Almost all of us are currently familiar with the term ‘electronic commerce‘, which is commonly referred to as ‘e-commerce’, right? In simple terms, it involves buying, selling and exchanging products over the Internet and the transactions are carried out electronically. It’s pretty convenient and cheaper for buyers. At the same time, it generates massive profits and revenue for the people who are in online businesses. Because of this, e-commerce is getting bigger every day.
Although e-commerce has been around for a long time, especially in developed countries, it is currently growing around the world as an easier platform for doing business. There are a couple of factors behind this: one is people who have better internet access and the other is the recent COVID-19 pandemic. Since the beginning of the pandemic, e-commerce has been a safer means of shopping and transaction for people, especially during the lockdown, as they can use the internet to shop for clothes, groceries or any other goods that sit in their homes. Even after the lockdown has ended, people seem to prefer to shop online rather than visit the market themselves as they seem to have found it more convenient for them and I feel the same way. There are many platforms on the internet for online business that people can get involved with.
In Nepal, online shopping sites like Daraz, Hamrobazar, SastoDeal and many others have grown their business during the pandemic and it seems to be increasing even now. After the pandemic began, 70 percent of all transactions were processed online via e-banking, Khalti and E-Sewa. Currently, up to 90 percent of jewelry sales in Nepal are handled via digital platforms. Booking vehicles online through Pathau is greater compared to people than it was before. Hamrobazar Online’s total traffic has increased 40 percent since the pandemic, and the case is similar for other online shopping sites as well. People are slowly returning to working locally but on the online platform.
In a global context, there are 2.05 billion buyers in 2020, most of whom use Amazon, Ebay, Walmart, etc. Amazon accounts for 47 percent of U.S. ecommerce sales in 2020, which is projected to grow to 50 percent by the end of 2020 year. According to Statista, 75 percent of people shop online at least once a month and around 54 percent of e-commerce sales are made via mobile devices. By the end of 2020, e-commerce sales had reached around $ 4 trillion. According to Google, 64 percent of shopping trips start online. Hence, many people have slowly shifted to online shopping as their first choice.
The number of people using e-commerce is increasing every day. That’s because it attracts relevant audiences efficiently. It is quite reliable with its goods, offers variety and something unique. In addition, it lives up to its expectations, it is optimized for mobile so that you can access it from anywhere and around the clock. While there can be some issues and exceptions to literally anything, it is still preferred by many people because of its many advantages. So I advise people who haven’t used ecommerce to try it out in the future. The trend of shopping and trading online appears to have grown in recent years and especially during the pandemic. Although several local businesses have shut down, this pandemic has shown people the importance of e-commerce as a safer way to transact and do business. This has led many people to start doing business online themselves in the future.
So I think e-commerce should be promoted more and more as it is also safer, more convenient and more reliable. Because of this, people should understand its benefits, especially those who have not used it before. I am very sure; you’d rather too. In my opinion, e-commerce will grow even faster. I think it wouldn’t be too surprising if e-commerce was to replace and monopolize most of the market in the near future. Why aren’t we all there?
Pratyush Awasthi is studying BBA in the first year at the Kathmandu University School of Management (KUSOM).
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