E-Commerce signifies the process of buying and selling of products and services over electronic systems such as the Internet and other computer networks. For the year 2012, e-Commerce was estimated to be a little more than $1 trillion (excluding gambling) and this sales figure is projected to grow by more than 18% this fiscal year. Hence, the dawn of e-Commerce is breaking with increasing internet users,rising living standards, recognition of limitations of brick and mortar shops, e-Commerce regulatory laws and evolution of online marketplaces.
Till date, e-Commerce revolution has encompassed all sectors from online shops to hospitals, ticketing and travels, hotel reservations, banking, educational sectors, manufacturing, service industry and even shipping. The e-Commerce market in the first world including North America and Europe has been successfully harvested and have almost reached to maturation. However, in Asia, mainly in China and India, e-Commerce still has room for healthy growth.
E-commerce market in Nepal is gaining momentum as well. It flourished as the number of internet users grew. An estimated 20% of Nepalese are already online and are shopping away! One of the many reasons Nepalese people are taking interest in online presence is because the economy is driven solely by remittance received from those living abroad. And the internet has become a web that links family members together. Feasibility in payment has also contributed to the popularity of e-commerce. Payment gateways like Paypal made online transactions swift and transparent, earning the trust of many customers.
With the formulation of National Technology Policy back in 2000 A.D, Nepal envisioned to “place Nepal on the global map of information technology within the next five years.” Although foundations has been laid, Nepal still has a long way to go. If you compare the progress of our e-Commerce to that India, we find that we have not been able to harness e-Commerce potentialities in Nepal. This is because, Nepal did not allocate enough resources communicating and educating Nepalese about e-Commerce. Further, Nepal is still poor in infrastructure, namely - data centers, computers and their network, and database management devices required to support the e-Commerce industry.
Having said that, it doesn’t mean that Nepal only faces challenges in the face of e-Commerce. Given the right environment to thrive, it has good prospects in Nepali market. No challenges are insurmountable, and we have plenty to learn from the countries that have successfully implemented e-Commerce. The awareness of the digital platform for furthering the business is trickling to the masses, and it should not take long for Nepalese to be aware of the advantages of online presence. More and more private colleges and universities in Nepal have started to teach the advantages and potentialities of IT industry as a whole. In the meantime, Nepalese Colleges, Universities and Training institutions have started to produce skilled workforce required to support IT ventures.
Fueling this very e-Commerce revolution, AspxCommerce-a Nepali product, felicitates the development of various e-Commerce sites. Nepali market is indeed ready to take on the virtual space of internet for business purposes. And AspxCommerce is equipped enough to help you all the way through.