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    The Boom of M-Commerce in Emerging Markets: A Revolution in Retail

    E-Commerce Update
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    The Boom of M-Commerce in Emerging Markets: A Revolution in Retail

    In recent years, m-commerce has experienced explosive growth in emerging markets around the world. With the increasing penetration of smartphones and the expansion of mobile networks, billions of consumers in developing countries now have access to online shopping at their fingertips. This article explores the reasons behind this phenomenon and its transformative impact on the retail landscape in these markets

    The Rise of Smartphones

    One of the main drivers of m-commerce growth in emerging markets is the rapid adoption of smartphones. In many of these countries, mobile devices have become the main way to access the internet, surpassing desktop and laptop computers. As smartphone prices decrease and their functionality increases, more and more consumers are taking advantage of the convenience of shopping online through their mobile devices

    Leapfrogging for Mobile

    Many emerging markets are undergoing a process of technological leapfrogging, skipping stages in development and directly adopting the latest technologies. This means that, instead of following the traditional path from physical retail to desktop-based e-commerce and then to mobile, many consumers are going directly to m-commerce as their first online shopping experience

    Innovations in Mobile Payments

    Another crucial factor for the boom of m-commerce in emerging markets is the innovation in mobile payment systems. In countries where a large part of the population does not have access to traditional banking services, mobile money solutions and digital wallets are filling the gap. These platforms allow consumers to make transactions securely and conveniently using their mobile phones, eliminating the need for credit cards or bank accounts

    The Power of Social Media

    Social media plays a significant role in driving m-commerce in emerging markets. Platforms like Facebook, Instagram and WhatsApp have become vital channels for small businesses to reach customers and facilitate transactions. Social commerce, where consumers discover and buy products directly through social media, is flourishing in these markets, leveraging the trust and engagement built within online communities

    Adapting to the Local Context

    To succeed in m-commerce in emerging markets, companies need to adapt their strategies to the local context. This includes offering relevant payment options, optimize websites and applications for prevalent mobile devices, and adapt the selection of products and marketing messages to local cultural preferences. Understanding the nuances of each market is crucial for building trust and loyalty with consumers

    Challenges and Opportunities

    Despite the enormous potential, m-commerce in emerging markets also faces challenges. Issues such as limited telecommunications infrastructure, concerns about security and complex delivery logistics can be obstacles. However, with careful planning and strategic partnerships, companies can overcome these challenges and take advantage of the vast opportunities presented by these rapidly growing markets

    M-commerce is transforming the retail landscape in emerging markets, bringing access, convenience and economic opportunities for millions of consumers. As mobile technology continues to evolve and penetrate further into these markets, the growth potential of m-commerce is truly extraordinary. For companies willing to invest in understanding the unique needs and preferences of these consumers, m-commerce in emerging markets represents an exciting frontier full of possibilities

    Президент Lula санкціонує закон який оподатковує міжнародні покупки вище США$ 50

    E-Commerce Update
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    Президент Lula санкціонує закон який оподатковує міжнародні покупки вище США$ 50

    Президент Luiz Inácio Lula da Silva (PT) санкціонував цього четверга (27) закон, який встановлює оподаткування міжнародних покупок вище US$ 50. Мера, псевдоніма ⁇ такси блузинки ⁇, є частиною закону, який створив програму Mover, спрямований на стимулювання декарбонизації автомобільного сектору

    Згідно з урядом, тимчасовий захід буде випущений для регулювання нової ставки. Закон припиняє звільнення, яке сприяло великим компаніям електронної комерції як Shopee, Shein і Amazon

    Відповідно до нового законодавства, продукти з вартістю до 50 доларів США будуть оподатковані на 20% над вартістю покупки. Для предметів вище 50 доларів США, ставка імпорту буде на 60%. However, буде бути знижка в оподаткуванні для продуктів з значеннями між USD 50 і USD 3.000

    Крім оподаткування міжнародних закупівель, закон санкціонований президентом Lula також створює програму Mover, що має на меті стимулювати декарбонизацію автомобільного сектору. Текст підвищує вимоги до стійкості для автомобілів і стимулює виробництво нових технологій у сфері

    Підприємства які приєднаються до режиму Mover зможуть скористатися фінансовими кредитами якщо інвестують у дослідження, розвиток і виробництво технологічного в Бразилії

    Імплементація цього нового закону представляє значну зміну в пейзажі міжнародної електронної торгівлі та в бразильській автомобільній промисловості, з потенційними впливами як для споживачів, так і для підприємств постраждалих секторів

