E-commerce to drive Asean retail growth

E-commerce can help develop Asean’s retail store industry and will benefit both customers and suppliers in the area, the Asean Company Advisory Authorities (Asean BAC) said in its latest review.

E-commerce to drive Asean retail growth

In its 2015 review to management, Asean BAC said business-to-customers Internet revenue in Asean account for only one % of total revenue in contrast to eight % in developed financial systems.

According to international management talking to company AT Kearney, Singapore is the only Asean country to be placed in the top 30 in a ranking led by the US, Chinese suppliers and United Empire.

In the company’s 2015 Global Retail E-Commerce Index, Singapore ranked Fourteenth with a 41.5 ranking with regards to on the internet market attraction.

The study said the city state has facilities that creates the retail store environment favorable for on the online purchasing.

In conditions of customer behavior, Singapore was ranked at 89.4, a ranking higher than the US, which indicated a beneficial customer base for on the internet dealings.

Asean BAC said e-commerce technology is essential for the incorporation of Asean’s retail store industry as it creates purchasing easier for customers. It also helps develop businesses without having to deal with too many pre-existing barriers.

But in order to create e-commerce, the council said Asean needs to work on its strategies, create an on the internet transaction program and enhance accessibility fund.

Asean should also consider the organization of a region-wide e-payment control program that will help companies recognize their clients.

To speed up the transaction process, an e-payment escrow solution could also be researched, the council said in its review.

Asean should also motivate relationships between e-retailers and strategies gamers to improve trade performance.

The incorporation of strategies systems in Asean must be multiplied. The council added in its review that the Asean Single Window program should be fully-implemented.

Asean BAC said accessibility fund and use of local e-commerce systems will help Asean e-commerce gamers keep up with their international opponents.

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