eCommerce will not be new to the world however it is comparatively new to Sri Lanka. There have been the worldwide players of the eCommerce market who’ve been serving the wants of some Sri Lankan folks, however that was not enough. The necessity of the people, the vacuum existed within the market and a few skilled businessmen made it potential for the eCommerce enterprise to emerge within the country. The native players are still at their beginning stage.
Considering the world market for eCommerce , the Sri Lankan market is pretty small. This is among the major details which might be in favor of the native players. If it had been something like the Indian market with several millions of shoppers for eCommerce , the local players would have been taken away by the worldwide players. However, the actual fact is that the Sri Lankan eCommerce market is still considered by many worldwide players.
It is well recognized by the Sri Lankan companies that the way forward for Sri Lankan eCommerce business could be very positive and hopeful. Some folks at the higher management levels from these corporations think that it is only a tip of the iceberg now. There’s a lot to be experienced within the future.
It is quite true that the market has not been reached by the native players. The truth is not even 5 percent of the market has been reached by all native players combined. Within the reached market, round ten percent is covered by the worldwide players. What this means is that though the international corporations usually are not giving considerable effort to keep concentrating on the Sri Lankan market, they still have an impact on it. One reason for this pattern might be the spreading of Sri Lankans who live throughout the world. These folks have a worldwide presence in order that makes them to order products by means of internationally known eCommerce companies to be despatched to their friends and family back in Sri Lanka. This in turn offers publicity to the locally residing individuals who then start continuing.
Sri Lanka is among the creating international locations in Asia. Especially the put up battle conditions have favored businesses to hype in an exponential rate of growth. If you had visited Sri Lanka within the past years, you could have witnessed new building projects everywhere; specifically in the capital city, Colombo.
People are moving from a third world status to a more advanced status. The lifestyles of persons are altering dramatically. For a country that was affected by inside conflicts for over half a century, the literacy rate is surprisingly high at ninety two percent. This is another essential factor that makes eCommerce more than possible. These individuals are moving towards a more technologically advanced lifestyle. Also the worldwide impact of technology has made it possible for folks to hold your entire internet literally in their hands. People can just place an order online from their phone while they’re travelling. Someone might not be wealthy enough to own a automotive in this country however they still place an order while travelling in a public transportation bus.
One of the other major reasons why eCommerce is going to skyrocket in Sri Lanka in the coming years is that the companies of the country which have developed sufficient to contribute new products to the native market. There have been many restrictions in the final decade for imports. Now that the country has come out of the interior mess, the international companies are more than welcome there. There have been many international business distributors who’ve placed their products within the market with quite just a few successful enterprise stories.
Sri Lanka does not have a greying inhabitants unlike most developed countries. This is one other opportunity for the nation to adapt to new trends. It’s comparatively hard for elderly individuals to adapt to new trends. Youngsters are instinctively inclined towards adapting to new trends. Since the Sri Lankan population consists a larger proportion of youngsters, it is clearly visible that their fashion would change towards an eCommerce market than a traditional shopping place. This is already taking place in the country, however not the eCommerce isn’t good yet.
The market has not been reached in full because many of the inner players are novices and don’t have any ample funds to satisfy a bigger portion of the market. Apart from the monetary considerations, the local eCommerce companies wouldn’t have enough expertise to study from and then adapt to new tactics. Despite lack of adaptation from the native eCommerce companies, the shoppers do change their service providers. This is among the indications that not all the shoppers are satisfied with just one such service provider. It’s common for almost all Sri Lankan eCommerce businesses because they are indigenous and have no place to build a enterprise model based upon. They cannot merely copy the international companies and their business models because the conditions on the ground aren’t just like what existed while the worldwide players started their businesses.
It is a unique field where the primary ones to enter the precise position will harvest more than half of the potential eCommerce market in Sri Lanka. There will be not a lot competition between the primary ranking service provider and the second ranking companies provider. This is because of the smaller population of the country and the trust is mostly built by word of mouth in the culture. Once the primary ranking service provider reaches the primary rank; the individuals will spread the word.
It’s a peak time now in Sri Lanka than ever before. As mentioned, the market was very open and was very much unattended in the past. Now the native players are starting to attend the market. In the process, the people are experiencing first hand and first time experience. This is very important that the service providers should retain their reputation. If a customer involves an eCommerce enterprise for the primary time, and the primary experience is just not satisfactory then it is more likely that the shopper will not turn to that particular provider again. So, the real competition between the native players now could be not to build up their sale volumes, but to build up their popularity by fulfilling each single order to the highest of expectations from the customers.
As soon as the customer base is constructed, the sale volume will automatically take over. If the client base is destroyed, then the effects will be long term. A not so happy customer will always be spreading the negative thoughts. We people tend to listen and to be worried about negative things. This will lead potential clients to turn away from the service providers.
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