The internet is revolutionizing the financial sector in many more ways than one. Besides the fact that we have more kinds of currencies due to online ones coming into existence, we also have a wide array of payment methods at our disposal. The internet has given people the ability and freedom to buy whatever they want whenever they want, from wherever they want. With e-commerce solution on the rise every single year, people can now choose a number of ways to interact with online businesses and make the most of them with ease.
How the Internet Has Changed Things
The internet is a powerful tool and happens to be the tool most innovations these days are based around. The internet offers numerous opportunities for each and every social sector to make the most of and expand. On the financial side of things, the internet brings with some revolutionary financial technologies (knows as fintech). E-commerce typically means making dealings through the internet instead of dealing with traditional means of business. It is the flow of money and goods via online channels. With e-commerce solutions you do not need to physically be present at any place in order to get the goods you need and pay for them in physical money.
How Mobiles Have Changed Things
Mobile phones are perhaps the most popular electronic device in the entire world currently. The limitless features they offer allow people to take care of many tasks at any moment in time. They can be on the road and be doing business through some application, or checking the stock market at any time from any place. Mobile phones have provided people with the flexibility of carrying out their business and taking care of it from their very homes. Beyond that it has also affected the service and retail industries, with many people accessing both using their phones and utilizing e-commerce along the way.
How Do Both Come Together?
Mobile phones are highly popular and highly prevalent as well. By the year 2020, from 4.7 to 6.6 billion smartphones will have internet capabilities, while more than 3.8 billion people will join the internet grid and start using it. This means nearly 4 billion people accessing the internet, while a huge fraction of them utilizing their phones to make use of the internet. It’s a mammoth number of people operating on mobile phones every single day. The mobile phone users offers a huge pool for businesses to make the most of using e-commerce solutions.
As technology leads to an increased opportunity for e-commerce, the industry churns out a huge number of products and services related to this sector. Just last year, the total amount of e-commerce spending in business to consumer (B2C) sector topped $3.8 trillion. The huge number shows just how enormous the e-commerce industry is becoming and how much it matters in the modern world. E-commerce is rapidly making its way into every single industry and every single sector of the business world, and there is nothing that can possibly curb its growth at the moment.
Instead, every single coming technological innovation will instead impact the e-commerce sector in a positive way. As internet capabilities improve and functionalities increase, more and more people will begin using the internet as their primary source of practically everything. Moreover, mobile phones are the devices that are benefiting most from it. Since the internet allows people to take care of so many things, why not take care of them while on the move? With mobile phones and the internet, people feel empowered to do as they please. And companies are aware of just how much power the public currently has because of the two. What we are getting are attempts made by businesses to make the most of the ballooning internet use with fresh and efficient e-commerce solutions.
How the E-Commerce Industry is Developing in the UAE
The UAE has the fastest growing e-commerce industry in the entire Middle East. The UAE is strictly focusing on developing e-commerce solutions that are not just thorough but highly efficient as well. They feel that expanding their e-commerce sector can help them with a wide variety of aspects ranging from tourism to economic growth. Moreover, with the huge influx of money to the UAE, and the huge amounts that go out, an e-commerce net needs to be developed there.
The e-commerce solutions required in the UAE are thus being developed as we speak, and already they are showing a huge influence. According to expectations, the total business done through e-commerce means at the end of 2018 should amount to nearly $10 billion. It’s a mammoth sum for a country that has only recently began venturing into the e-commerce technology and started experimenting with it. The number shows just how focused the UAE’s economy policy is towards e-commerce and how hard they have worked to make it grow as quick as it has.
The UAE shows no signs of slowing down or stopping. With the World Cup scheduled in Qatar in 2022, you can expect the entire Middle East to be on alert and working on manufacturing as many e-commerce products and services as they can. Far ahead of the pack will be the UAE. Having already successfully integrated e-commerce and reaping the benefits from that, you can expect the UAE to further expand on this in the next four years. By being far ahead of their Middle Eastern competitors during the World Cup, the UAE can profit immensely by the interest from tourists amongst others.
The future seems to be highly promising for the UAE’s e-commerce industry and they are making policies to get the most out of the forthcoming prospect. In the end, e-commerce is the future, and the quickly UAE joins to get the most from it, the better.