If there is one economic sector that has benefited from an unexpected windfall in the era of the coronavirus, it is that of e-commerce. While traditional forms of commerce and economics have been affected due to stay-at-home orders and restrictions that have plagued most parts of the world, e-commerce has taken center stage. From the delivery of groceries and food to medicines, clothing and furniture, consumers around the world depend heavily on online sellers. Not only have e-commerce platforms changed the way people shop, but they have also created new employment opportunities for a growing population, especially young people. There is a lot of money to be made if the Internet is used wisely. And e-commerce is one of the main ways to do it.
Nepal, however, appears to be absent from the scene according to the Least Developed Countries Connectivity Status Report 2021. The report states that lack of consumer awareness is the reason why the e-commerce industry has failed to thrive despite increasing internet penetration. Nepalese are using the Internet on an unprecedented scale, but they are missing out on the greatest opportunity created by the combination of the Internet and commerce: e-commerce. The report says least developed countries generally perform poorly in the e-commerce industry, but there is always room for change.
For a country with a formidable youth population with widespread Internet access, the slowness with which the e-commerce industry is growing is inexplicable. For this, the government should facilitate the training of young people with the skills required to enter the e-commerce industry. The younger generation may be busy scrolling pages and creating content for social media rather than using the internet for economic gain. It is the government’s duty to train the next generation to be competitive in the changing global economic environment, as it becomes increasingly clear that the future of economy and commerce rests on the Internet in the coming days.
As by a report, India’s e-commerce industry is expected to grow 84% to $ 111 billion by 2024. In addition to attracting international e-commerce giants such as Amazon.com, India has witnessed over the past decade and a half the proliferation of local sites such as Flipkart.com and Snapdeal.com. China has also experienced tremendous growth in the e-commerce sector, with platforms such as Alibaba.com rule the world market. Nestled between the two economic giants who are experimenting, with enough success, an economy based on the Internet, Nepal cannot remain at a loss for long.
It’s not that Nepalese consumers and traders are totally ignorant of the economics of e-commerce. For the past ten years, local online shops have been trying to gain a foothold in the Nepalese consumer market. A few marketers have even attempted, with limited success, to expand the reach of Nepalese consumers in the global e-commerce market by partnering with international brands. However, consumers lack confidence in ecommerce sites as they often face multiple issues ranging from difficulty with payment, chances of products turning out to be different from what they ordered, and a complicated returns policy that makes them difficult. lets regret why they chose to buy online in the first place. But these problems can be easily resolved if there is a symbiotic relationship between government, merchants, and consumers. The idea is to solve technical problems, build trust and work together to take advantage of the new opportunities created by the Internet.