You go online and search for a product that you could not find anywhere else or perhaps you don’t have time to go to the market and look for it. It is easily available on a marketplace online and you can find it a cheaper price. You jump to avail the opportunity and buy the product for it to be delivered to your house.
Within a matter of a few days, it has reached and you enjoy your purchase. This is the beauty of online shopping and it has taken over Pakistan’s shopping landscape. Pakistan has slowly become one of the regions around the world that is hopping on the bandwagon of online shopping.
Mushroom growth of Online Shopping Businesses in Pakistan
The recent years have seen the increase of many online marketplaces and shopping communities in Pakistan due to the rising trend of online shopping. One of these is the online shopping giant, Kaymu which serves as a marketplace to bring buyers and sellers together to interact with each other online. Another is MyShop that specifically deals in the selling of electronics online. Even though there are many businesses lined up, there is still more to do to reach the full potential there is.
Nature of Online Shopping in Pakistan
If we take into account the trend of the E-commerce industry along with its supporting features, then we can see a great deal of improvement in the current situation and future prospects.
Looking at the E-Commerce industry as a whole, it can be deemed as a slow but steadily growing one in Pakistan. It is estimated to be around $25 to $30 million a year. This is a huge increase as of the old figures which were around $5 million in 2007. According to the Tribune, a highly positive picture can be seen for the E-Commerce industry as it is expected to reach over $600 million by 2017.
Reasons for the Changing Landscape
All the reasons are interconnected and one is not solely responsible for this sharp increase. These center around how the increased infrastructure along with the increased level of awareness contributes to the rising trend of online shopping. The most important one is the increase in the Internet penetration rate. Currently, it is around 30 million users and this is expected to go up to 56 million users by 2019.
The much awaited entry of 3G and 4G LTE technology has shaped a better structure for these businesses. According to the survey conducted by the Pakistan Telecommunication Authority (PTA), the total number 3G mobile subscribers have risen to a 10.3 million in 2015 and the 4G users have gone up to around 68,000.
Along with this, many people have started relying more on internet technology to shape their opinions. Many social mediums such as Facebook, Instagram and many more control people’s way of thinking and guide them on what to buy. These guides point to products that are available online and thus, increase the shopping number.
Mode of Payment is one of the most critical ones here as well. Many people in Pakistan are reluctant to use their credit cards when it comes to online shopping and many youth don’t even keep them. Therefore, they rely on methods such as Cash on Delivery or branchless banking methods such as Telenor Easy paisa, Mobilink’sMobicash etc. Due to the faith and more secure features, there in an increase in online shopping.
Positive Future of the Industry in Pakistan
Pakistan has a lot of potential for online shopping. It is believed that the market and the time is absolutely best for businesses to enter and establish themselves. The growing number of businesses has attracted huge foreign investments along with a culture of startups as well.