Growth of online business in Pakistan
Pakistan has a huge untapped online market yet to be discovered. According to the industry experts Pakistan has an e-commerce market amounting to approximately $20-30 million a year. This opportunity gap is now identified and explored by foreign investors and government funded projects. They are growing at a slow but steady pace.
The fact that the new commercial market is growing and solidifying is reflected in the development of various C2C (purchaser to customer), B2C (business to buyer) startups focusing on internet advertising and offering an extensive variety of items design wear, footwear, apparel, jewelry, hardware, PCs, books, endowments, toys, and what not – to be sold and purchased on the web. This states that people are now getting familiar and comfortable with the idea of online shopping though they prefer cash on delivery and not credit card payments due to frauds and thefts. The 2G and 3G services have now made it more convenient for the customers to surf through and buy or sell products or services through net. Positive initiatives from government such as starting incubators and accelerators, declaring IT industry tax free have given the young graduates a new field for their career. Projects such as Plan 9, Plan X, and Invest to innovate, LUMS center for entrepreneurship are giving individuals or groups with a unique business idea a chance to build and grow their product under their mentorship. They also provide them with their basic facilities such as office space, laptops and stipend so that they can focus completely on their brand.
A huge percentage of foreign funding is going into establishing the new online ventures in Pakistan. The aim is to provide equal accessibility of products and services all over the world. Web companies such as carmudi.pk, daraz.pk, Lamudi.pk, ClickBus.com.pk and many more are targeting the largest chunk of online spending market all over the world providing them access from purchasing small accessories like jewelry to buying cars or property sitting in the comfort of home. Pakistan has massive talent as the IT industry is doing quite well despite issues such as load shedding, corruption, lack of funding sources etc.