Local businesses have a significant opportunity to expand their operations and attract additional business by using the Internet as a tool for marketing their products and services, according to immediate past president of the Bahamas Chamber of Commerce Winston Rolle.
Mr. Rolle pointed out, however, that while tremendous opportunities exist a number of challenges must be addressed in order to realise the potential of that rapidly developing means of transacting business.
“I think there is significant potential for e-commerce to contribute more meaningfully to the economy, but itﾴs unfortunate that it isnﾴt doing so already,” he said.
“Youﾴd be surprised to know how many Bahamians are actually now shopping online and if you take a look at some of the local companies that are in the courier service they promote persons shopping online and then having them deliver the products to customers locally.”
According to the former president, a deficiency of the framework that governs e-commerce in the country is the number of regulatory restraints.
As an example, he noted the challenges that shoppers experience when attempting to pay for items which they purchased over the Internet.
“The issue of having a credit card accepted over the Internet and then having those funds deposited directly to a local bank account is still not something that has been clearly defined or for which there are proper rules and regulations in place,” said Mr. Rolle.
“So most persons that are finalising transactions over the Internet via credit card are processing their transactions through some U.S.-based entity and probably still have the challenges of transferring funds to their local account.”
According to Mr. Rolle, in order to facilitate greater use of e-commerce locally authorities would have to review and reform exchange control regulations in addition to easing some of the regulatory restrictions imposed by e-commerce legislation.
In 2003, parliament passed a package of bills – the Electronic Communications and Transactions Bill, the Data Protection Bill and the Computer Misuse Bill – aimed at promoting e-commerce in the country.
At that time Financial Services and Investment Minister Allyson Maynard-Gibson said developing a vibrant e-commerce sector was “essential” to promoting the nationﾴs two principal industries, tourism and financial services.
Mr. Rolle said another obstacle preventing greater implementation of e-commerce is the lack of telecommunications infrastructure outside of New Providence and Grand Bahama.
“We need to start working from within,” he said.
“Businesses in New Providence and Grand Bahama could receive an economic boost by having individuals or businesses in the Family Islands who have access to technology go online, look at organisations in Nassau and Grand Bahama, purchase those products and have them shipped directly to them.
“Before we start embracing the world we need to set up the proper infrastructure so that the entire Bahamas can be in a position to benefit from it.”
Chamber of Commerce Executive Director Philip Simon also noted the emerging role of the Internet and e-commerce as tools for promoting business.
“Circumstances today almost force a certain amount of integration of technology into all types of businesses so itﾴs almost like globalisation in a way which is driven by trade agreements and technology,” Mr. Simon said.
“E-commerce is also being driven by technology and to a large extent businesses almost have to have a presence on the Internet if they are going to compete globally.”
Mr. Simon pointed out that while not all Chamber of Commerce member businesses utilise the full benefits of transacting business electronically many of them use the Internet to market and provide information about their businesses.
Minister Maynard-Gibson, meanwhile, said she is pleased with the progress of the e-commerce sector so far.
“There are many, many private sector facilities available online,” she noted.
“From the touristic sector some companies use e-commerce to make hotel bookings. Then there are advertising services and in financial services e-commerce is really taking off.”
According to the minister, the “most significant” utilisation of the e-commerce legislation has been computerisation of various government departments. As a result of those initiatives, she said, payments and other transactions can be completed via the Internet.
“Out of my ministry evidence of that is manifested very strongly by the project in the Department of the Registrar General which is for all of the services at the registry to be fully computerised by January 1 next year,” Mrs. Maynard-Gibson said.
She pointed out that the majority of company services including payment of various fees, and searching of indices for miscellaneous documents are currently available online.
Plans are also underway to make birth and death certificates available online, Minister Maynard-Gibson said.
Darrin Culmer, The Bahama Journal
