Reuters - Breaking International News & Views

Details
Title Reuters - Breaking International News & Views
Url https://www.reuters.com/business/retail-consumer/pakistan-e-commerce-platform-daraz-aims-beef-up-amazon-eyes-market-2021-11-25
Image Reuters - Breaking International News & Views
Description Reuters - Breaking International News & Views Pakistan e-commerce platform Daraz aims to beef up as Amazon eyes market ISLAMABAD, Nov 25 (Reuters) - Pakistan's largest e-commerce retail platform Daraz aims to host up to 300,000 small to medium enterprises (SMEs) in two years, its CEO said, as the firm seeks to bolster its position in its home market in the face of potential competition from global giant Amazon. E-commerce growth in the country of 220 million is yet to take off fully, like in neighbouring India where the market features retail heavyweights such as Amazon (AMZN.O) and Walmart (WMT.N) and large local platforms run by India's Reliance (RELI.NS) and Tata groups. Daraz, founded in 2012 in Pakistan and acquired by Chinese giant Alibaba (9988.HK) in 2018, has 100,000 SMEs in Pakistan on its platform. "We want to get to 300,000 active and educated SMEs selling on our platform within the next two years, and that will basically create a million jobs," CEO Bjarke Mikkelsen told Reuters in an interview on Wednesday. Pakistan's rapidly growing middle class, over 60% youth population and broadband subscriptions of over 100 million, makes it a lucrative destination for e-commerce platforms. Amazon announced earlier this year that it will allow Pakistani entrepreneurs to sell products on its marketplace. Before the interview, Mikkelsen met Prime Minister Imran Khan and his finance and investment teams to discuss coordination on free zones where tech companies would get special incentives to flourish, and an e-commerce university Khan said Pakistan will be opening. Daraz operates in four other South Asian nations - Sri Lanka, Bangladesh, Nepal and Mayanmar - with access to 500 million customers with a team of 10,000 employees. It has invested $100 million in Pakistan and Bangladesh over the last two years, Mikkelsen said. It is targeting sales this year of nearly $1 billion through its platform, having seen 100% order growth year-on-year in the last four years, he said. The e-commerce sector in Pakistan grew over 35% in value in the first quarter of 2021 to 96 billion Pakistani rupees ($548.89 million) compared to 71 billion ($405.95 million) over the same period of last year, according to commerce ministry data. Out of the 70 million users who visited the Daraz website last month, 35 million were from Pakistan. Mikkelsen said Pakistan was seeing more people now ready to use digital services. He added that e-commerce in the South Asian nations where Daraz operates was only 2% of the retail market, which could be scaled up 10 to 20 times. Information you can trust Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Our Standards: The Thomson Reuters Trust Principles. Register now for FREE unlimited access to Reuters.com

Related Sites

edition cnn - LIVE UPDATES Deadly tornadoes slam through six states

What we're covering here At least 30 tornadoes were reported across six states: Arkansas, Illinois, Kentucky, Missouri, Mississippi and Tennesse...

medical news today - CORONAVIRUS NEWS

COVID-19: Why the Omicron variant has scientists worried Written by James Kingsland. COVID-19 live updates: Pfizer vaccine versus Omicron — Prelim...

news csusm edu - Teaching Bilingual People How to Become Professional Interpreters December8,2021

Teaching Bilingual People How to Become Professional Interpreters December8,2021 By Trisha Ratledge Following more than a decade as a university-l...

dota2 - Winter Tour Supporters Club

The DPC is now in full swing, and with it comes the return of Supporters Clubs. Introduced earlier this year for the 2021 season, Supporters Clubs ...

The Express Tribune - Amazon confirms Pakistan has been added to its sellers list - TODAY'S PAPER DECEMBER 21, 2021

Amazon confirms Pakistan has been added to its sellers list Amazon is looking forward to working with Pakistani entrepreneurs KARACHI: Amazon h...

pakistantoday - Amazon added Pakistan to its list of authorized sellers. The sellers didn’t want it

Pakistantoday - Amazon added Pakistan to its list of authorized sellers. The sellers didn’t want it E-COMMERCE Amazon added Pakistan to its list o...

Rest of World - Reporting Global Tech Stories

Rest of World is an international nonprofit journalism organization. We document what happens when technology, culture and the human experience collid...

Dawn News - Amazon adds Pakistan to its sellers' list

Dawn News - Amazon adds Pakistan to its sellers' list Adviser to the Prime Minister on Commerce, Textile and Investment Abdul Razzaq Dawood sa...

India.com - Top Latest News from India, USA and Top national Breaking News stories News

India.com - Top Latest News from India, USA and Top national Breaking News stories News Latest News Headlines – Get LIVE and exclusive news from In...

News.blog – Get your subdomain of news.blog

News from The American Heritage® Dictionary of the English Language, 4th Edition n.pl. Information about recent events or happenings, especially as re...

Popular Sites

CNET NEWS SPECIAL REPORTS Road Trip: Made in America (Unique hits: 208)

Road Trip: Made in America Making things in the US isn't as easy as you think. We explore why. Welcome to Earth producer Darren Aronofsky lov...

edition cnn - LIVE UPDATES Deadly tornadoes slam through six states (Unique hits: 162)

What we're covering here At least 30 tornadoes were reported across six states: Arkansas, Illinois, Kentucky, Missouri, Mississippi and Tennesse...

news csusm edu - Teaching Bilingual People How to Become Professional Interpreters December8,2021 (Unique hits: 154)

Teaching Bilingual People How to Become Professional Interpreters December8,2021 By Trisha Ratledge Following more than a decade as a university-l...

medical news today - CORONAVIRUS NEWS (Unique hits: 146)

COVID-19: Why the Omicron variant has scientists worried Written by James Kingsland. COVID-19 live updates: Pfizer vaccine versus Omicron — Prelim...

England Could Face 75,000 Covid Deaths This Winter: Study an hour ago (Unique hits: 97)

England Could Face 75,000 Covid Deaths This Winter: Study an hour ago Pfizer Course Has 23% Efficacy Vs. Omicron in S. African Study 2 hours ago ...

News.blog – Get your subdomain of news.blog (Unique hits: 88)

News from The American Heritage® Dictionary of the English Language, 4th Edition n.pl. Information about recent events or happenings, especially as re...

pakistantoday - Amazon added Pakistan to its list of authorized sellers. The sellers didn’t want it (Unique hits: 84)

Pakistantoday - Amazon added Pakistan to its list of authorized sellers. The sellers didn’t want it E-COMMERCE Amazon added Pakistan to its list o...

The Express Tribune - Amazon confirms Pakistan has been added to its sellers list - TODAY'S PAPER DECEMBER 21, 2021 (Unique hits: 84)

Amazon confirms Pakistan has been added to its sellers list Amazon is looking forward to working with Pakistani entrepreneurs KARACHI: Amazon h...

dota2 - Winter Tour Supporters Club (Unique hits: 77)

The DPC is now in full swing, and with it comes the return of Supporters Clubs. Introduced earlier this year for the 2021 season, Supporters Clubs ...

Dawn News - Amazon adds Pakistan to its sellers' list (Unique hits: 76)

Dawn News - Amazon adds Pakistan to its sellers' list Adviser to the Prime Minister on Commerce, Textile and Investment Abdul Razzaq Dawood sa...