Significance of E-commerce in Nepal

E-commerce (or electronic commerce) is an enormous industry that implies buying and selling products or services over the web. It has worldwide assessed deals of over 3.5 trillion dollars last year alone which shows the tendency of worldwide business towards e-commerce. Considering the business development and the customer market, India and China are viewed as front-line heads of this e-commerce industry. Their financial development and customer market have empowered individual traders and business ventures to do business through a digital platform. 

For a more modest economy like Nepal, e-commerce can play a vital role in the life of local small and medium enterprises (SMEs). They can be benefited by taking advantage of the potential market and business opportunities they make. Likewise, thinking about the buyer and social similitudes, Nepalese companies can execute comparable e-commerce methodologies that best suits the organization’s items and services. 

Easy access to Nepalese buyers for the global market has opened the doors to international trade which might help Nepali businesses to compete on the international level. Also, businesses that do not have the cash flow to possess a physical store can easily promote their goods and services through e-commerce. E-commerce can empower Nepalese businesses to perform trade on one single podium and then see the positive changes in the fate of Nepalese businesses. 

Here’s the secret:

1. Customized e-commerce experience

Many businesses in Nepal are making an honest effort to customize the individual shopping experience. This can be easily achieved if the business is performed on a digital platform as e-commerce can foresee consumer buying behavior and needs. Customers get an exceptional experience on the basis of their area, web browsing history, past conduct, and so on. For instance, on the off chance that you go to a retail shopping website and type “casual wear”, you will receive recommendations on the basis of your previous internet browsing and online purchase pattern. Likewise, customers additionally get brands with customized brand esteem. Clients are driven towards the right purchase through pertinent, and productive content in e-commerce. 

2.   Shopping on Social Media

Social Media shopping is being very popular among online customers as these platforms have been an ideal source of publicizing and selling. Platforms like Facebook, Instagram, Twitter, YouTube have presented the “buy” button to make selling digitally more important. These platforms are very much important for Nepali businesses as they can use this trend to increase their followers and customers. Businesses can also provide discount coupons in return to increase followers and engage consumer activity in their social media pages. 

3.   Local Independence and Flexibility.

E-commerce retailers are not bounded to work in one particular location. They can do their business with one laptop and a good internet connection. SMEs in Nepal can get the opportunity to prosper and develop if their business is carried out online. Tying client base to one specific area is very risky for one’s business. Especially after the Covid-19 crisis, e-commerce has become more important. Businesses with an online presence flourish even during economic uncertainty and local stores suffered greatly.

4.   Economic

The existence of traditional shopping practices in buyers has compelled Nepalese businesses to rely mostly on physical stores. However, traditional physical stores have fixed working costs, rent, and staff. So, instead of investing in a physical store, this cash can be invested into the products, strategy, and promotion for an e-commerce site. Doing this will boost marketing strategies on one’s business and thus can build traffic on e-commerce sites.

5.   24*7 Availability

Traditional businesses have restricted hours, but an e-commerce shop can be open 24hours a day, 7 days a week, 365 days a year. People can shop whenever they want to shop. While traders, on the other hand, can see income coming in while they are dozing. This way, there will be an increment in sales which will improve the living standard of people, and thus will contribute to the national economy as a whole. 

6.   Easy Set-up

The setting up cost of E-commerce business is very low as compared to the setting up of a physical store. Besides, it is very simple to get a license and permit for an e-commerce site than a physical store. 

7.   Better product information

E-commerce websites provide detailed pieces of information of their items along with the pictures and videos for product demonstration which helps in client getting a clear picture of the item and its ease of use.

Final Thoughts

The general Nepalese market is still not that big and the idea of e-commerce is also in its earliest stages. However, the metropolitan area is seeing a blast in the online business. The tech-friendly shoppers in the metropolitan area have tracked down a simple purchasing alternative.