In the past, our ancestors used horses and donkeys to other countries with goods strapped to their backs. They traveled and sold handmade products with patience and resilience. Every journey, every sale, was a testament to their hard work and determination. Though their tools were simple, their spirit was strong.
Today, we have moved far beyond donkeys and footpaths. We benefit from advanced transportation systems and global connectivity. Just as travel methods have progressed, the business world has also undergone a profound transformation.
Modern entrepreneurs are no longer limited to serving only the local market. Many of them has now aspire to reach customers around the world. Their success is no longer confined to national borders that most of them have achieved international recognition. So, what does it take to succeed like them? What strategies have they adopted? While we often discuss the lack of trade opportunities, we must also ask: how did these entrepreneurs break through those barriers?
The answer lies in changing perspective. Instead of relying solely on walk-in customers, successful entrepreneurs have adopted global approaches. They have leveraged digital tools to attract and engage customers from across the globe strategy that requires insight, planning, and most importantly, data.
In today’s competitive market, digital technology plays a vital role in business growth. But before diving into tools and platforms, it’s crucial to understand who your customers are and where they’re coming from. This is where data comes in. Without data, technology is like a coconut in a monkey’s hand, its present, but useless.
Data driven decision-making has become the cornerstone of successful businesses. It enables entrepreneurs to predict market trends, understand customer behavior, and improve overall performance which were once unimaginable. With accurate data, businesses can customize their offerings, optimize operations, and stand out in the marketplace. That’s why, in this edition of Artha Smarika, we have prioritized the use of data-based insights wherever possible. There is no doubt that online business is growing rapidly across the globe. With the rise of digital technology, e-commerce has seen explosive growth. In 2024, more than 2.14 arabs people worldwide were shopping online, marking a major shift from traditional retail to digital platforms. This change highlights the need for more robust online systems and reliable payment gateways, especially for countries like Nepal that are rich in potential.
Nepali businesses often face challenges like limited local markets and high import costs, making it hard to compete. However, Nepal offers unique products such as herbal goods, traditional handicrafts, and beautiful tourist destinations. Additionally, tech innovations like locally developed software hold promise for the global market. Entrepreneurs in Nepal must look beyond the domestic customer base and target the global population an audience of 8.2 billion potential customers. One major enabler of global commerce is the digital payment system. In Nepal, digital payment adoption has seen remarkable growth. In the fiscal year 2022/23, mobile banking users increased by 16.75%, reaching 21.36 million, while internet banking users rose by 10.25%, totaling 1.86 million. These figures indicate a growing familiarity with and readiness for digital tools among the Nepali public.
However, while domestic digital transactions are rising, international payment gateways remain underutilized. Expanding the availability and efficiency of these gateways is essential. It will not only support global transactions but also play a key role in economic development. According to the Nepal Rastra Bank’s Payment System Department, QR code-based transactions grew by a staggering 189.53% in 2022/23 compared to the previous year. This surge highlights both the momentum and the untapped potential of digital payments. While multiple factors contribute to business growth, one central element is clear data. It supports smarter decisions, resource optimization, adaptability, and long-term sustainability. When used effectively, data becomes the compass that guides businesses toward their goals.
On behalf of the Lalitpur Chamber of Commerce and Industry, I urge entrepreneurs, stakeholders, and the government to prioritize data management and embrace data-driven strategies. Let’s turn data into a habit, an integral part of how we think, plan, and act in business. By harnessing the power of data, we can help Nepali businesses grow stronger, compete globally, and contribute to a more prosperous economic future.
