A fast internet connection is all you need to make online shopping an easy and fun task from the comforts of your home. No longer do you have to run from one store to another to buy so much of a lipstick or a teeny tiny keychain. Even the smallest businesses have understood the need of the times and developed websites where people can shop online anywhere anytime.
Keeping in view the present-day needs and preferences of the customers, small entrepreneurial businesses don’t even bother to open up retail shops as all the buying and selling can be done from their very own garage. So my so it has become our obligation to understand the future of eCommerce and forecast what we are getting ourselves into. So following is a detailed analysis of this topic.
Future Trend of E-commerce In Pakistan
In today’s fast-moving world it is not only important but is mandatory for countries to step up their pace and adopt internet services as their own newborn child. Even the under-developed countries, as well as developing countries, are adopting and progressing with the help of E-commerce services. It is in fact the easiest and fastest way to help flourish businesses and generate cashflows thus, benefiting the entrepreneurial organization as well as the countries themselves.
Speaking about Pakistan’s performance in the world of E-commerce, it is not top-tier but we are not doing so bad either. In fact, the results and future plans promise exponential growth and an opportunity to bring in foreign investors which will immensely improve the economic conditions in Pakistan in the near future.
Trend In The Fiscal Year 2022
During the first quarter of the fiscal year 2022, E-commerce generated Rs 96 billion as compared to Rs 71 billion in the first quarter of the fiscal year 2021. It means that there has been a growth of over thirty-five percent as compared to the previous year.
Furthermore, statistics and records have revealed that the prepayments in the field of E-commerce have increased from 1410 to 2164 merchants. Thus, it reflects how well Pakistan is performing in this area. It is a great opportunity to improve the economic crisis prevailing over the country.
The Bigger Picture
Given the increasing workload of the demanding and grueling jobs each and every one of us have, coupled with the fact that one can not have more than twenty-four hours in a day, online shopping has really helped take the burden off our shoulders. You can now order anything ranging from groceries to home furniture and accessories all from your workplace during your lunchtime.
So, you no longer have to take time off work and squeeze shopping into your overflowing schedules. Everything you need is within your touch all thanks to E-commerce. Furthermore, it is forecasted that E-commerce will increase employment opportunities for the residents for upto 130 million over the next thirty years. In fact, it wouldn’t be misleading to say that Pakistan could be next in line to become the next E-commerce leader in the world.
Improved Online Shopping Experience
With increasing awareness, thanks to educational institutions and seminars held by certain autonomous bodies, even the kids are now aware of the facility of buying and selling online. Different businesses are doing their best to build and maintain artistic websites with userfriendly features to help improve the online shopping experience. Now, you can get almost everything online that you would otherwise buy from a physical store.
Advantages of E-commerce
Amongst numerous advantages of E-commerce, some of the most significant ones include a faster buying process as you don’t have to trot from one store to another to buy what you need. Just go to the platform provided by your favorite brand, sort through the items, and get what you need in just a click.
Another benefit granted by E-commerce is the reduction in costs for large businesses. The major shift from physical to online selling has resulted in a decrease in physical stores thus saving up the fixed and variable costs such as store rent, utilities, and so on.
Furthermore, E-commerce has also provided greater flexibility for customers as you can now shop any time of the day from the comforts of your home or workplace. It is also easier for entities to advertise and market their products online without spending too much of their budgets for this specific purpose.
Disadvantages of E-commerce
Where there are advantages associated with something there are also many disadvantages related to it as well. For instance, an increasing trend of E-commerce has resulted in many security problems as it has created an opportunity for hackers and cyberbullies to get what they want. Other than that, site crashes, late delivery, wrong delivery, lack of privacy, tax issues, legal issues, technological costs, shipping problems, and credit card fraud are some of the most common grievances associated with online shopping.
What is E-commerce?
To put it simply, E-commerce is a fancy name for online shopping and selling. Billions of users from across the globe are taking benefit from this service. Many small businesses are making large profits simply by selling products online. The greatest benefit of E-commerce is the convenience it has brought up in our lives simply by cutting out the need to go out to get what we need.
Looking at all advantages and future trends associated with E-commerce it is safe to conclude that careful investment in this field and correct usage can pave a path towards greater accomplishment. The bleak economic conditions can be improved immensely if we are able to direct enough attention towards the improvement of the IT system in Pakistan. For this purpose educational institutions and social media play a vital role to increase awareness.