastructure and regulations available for e-commerce in Pakistan, it will be easier for the Securities and Exchange Commission of the country to promote and regulate the sector. The future of Ecommerce in the country is bright for these entrepreneurs. However, the challenges do not end there.
Flexibility for Online Merchants
The growth of e-commerce in Pakistan is a result of several factors. It is not only accessible to consumers, but it also has more flexibility for online merchants. More than 12 million debit cards are in circulation in the country. This means that electronic transfers between banks and online stores have become much easier and secure. In addition, delivery giants offer COD (cash on delivery) delivery services in more than 150 cities throughout the country.
The government is promoting e-commerce in Pakistan due to its booming IT industry. With the growth of the IT sector and the growth of the population, Pakistan can enjoy a prosperous future in the e-commerce space. The development of the internet has prompted many businesses to relocate to the country. The development of the country’s populace has boosted the e-commerce sector. The resulting data innovation can boost the economy by up to 25 percent.
Challenges of Ecommerce in Pakistan
Despite the challenges of e-commerce in Pakistan, the future of Ecommerce in Pakistan is bright. This new era will improve the livelihoods of its people, build a competitive enterprise, and increase the country’s share in global trade. However, before the government can embrace the e-commerce sector, it needs to eliminate the barriers it faces. A good example of this is the lack of adequate infrastructure and digital competence.
The e-commerce industry in Pakistan is expanding rapidly. With the introduction of Flipkart and Alibaba, the industry is growing rapidly in the region. However, there are a number of challenges in the e-commerce sector in Pakistan. While the country’s economy is developing rapidly, e-commerce has been an underdog for decades. Despite the challenges, the country is embracing the opportunities of e-commerce.
Lack of Trust
Lack of trust is the main obstacle to the growth of ecommerce in Pakistan. There are no laws or governmental regulations that protect the consumer from scams. A lack of trust can stifle a new business’s growth and create a competitive advantage for the company. In the long run, e-commerce in Pakistan will continue to grow and become a major contributor to the economy. The country’s future of e-commerce is bright, but there are still challenges that need to be address before the country can fully benefit from it.