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How e-commerce industry is boosting business in Myanmar?

Myanmar has recently opened its doors for e-commerce along with other businesses. The internet in Myanmar is not very usual but the investors are still hopeful that the trend of buying and selling online is just in its initial phase. Various factors like lack of political stability or micro level issues of no online payment methods have still kept the country at par from online shopping stores. However, the giant internet businesses like Rocket Internet have still put their hopes high and have already started to invest in the internet business of the country. The company is already operating as an online marketplace such as Kaymu.com.mm and many more in the country because they want to focus on the emerging market which is the key strength of their business. According to Nay Min Thu, a Burmese Entrepreneur, the ecommerce industry in Myanmar is on the growing track as thousands of people are going online every other day. Although he is the competitor of tech giant Rocket Internet, yet he welcomes the company as it will enhance the ecommerce environment in the country.

Rocket Internet has effectively exploited the evolution of ecommerce in the country and has provided a platform for the buyers and sellers to do business online. It is a conveniently managed marketplace where entrepreneurs and shopkeepers can find the right customers to sell their products without bearing any cost to set up a store but only pay a fraction of their earnings to the site owners. This new opportunity has opened gates for small to medium retailers to sell their products to vast number of customers through online shopping stores. Various online store models have been adopted from Pakistan as the potential markets have quite similar scenarios in their early phase. Myanmar is also facing technology boom with the rise in Smart phone usage, internet and many other companies entering the market. Thus the availability of these devices is the key driver to ecommerce.

As Smartphone producers like HTC entering the market and Google unblocking its services in Burma, there are many tech developments in the country. Like the payment method for online shopping is recently being introduced called MyanPay with beta version, multiplayer online games are being launched. Similarly the mobile market has also seen some promising apps like Burmese astrology and Burmese language dictionary. Various news sites and Face Book are also gaining fan following as people are making small purchases through Face book pages.

Apart from these, the cost cutting strategy adopted by these online stores is very encouraging as merchants with low price will be given incentives of promotional campaigns to sell their products online. The improved payment methods with better infrastructure and a drive towards online shopping are all the factors that jointly build the market of online shopping in Myanmar. Although the country is still in its early stage in adopting ecommerce traits, the recent cut in SIM card prices is a positive step towards internet penetration in the country. As more and more internet giants like Rocket Internet are foreseeing the opportunity in the country, it is just a matter of time that Myanmar’s ecommerce industry will be a profitable entity.