Condition of E-commerce Business in Nepal
E-commerce Business in Nepal
After the internet bubble start to grow a lot more internet-based products and services also entered and slowly started to capture the market. Lot more services like E-commerce, e-payment, and many other services started their growth. The traditional shopping method was digitalized, and the concept of E-commerce was started.
E-Commerce is simply known as doing trade using the internet. In today’s world concept of Ecommerce is growing rapidly all over the world and a new way of buying and selling through the internet is started. Many giant companies have been established in the field of e-commerce. The World Ecommerce market is growing with a market value of 4.9 trillion U.S. dollars and is estimated to reach about 7.4 trillion dollars by 2025. It is assumed that there are about 12 million – 24 million eCommerce sites across the entire globe and every day they are increasing.
Ecommerce in Nepal
E-commerce Services in Nepal were started in 2000 AD with the lunch of munchahouse.com and thamel.com in the same year. Both thamel.com and munchahouse.com is the gifting platform where people send gifts to their family members and relatives. Thamel.com used to sell Khasi (goats) online during Dashain festivals. Nepalese living abroad would order Khasi as a gift for their family back home and make payments through remittance. After receiving the money, Thamel.com would deliver the Khasi to the doorstep of their family. Although this was limited to just Kathmandu Valley, this marked the start of the e-commerce business in Nepal.
With the passage of time, many e-commerce businesses were popping up in Nepal Market. Their growth was slow and steady as many of the Nepalese people were unable to trust the online business as they preferred to visit the physical outlet rather than order the same online. The reason behind the slow and steady growth of E-commerce in Nepal could be a lack of trust by the consumer as well as by the initial service provided by the existing E-commerce businesses.
Now, as technology is growing day by day the use of online services is also increasing in Nepal. Many people are adopting the technology and experiencing online services like Ecommerce, e-Payment, and others. Many companies like Daraz, hamro bazaar, sasto deal, SastoDeal, SmartDoko, etc. are rapidly growing and achieving great success from E-commerce. Due to the rapid growth of e-commerce, the growth of offline markets is being fluctuated and many offline distributors are slowly adopting technology and switching their business to the online marketplace.
Insights On E-Commerce Users in Nepal
According to the data on the internet, the market size of the e-commerce industry in Nepal is about $25 million. And the most popular e-commerce site daraz.com.np has 1.1 million Nepalis active users in Nepal. The size of the e-commerce audience in Nepal is approximately 954,989.
Looking at the data presented by start.io, around 64.7% of the age group of 25-34 years are mainly engaged in E-Commerce shopping which is followed by 18-24 years with 31.8% and age over 35 years are 3.5%.
At last, looking toward the final view we can clearly say that eCommerce is rapidly growing in the World so as in Nepal. Young Generation people are typically being attracted to online Services.
Though people aren't absolutely leaving the offline purchasing however slowly being transferred to online purchasing. This is likewise because of the various pandemic conditions in the country. Due to pandemic conditions, people aren't preferring to go outside in crowdy locations and commenced to conform to the options like online purchasing.