Pakistan’s e-commerce sector is rapidly making its mark on the global stage. It now ranks as the 46th largest market in the world. Pakistani state media reported this on Sunday, citing data from the International Trade Administration (ITA).
The ITA is an agency in the United States Department of Commerce. It provides practical information to help Americans select markets and products. The ITA has three sub-units: Industry and Analysis (I&A), Global Markets (GM), and Enforcement and Compliance (E&C).
The burgeoning middle class, widespread smartphone and Internet usage, improved e-commerce infrastructure, and robust government support fueled Pakistan’s recent growth in e-commerce. The state-run APP news agency reported this.
“In 2023, the market generated $5.2 billion in revenue, positioning Pakistan ahead of many other developing nations,” the report read. “The sector is to maintain its momentum and achieve a compound annual growth rate (CAGR) of 5.92 percent from 2024 to 2029.”
Pakistan’s Mobile-First E-Commerce Boom
Pakistan’s distinction as a mobile-first nation was evident. Over 80 percent of Internet users accessed the web via smartphones, according to the report. This mobile dominance also reflected in e-commerce. In 2023, 58 percent of users made purchases through mobile devices. This figure is expected to rise further.
As of July 2024, the number of monthly active users of mobile shopping apps in Pakistan surpassed 16.6 million, showcasing rapid growth in mobile e-commerce and increasing consumer acceptance of app-based shopping, according to DataSparkle, which provides data insight services for enterprises, app developers, investors and research institutes.
“The lucrative potential of Pakistan’s e-commerce market has attracted both international and local platforms,” the APP report said. “Global giants such as Alibaba’s AliExpress and Amazon are making inroads into the Pakistani market, while homegrown platforms like Daraz, DealCart, and Savyour are also thriving.”
The expanding Pakistan e-commerce market has also piqued the interest of various international players, with platforms like SHEIN and Temu entering the top 15 shopping apps in Pakistan by mid-2024, it added.
This news is sourced from [Arab News Pk] and is for informational purposes only.
