Sunday, October 18, 2020

E-Commerce In My Country (Myanmar)

Amazon’s sales are skyrocketing despite the Covid-19 pandemic. Social distancing is sort of forcing many people to buy online. As the Prime Minister of Singapore during pandemic said, many will have to reinvent to survive. Indeed it’s never gonna be the same again. At least in the way we do business or model business.

Though there are not many issues for well-established markets to buy or sell via the Internet, there are still many obstacles for the emerging market like Myanmar. Many Facebook users are turning into sellers daily as the pandemic is getting momentum. No doubt, e-commerce is a die-die requirement for the country.

In 2019, Myanmar ranked 126 in 152 countries for e-commerce readiness. In comparison, the neighbourhood countries were making much better. What are the hassles? Whatever the hassles are, we all must address the issues together.

Purchasing through the Internet shows no sign of decline outside the country. There is a niche in the country for e-commerce. However there are neither online platforms nor online services fulfilling the niche yet in the country.

According to the data from tradingeconomics.com, GDP of Myanmar has increased from $49.54 billion in 2010 to $67.82 billion in 2015 and estimated $76 billion in 2020. Based on export.gov, Myanmar’s retail market value is estimated to be worth $10 billion. And e-commerce is just $6 million in market value according to Asean Economic Community and it’s expected to grow within the coming five years.

This indicates an amazing opportunity.

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