Bahrain is expected to have a whole new e-commerce ecosystem before the end of the year, a top minister has revealed.
The national strategy for online buying and selling, currently in the works, will include new legislation to regulate e-commerce, said Industry, Commerce and Tourism Minister Zayed Alzayani.
The “tremendous response” to the mall.bh had compelled the ministry to develop the new mechanism, he added.
The website was launched in April as a platform for electronic sales and purchases, after stores were closed to combat the spread of Covid-19.
“Within a month of the launch of the virtual marketplace, we added almost 200 local businesses, and many more who had never used e-commerce wanted to sign up and came to us seeking guidance on developing the necessary infrastructure so they could take advantage of the new way of doing business,” said Mr Alzayani.
The minister was speaking during a webinar on ‘Insights from the Gulf region and the Bahraini Entrepreunership and Innovation Landscape, Post Covid-19’ in which more than 400 people from across the globe took part.
The event was organised by the World Business Angels Investment Forum (WBAF) Bahrain Country Office in co-operation with the Bahrain Entrepreneurship Organisation.
Statistics released by the ministry at the end of June showed that mall.bh had seen an average of 5,607 visitors a day and more than 200,000 users since its launch.
Several major brands in fashion, homeware and electronics joined the virtual service, with the government-run website not charging retailers any fees.
Switched
Several studies have shown a major transformation in consumer behaviour due to the pandemic.
As shopping malls and stores were shut temporarily from March to curb the spread of the virus, a large segment of the consumer population switched to online shopping.
Responding to a question about challenges for the private sector in the aftermath of the pandemic, Mr Alzayani said big businesses needed to look at more collaborative projects with the start-up and SME communities by way of investment, mentoring and networking.
“We have all seen various governments stepping up and now here is a huge responsibility on the private sector to help each other to survive the pandemic,” he said.
The minister also called on private enterprises to start thinking of different approaches like merging with competitors or selling stake to the public and going for listing on the stock market, instead of staying sentimentally attached to a business that’s struggling.
“There is no sense in losing sleep, and damaging your social and family life ... these are new concepts in Bahrain and the GCC as we are predominantly a community where families like to retain control of the business.”
Other speakers in the webinar included Central Bank of Bahrai Governor Rasheed Al Maraaj, Bahrain Chamber of Commerce and Industry chairman Sameer Nass, Unido-ITPO Bahrain head Dr Hashim Hussein, WBAF Bahrain high commissioner and country director Feryal Nass, WBAF executive chairman Baybars Altuntas and WBAF Business School rector Dr Paul Doany.avinash@gdn.com.bh
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