The world of local ecommerce continues to grow as various industries start to heavily lean on using tech to solve several problems. During yesterday’s 2nd ever Ecommerce Summit, we heard governmental officials, lawyers and law-makers, businesses and consultants discuss the world of ecommerce and how it can/will hopefully change how we shop in the future.
People from various industries, of all levels, arrived at the event with excitement for the day.
What led to the Ecommerce Summit? Check out our interview with the Founder of Ecommerce Summit ➤ What you need to know about Egypt’s e-commerce summit
Here is what we learnt at this year’s Ecommerce Summit.
The Growth And Demand Of Ecommerce In Egypt
With the inauguration of the summit, CEO of Information Technology Industry Development Agency (ITIDA) Hala el-Gohary spoke about the growth of ecommerce in the country and its development.
“Egypt ranks the highest among its peers in MENA in internet use. That’s why solid measures, such as 5% subsidies on exports for e-commerce businesses and technical support for rising, have been implemented,” she stated.
She also added that there is a need for the government and private sectors, as well as civil society, to work together help implement digital transformation and to strengthen the e-commerce sector in the country.
During a short break, one of the summit’s hosts discussed the result of a quick survey they had done on the demand or usage of ecommerce in Egypt. She explained that in a small sample, they found that
- 72% have been buying online over the past year
- 60% of them buy an item/s regularly
- 73% booked flights and hotels online
- 64% bought clothes online
- 36% bought items related to health and self-care
This indicates the growth and acceptance of ecommerce as a whole in the country (although the host reminded attendees of the small size of the sample and its potential bias).
The Laws That Will Protect Us
During the summit, there were several discussions on cyber security, digital regulations and local laws that affect ecommerce. The first 2 major discussions focused on public and private collaborations on digital transformation and how the E-transactions Law would affect local ecommerce.
According to Al Ahram,
“Mahmoud Fawzi, legal advisor to both the speaker of the House of Representatives and to the minister of investment, said that Egypt has taken serious steps to pave the way for a robust digital transformation and a strong IT industry.
‘The government has worked on amending current legislation and drafting new laws. Thus, the amendments to the customer protection law included an article that protects the customer’s rights to their online financial transactions. In addition, the government is working on drafting a new law to control online crimes and protect customer data from abuse, which will be discussed soon in the parliament. And the amendments to the economic courts law make judicial proceedings easier for online crimes,’ he said.”
Carmine Andrea Trovato, Legal Counsel at the International Law Firm Bonelli Erede, also held a legal fireside chat that discussed GDPR and its effects on Egyptian companies.
How does the GDPR affect us all the way in Egypt? Check out our in-depth article from before its implementation ➤ Will the new General Data Protection Regulation affect us outside of the EU?
The chat reminded many attendees of the importance of complying to GDPR and what could cause fines. The most important note is to always announce whenever you have had your data breached, or else the GDPR watchdogs will come after you, and to provide high-end security to your data in the first place.
In general, it remains more and more important for businesses to keep an eye out as rules and regulations on ecommerce and online activities continue to be drafted and announced to protect both users and businesses.