In an endeavor to boost e-trade and e-commerce in developing nations, the United Nations Conference on Trade and Development (UNCTAD) has officially launched “eTrade for All”, a new e-commerce initiative. Representatives of many countries have drafted the “eTrade for All” aiming to give a major boost to the e-commerce platform in the developing countries.
This initiative was drafted in February and enacted in July 2016. In order to safeguard the interest of the online users, e-commerce solutions providers and e-government services, the UNCTAD e-commerce and Law Reform Programme have been supporting developing countries in Asia, Latin America and Africa since 2000. It has been helping countries to address the issues underpinning e-commerce and legal implications of Information and Communication Technologies (ICTs).
The opportunity for e-commerce in developing countries has been increased by 38 percent in 2015 to 22.1 trillion. The body said that these developing countries must capitalize the opportunity to boost e-commerce sector as well as e-trade.
The new initiative – “eTrade for All” is a platform which brings all international organizations, enterprises and donors under one umbrella. Through this initiative, developing countries could assess to the cutting-edge technical assistance.
As per the data released by the organization, the countries like the United Kingdom, Luxembourg and Denmark have highest opportunities for the e-commerce as more than 70 percent people do shopping online. On the contrary, just 2 percent of the people in Indonesia, Ghana and Bangladesh prefer to shop online.
The two segments - business-to-business (B2B) and business-to-consumer (B2C) in the e-commerce sector valued around USD 19.9 trillion and USD 2.2 trillion respectively. The organization has also projected that there are plenty of opportunities for the developing countries to capitalize the e-commerce domain. It also said that the e-commerce has been one of the fastest growing sectors in the emerging economies.
India has moved into the list of top 10 e-commerce markets in 2015 in the world as per the UNCTAD. India generated USD 20 billion sales in B2C, USD 298 billion in B2B sales and more than 22 million people shopped online in 2015. The report also suggested that on buyer spends around USD 891 on e-commerce domain, according to the figures released by Internet and Mobile Association of India.
The top 10 e-commerce market countries in 2015 (ranked by the number of online buyers) are China, United States, Japan, Germany, United Kingdom, Brazil, Russian Federation, France, Republic of Korea and India.