STAFF REPORT ISB: The online shopping trend is increasing in Pakistan. The penetration of broadband, 3G/4G technology, and increasing use of smartphones providing grounds for rapid growth of e-commerce, which will make it $ 5 bln industry by 2020.
According to the statistics of Media Post, the online mobile spending is about 12 per cent tantamount US $ 303 billion in the United States. Experts believe that this incraesing trend will also impact Pakisans e-commerce industry.
The e-commerce industry is flourshing in the region, India is leading with Flipkart, which raised US $ 1 billion followed by Alibaba, the Chinese e-commerce giant. The market capitalization is expected to cover over US $ 250 billion.
The speedy growth of mobile wallet solutions in Pakitan such as EasyPaisa, Omni, TimePay, et al. witnessed the improving trends, where in past people were reluctent and hesitate to transfer money online.
The emergence of regulatory framwork will provide ease for the e-commerce industry. The experts are looking immediate action in this regards.