The IGE (Intergovernmental Group of Experts) on Electronic Commerce and the Digital Economy will be held in conjunction with UNCTAD E-Commerce Week. Contributors include experts from national governments, civil society, private sector and academic professionals with relevant knowledge on specific subjects.
The Unctad Intergovernmental Group of Experts on Competition and Consumer Protection 2018
IGE’s policy focus is on strengthening the scope of e-commerce and digital economic development to determine ways and means of improving e-commerce development results. This includes discussion of feasible options in the e-commerce and digital economic climate, and the way to address related issues and risks.
In addition, sales from the e-commerce industry are increasingly welcomed by the retail industry. According to the US Census, e-commerce sales in the second quarter of 2012 accounted for 5.1% of total retail sales, up 0.2% from the past quarter. This progress is consistent with the first four quarters.
Economic Behavioral Changes
Compared to B2B e-commerce (check out Magento b2b for b2b eCommerce websites), changes made by B2C e-commerce have a greater influence on the overall economy and buyer behavior. Prior to now, when buyers wanted to go shopping, they had to go shopping at certain times of the day or read a catalog sent by a mail-order company. These days, several shoppers can just shop online using a computer (a smartphone, or tablet). Purchasers and retailers participating in e-commerce retail transactions are not anymore restricted by working hours, local marketing areas or directory mailing lists. Using just a few clicks, you can get a variety of prizes 24 hours a day, 7 days a week.
Lately, e-commerce has become the fastest developing industry in the US market. Even with the recent downturn in the tech industry, companies continue to expand their influence on e-commerce. Consumers increased the number of online purchases. E-commerce at this time accounts for a small percentage of the total trade, however, is anticipated to keep on growing in the next few years.
With the development of e-commerce, the overall economy will also develop. The main way in which e-commerce has a major impact on the economy is the effect on production and inflation. Companies and consumers using e-commerce can save time and effort in searching for goods and services and completing transactions. Lower costs lead to increased productivity. When economically underdeveloped companies respond to this new level of competition, productivity profits can lead to higher levels of productivity throughout the economy.
The continued growth of e-commerce can also reduce inflationary pressures by increasing competition, reducing costs and changing seller price behavior. Experts have reviewed the economic factors that led to the fast development of e-commerce. They assessed how future development in e-commerce impacts the general economy. Experts concluded that continued rapid growth in e-commerce will lead to increased productivity and reduced inflationary pressure.