How export form Nepal industry can benefit internet and technology?
The internet and technology are the new world-means to connect the missing dots of export-based industry, creating a secure, efficient, time-saving path to take the Nepalese products to the hands of worldwide consumers.
It has been very much necessary to remove the barrier of geography to ensure the increment in the export-based industry. As decades-long exposure of Nepal’s to the global market, although we have been exporting to more than 130 countries, our major export depends on only a few countries. Being the neighbouring country, India holds more than 60% of the export share, whereas the second-largest country for Nepal’s export, the US holds around 8% and the remaining countries are below 5%.
It is where technology and the internet stand to break the barrier of geography and ensure the reach of Nepalese products worldwide. The global e-platform allows sellers and buyers to meet in the virtual world, breaking the hindrance of location. The hardship of the export industry in finding the channel to export, dealing with the international purchaser, and reaching customers becomes easier and efficient with the technology. With the privilege of digital platforms, not only the prominent suppliers but every small and medium enterprise could get easy access to export their products to the global arena. The digital platform will help SMEs to grow their presence and even increase the volume of Nepalese suppliers worldwide.
E-commerce digital platforms, in the long run, will also significantly lower the transaction cost of the products. With the presence of these platforms, Brick and mortar shops will be eliminated which only used to add expenses to the products and are only limited to a certain geography. As transaction cost decreases, it will not only let companies to enjoy a higher margin but will make the product cheaper for the customer as well.
The other significant aspect of e-commerce is its ability to have direct contact with the buyers and sellers. Direct communication between the manufacturers and the sellers allows better communication and direct transaction. Both the sellers and buyers don't have to depend upon intermediaries that ensure the quality transactions and ultimate satisfaction on both ends. In addition, 24*7 access to the platform helps sellers and buyers to have convenience on transactions that in the long run will eventually scale up the purchase of the products and overall export industry.