Electronic commerce or e-Commerce, has had large economic effects on many first world nations. Doing business online has simply changed the way transactions are handled when compared to a decade or so ago. Moreover, e-Commerce has revolutionized the banking sector in 21st century.
e-Commerce has impacted the global economy in many different ways. Firstly, spurn by the rapid changes in information technology, all other economic sectors are forced to now play catch up in order to remain competitive and relevant. The result, enhanced efficiency and productivity growth globally.
Some countries are already benefiting from the investment technology. They are now therefore, in a position to benchmark their economies with competitors internationally and there are many ways to accelerate the growth of productivity but the reason for this is rather controversial. Banks and financial services companies in the developing countries will however, need to adopt online payment system, to obtain e-trade finance and equity investment, tourism and the birth of the internet is often seen as one of the fastest growing e-commerce sectors.
Retail e-Commerce sales worldwide will continue to post solid gains. In 2017, it is expected to rise 23.2% to $2.290 trillion. For the first time, e-Commerce sales will account for one-tenth of total retail sales worldwide.
It is fore-casted that in 2017, mobile commerce will account for more than 70% of e-Commerce sales in both China and India, and 59.0% in South Korea. In Germany, the UK and US, mobile commerce will comprise at least one-third of total retail e-Commerce sales.
The impact of e-Commerce on developing countries could be even stronger than that on developed countries because the scope for reducing inefficiencies and increasing productivity is far reaching.
By cutting costs, increasing efficiency and improvements in logistics, e-Commerce has become an important tool for development. Contact us for assistance in selecting a suitable e-Commerce solution.