Online shopping

E-commerce and online shopping booming | New

The Jamaica Productivity Center reports that e-commerce and online shopping is booming among Jamaican consumers.

“There was an increase in productivity in every quarter last year in the wholesale and retail industry, with the last two quarters seeing increases of 1.1% and 11.5%, respectively,” said the Minister of Labor and Social Security. Hon. Karl Samuda, said.

Mr. Samuda was speaking at the Jamaica Productivity Center forum, which was held virtually on June 20.

Capitalizing on this trend, the Minister said that $5 billion has been allocated this fiscal year, through the Development Bank of Jamaica, to finance Micro, Small and Medium Enterprises (MSMEs), with solutions to increase e-commerce.

Mr. Samuda said this includes the installation of online payments and other e-commerce facilities, e-commerce and cross-border trade, and digital food ordering.

Furthermore, the minister noted that financial technology (FinTech) is already automating global finance.

“Locally, JAM-DEX is becoming one of our Jamaican digital currencies, and more and more banking apps are being initialized and updated for convenient use. FinTech enables efficient ease of transactions and, more importantly, integrating more Jamaicans into the formal banking system,” Mr. Samuda said.

The Minister argued that Jamaica’s move towards higher technological advancement is being hampered by low levels of foreign and local investment.

“Although we are making progress in some areas, we need to attract more investment for greater growth. We also need to reorient, nurture and train the workforce for these technological opportunities, and enable them to actively participate in the process,” Mr. Samuda said.

Meanwhile, the Jamaica Productivity Center continues to lead the development of the department’s productivity policy.

Mr. Samuda said work continues apace on the National Productivity Policy, which will guide efficiency improvements and support the conditions needed to improve the quality of life in Jamaica.

The Center also looks at the new wave and attitude of entrepreneurship among Jamaicans.

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