Economy & Growth

xCommerz™ invites retailers to drive economic growth

Xiteb Pvt Ltd, (https://xcommerz.com/) an award-winning web and mobile software solutions provider with 14 (fourteen) years of experience, has launched an eCommerce solution, xCommerz™, aimed at transforming retailers' physical stores into online platforms and enhancing existing online stores to revolutionize their businesses. This initiative contributes to national economic growth. Leveraging expertise in eCommerce development, xCommerz™ provides responsive, high performing, secured solution that captivates users and maximize conversions.“Despite persistent challenges, eCommerce offers substantial potential for economic development in developing nations. Addressing infrastructure gaps, promoting digital literacy and fostering trust are crucial for businesses to leverage eCommerce transformative power and achieve sustainable growth” said Xiteb® Chief Executive Officer and xCommerz™ Founder Dr. Dhanesh R. Jayathilaka. He also invited retailers to modernize their businesses for global competitiveness. With xCommerz™, businesses can unlock full potential of online selling, even in uncertain times, driving national economic growth.

Today's economic climate demands innovative online solutions, especially for rising retailers fueling growth. Global research indicates that eCommerce boosts sales, particularly in developing nations where it is crucial for economic growth, despite infrastructure limitations. Benefits of transforming towards eCommerce include broader reach, reduced expenditure compared to physical stores (rental, salaries, etc.), increased competition, job creation and export tax revenue. It is estimated that eCommerce sales in developing nations may reach US $1 trillion by 2025, accounting for half of global growth. According to Forbes, global retail eCommerce sales are tipped to surpass US $8.1 trillion by 2026. In 2025, mobile internet users in developing nations will hit 2.3 billion, driving mCommerce. Importantly, 46% of micro, small and medium enterprises (MSMEs) in developing economies use eCommerce, compared to 30% in developed nations. eCommerce saves up to 20% on marketing and distribution costs and yields 25% higher revenue. It is estimated that eCommerce will contribute up to 5% of Gross Domestic Product (GDP) in developing countries by 2025 and create 20 million new jobs in developing nations by 2030. Importantly, it facilitates online payments and digital credit, which will help boost Governments’ tax revenue.