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11
Economic Development and E-trade
By: Mustafa Ali Dastgir H1
technology. One area ripe for exploration in this regard is e-commerce. From
the dot-com era to digitalization, businesses have undergone a complete
infrastructural overhaul. In the 2000s, the market lacked a robust financial
transactional system for online purchases. Only institutions with an appetite
for risk-taking and tolerance for uncertainty ventured into this less-explored
territory. However, this is no longer the case. Today, digital solutions are
increasingly embraced by institutions to compete effectively in the global
market.
The COVID-19 crisis has further accelerated the shift in consumer behaviour,
with over 65% of businesses experiencing increased online purchases. People
turned to online platforms to purchase essential goods, leading to significant
growth in categories such as groceries, pharmaceuticals, health and hygiene
products, restaurant delivery, and financial services, both through third-party
online markets and e-commerce platforms. This trend has also gained
momentum in Pakistan, with nearly all retailers transitioning to online sales.
Those unable to establish an online retail presence are utilizing platforms like
Facebook and Instagram to create marketplaces for their products. In
summary, the potential for growth through online sales is substantial and
promising.
The private sector in Pakistan is playing a significant role in business
transformation strategies, with consumers increasingly ready to embrace e-
commerce. While numerous initiatives are underway, including Zameen.com,
Daraz. pk, and Pakwheels.com, one standout name is Saqib Azhar, founder of
Enabler. Azhar's mission is to onboard more people into e-commerce, aiming
to alleviate poverty through job creation. He views e-commerce as a prosperity
enabler, assisting people in accessing online market opportunities and
providing training on running online businesses to generate income.
Pakistan faces a critical shortage of skilled labour, highlighting the urgent
need to bridge this gap. According to UNICEF's report titled 'Developing Skills
akistan's economic growth is intricately linked to the active
participation of its youth in the economic process. To facilitate their
robust involvement, we must depart from conventional business
strategies and present new opportunities based on science and
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