Myanmar ecommerce update: Myanmar is finally dancing the e- commerce waltz. Over the course of few years, the international world did not only witness Myanmar emerge on the world map as a sovereign state but also as frontier market with burgeoning potential. With the injection of investment friendly government policies and effective political, economic and social reforms, the country is the focal point of international investors and offers room for vigorous economic development. The infliction of numerous tax relief and tax laws, foreign investment laws and flexible visa policies by the government surely serves as a stamp of approval for potential foreign investor.
The country’s transition from a military rule to a nominally civilian one in 2011 opened gates of opportunities for an open economy fostering economic development by leaps and bounds. Following the footsteps of other developing countries in the region namely, India, Pakistan, Indonesia and China, technology- led start-ups are keeping a close eye on Myanmar as it’s extremely nascent tech world serves as a firm ground to launch successful small-medium enterprises in the country.
Technological opportunities in Myanmar
Despite the lack of a sustainable digital development infrastructure in Myanmar, numerous tech companies are betting to bootstrap in this country as its economy is predicted to showcase exponential growth in the coming years. The internet and mobile penetration in Myanmar is growing at a slow and steady pace as compared to other South Asian countries but is likely to rise to 80% by the end of 2016. That itself could be considered as a huge development from the penetration rate of merely 10 % in 2012-2013. Inconsideration to the above mentioned stats and figures it would not be wrong to conclude that Myanmar’s technological markets will be the technological blank slate for forward thinking entrepreneurs and future investors.
The scope of E-Commerce in Myanmar
With the launch of Myanmar’s first domestic online payment network in February, 2015, Myanmar ecommerce industry is likely to witness a rapid increase in the coming times. An online payment gateway expands the outreach of buyers and sellers across the country and fosters cheaper ways of carrying out businesses. Though cash being the most commonly used mode of transaction, the advent of online payment network will prove to be of pivotal importance in re-revamping the ecommerce industry in the country. The consuming class is estimated to witness an explosive growth due to the induction of online payment gateways and many other financial modernizing steps.
The growth of the telecommunication industry in Myanmar in 2014 has also paved the way for e commerce growth in the country. This faster mode of communication at affordable price has driven a significant number of population towards online shopping and could prove to be a game changer in the emerging economy of the country. Currently, a few E- Commerce companies such as Kaymu, Yangononlinestore, Myanmar store and Mobilekingmyanmar, are offering the online shopping opportunities in Myanmar and in the Myanmar ecommerce sphere. These companies have laid the foundation of E commerce in the country and are determined to change the future of online shopping. With the development in maintaining a digital infrastructure and through globally integrated financial institutions, not only Myanmar will be a home to numerous innovative business ventures but will also attract futuristic entrepreneurs from all across the globe.
