E-Commerce is a very popular business model around the world that gives firms and individuals the ability to buy and sell things with the help of the internet. There are many countries that take very actively use the offerings of e-Commerce, one of them being Sri Lanka.
However, although the market is very popular in the country, there are not so many local e-commerce companies in Sri Lanka, which is one of the reasons why so many people from this country use international companies for this reason.
Thanks to the development of the internet, many industries around the world became more accessible to everyone. One of the great examples of e-commerce and this development is the Forex trading market. Once, the FX market was accessible for only huge financial companies and banks. As of today, anyone around the world can trade Forex without having to leave their own homes, which has made this market huge.
But, with this development, a lot of problems came as well. As useful as e-commerce might be, there is a need for regulations to make sure that users of this market stay safe. Today, the internet is full of scam companies that are using this opportunity to lie to people and to get their hard-earned money illegally.
To overcome the challenges in markets like Forex trading, jurisdictions around the world came up with the idea of creating regulatory agencies that would take care of all the events that happen in this market. By doing so, Forex trading has once again become a safe place for investors.
Regulations are keeping not only investors safe, but it also makes sure that brokers are staying safe as well. Sadly, Sri Lankan Forex trading regulation is not as strict as it is in other countries, because of this, many local investors choose to trade with international Forex brokers that follow very strict regulatory guidelines.
The same thing happens for many other e-commerce companies in the country. The thing is, e-commerce is already very popular in Sri Lanka, but the degree of its adoption is still very limited. The country has a huge potential to use e-commerce at its best, and it seems like many companies are working very hard to use this opportunity.
Just like e-commerce, Forex trading is also developing in the country very fast. However, the market is faced with a lot of challenges. There are tens of different companies that are trying to use the market for scamming and as of today, it is almost impossible to tell the difference between legit and scam companies. However, something that can help a lot is the regulations.
E-commerce was very helpful for everyone around the world during the Covid-19 pandemic, which once again proves how much of importance this industry can have for today’s world.
What is Sri Lanka’s potential when it comes to e-commerce?
As we have already said, this country has a huge potential when it comes to e-commerce. As of today, only about 10 percent of this potential is used by Sri Lanka. Because of this, the huge potential is basically wasted for nothing, and the country needs to work very hard to use this potential as much as possible.
In 2016, the internet user base of Sri Lanka was as much as 6 million, which is almost 30 percent of the whole population. Sri Lanka is regarded to be a developing country, but at the same time, it has a very well-developed e-commerce industry, which receives huge funding. However, it has the potential of having a lot more developed e-commerce market than it has today. As some experts are saying, Sri Lanka’s annual domestic e-commerce sales value is estimated to be as much as $40 million.
The market is estimated to grow a lot in the future, according to the experts of the market, Sri Lanka will have huge growth and the market will be worth as much as $400 million by 2022. This is a huge number, and the country is doing everything in its power to get to this goal.
The government is working very hard to promote the e-commerce industry of the country. Over the years, the representatives of the leadership of Sri Lanka have very actively shown the interest in this market, and it seems like very soon, Sri Lanka will be one of the top places for e-commerce. But until then, the country has a lot to work on.
E-commerce has changed the world a lot – it has given the world the ability to buy and sell things without having to leave the comfort of their homes. For any country, the development of this market can mean a lot, which is why so many countries and jurisdictions are trying to further develop this market. and Sri Lanka is working very hard to make sure that the development happens in the right direction.