As technology spreads its wings across different parts of the world, it has revolutionized how industries worked. With the advent of internet amongst other technological advancements, the world has become a global village whereby connections and integrations are stronger between people and businesses.
Amidst this revolution, the corporate world has found its new mantra – Partnerships and compliances within and between different industries. Industries are busy finding new yet better ways to cash on this mantra to engage customers and address their needs in more meaningful ways.
One of the ways through which industries are able to go ahead with their plans of partnership and compliance is with the emergence of the e-commerce industry which has provided a new formula to integrate and to carry out transactions pertaining to different nature and categories.
Black Friday sales, independence day sales, and new year deals are some examples of why the e-commerce industry has great potential in the developing countries including Pakistan. Within a few years of its existence, the industry is seen surging its way with its double-digit growth rate.
Keeping in mind the potential that this market possesses, Jovago Pakistan brings you an exclusive article on the facts about Pakistan’s e-commerce industry that every Pakistani should know.
With the positive outlook of the e-commerce industry in the country, it is predicted that it will cross the threshold of US$600 million by the year 2017. Although it is still in its introductory stage, the industry is already showing a green flag to its various stakeholders. The South Asian country will be among the ten economies that will inject approximately $4.3 billion to the global GDP in the next ten years according to a recent survey.
Increasing smartphone penetration
With the total population of Pakistan expected to reach over 195 million, it is predicted that the smartphone penetration will cross the mark of 40 million users in 2017.
Increasing Internet penetration
The e-commerce industry has proved to be a major hit because of the ever-increasing internet penetration in the country; which is an important gateway for Pakistan to become more connected to the world. With the introduction of 3G and 4G internet connections and the possible launch of the 5G internet in the coming years, it is believed that 28 percent (56 million) of the country’s population will have access to internet access over the next five years.
Unlike the rest of the world where credit card is used as the widely used payment medium, Pakistanis seem to be reluctant to share their credit card details with other people and businesses. Therefore, cash on delivery is the most commonly used payment method in Pakistan. It is estimated that more than 95% of e-commerce users in Pakistan prefer cash on delivery (COD) payment model.
If you have information on any other facts about e-commerce industry in Pakistan, then do share it with us in the comments section below.
*This is a promotional post by Jovago Pakistan.