Online shopping is an emerging phenomenon in Pakistan, with only 10 percent of the countrys total population using internet. There has been immense acceleration in the e-commerce industry, but there is room for huge expansion still. Owing to the growing popularity of technologies such as social media, smartphones, laptops and tablets, the internet has become a prime platform for online shopping in Pakistan. After a detailed insight into the buying behaviour of shoppers in retail space, it has been observed that top products bought in Pakistan are apparel, footwear and electronics. Conversely there is still hesitation when buying items such as expensive jewelry, furniture and mobiles.
However, the digital landscape is gradually changing the way companies do business. Businesses have improved processes though eliminating retail costs, transportation costs, stocking overheads, and meeting customer demands with accuracy. The customers are also more aware of global trends, have more knowledge about products and prices and more variety to choose from, at the convenience of their home and time. This increased competition has not only reduced profit margins but also increased overall market efficiency. Many e-commerce stores in Pakistan have popped up in the past year to tap this huge market of online shoppers. The presence of online market places such as Kaymu.pk and Shophive is proof of the success of technological advancements in Pakistan. This is a win – win situation for both buyers and sellers.
Furthermore, with the launch of 3G and 4G networks, online shopping is being expected to get revolutionized in Pakistan in the next few years. These networks provide increased broad bandwidth, high speed communication and faster connectivity leading to innovative business opportunities as well as convenience for customers.
This internet service would change the way people shop online. You could be in a car, at a party or in bed, all you need smartphone and you are good to go. The convenience of this service is such that smartphone users are ever active and increasing the volume of data transmission tremendously. This means they will be able to browse through online shopping website without any interruptions and will be able to order faster and better. It will also give wider coverage, so more people will be able to access the internet and in-turn the online stores than before, increasing the market for online shopping. Through such technology we can make online shopping more productive, secure and meaningful.
Still, there is much to do be done if online market places in Pakistan want to be at par with the rest of the world. The government can leverage existing IT capabilities of the Core Banking Systems and build integrated payment solutions where cash can be conveniently transferred to bank accounts. Banks could also develop MIS on unique e-Authorization ID for all e-payment fund transfers, which would make overall processes more efficient.