    Uni E-commerce Week 2024: E-commerce Event Announces its Third Edition

    E-Commerce Update
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    Uni E-commerce Week 2024: E-commerce Event Announces its Third Edition

    The University Marketplaces, marketplace consulting, announced the launch of the third edition of the Uni E-commerce Week, one of the biggest e-commerce events in Brazil. The event is scheduled for the 17th, 18th and 19th of July 2024, in the event center of Shopping Frei Caneca, in São Paulo

    After the success of the two previous editions, that gathered more than 3.000 retailers in a complete immersion in the online sales ecosystem, Alexandre Nogueira, founder of Marketplaces University, promises an even more grand and impactful edition this year

    The event, what is 100% in-person, will offer participants the unique opportunity to interact directly with representatives of the largest marketplaces in Brazil. These platforms will be present to reveal news and share insights about the functioning of their operations

    Furthermore, the team from Marketplaces University will be available to teach proven strategies that have the potential to exponentially increase participants' sales. These methods have already shown impressive results, reaching up to triple the revenue of various e-commerce operations

    "We are excited to bring another edition of Uni E-commerce Week", said Alexandre Nogueira. This event is an unparalleled opportunity for retailers and e-commerce entrepreneurs to learn, connect and grow in an increasingly competitive market.”

    The Uni E-commerce Week 2024 promises to be a milestone in the calendar of Brazilian e-commerce, offering three days of intensive learning, networking and business opportunities for all participants

    Registrations for the event are already open, and interested parties can obtain more information on the official Uni E-commerce Week website

    Growth of Social Commerce: The Convergence of Social Media and E-commerce

    E-Commerce Update
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    Growth of Social Commerce: The Convergence of Social Media and E-commerce

    Social commerce, also known as social commerce, is transforming the way consumers discover, interact and buy products online. By integrating e-commerce features into social media platforms, social commerce is creating a perfect shopping experience that combines product discovery, social engagement and perfect transactions. This article explores the growth of social commerce, its benefits for companies and consumers, and how it is shaping the future of online retail

    What is Social Commerce

    Social commerce refers to the integration of e-commerce resources into social media platforms, allowing users to discover, evaluate and purchase products directly in your social feeds. By harnessing the power of social recommendations, user reviews and user-generated content, social commerce creates a highly personalized and engaging shopping experience

    Social Commerce Platforms

    1. Facebook: Facebook Shops allows businesses to create immersive online storefronts directly on their Facebook and Instagram pages, making it easier for users to discover and purchase products

    2. Instagram: With features like Instagram Shopping and Reels Shopping, users can discover and purchase products directly from posts, stories and short videos

    3. Pinterest: Product Pins allow users to discover and purchase items directly on Pinterest boards, with direct links to the product pages of retailers

    4. TikTok: TikTok is expanding its social commerce features, allowing creators to tag products in their videos and connect to retailers' websites

    Benefits for Companies

    1. Greater reach and visibility: Social commerce allows companies to reach a wider audience, leveraging the huge user base of social media platforms

    2. Increase in conversion rates: By making the purchasing process perfect and convenient, social commerce can significantly increase conversion rates

    3. Customer engagement: Social commerce encourages authentic interactions between businesses and customers, leading to greater engagement and brand loyalty

    4. Valuable insights: Social commerce platforms provide valuable data on customer behavior and preferences, allowing companies to optimize their marketing and sales strategies

    Benefits for Consumers

    1. Product discovery: Social commerce allows consumers to discover new products through recommendations from friends, influencers and communities

    2. Perfect shopping experience: With the ability to buy products directly from your social feeds, consumers enjoy a seamless and convenient shopping experience

    3. Reliable reviews and recommendations: Social commerce leverages the power of social reviews and recommendations from known individuals, increasing confidence in purchasing decisions

    4. Interaction and engagement: Social commerce allows consumers to interact with brands, influencers and other buyers, creating a socially connected shopping experience

    Challenges and Considerations

    1. Technological integration: Seamlessly integrating social commerce features with existing e-commerce and inventory management systems can be challenging

    2. Privacy and data security: With the increase in data sharing on social commerce platforms, it is crucial to ensure the privacy and security of user information

    3. Order management and logistics: Efficient fulfillment and delivery of orders originating from social commerce platforms require robust systems and processes

    4. Measuring ROI: Accurately assigning and measuring the return on investment (ROI) of social commerce initiatives can be complex due to the multiple customer interactions across different platforms

    The growth of social commerce is redefining the intersection between social media and e-commerce, creating a new era of socially connected shopping experiences. By harnessing the power of social recommendations, authentic interactions and product discoveries, social commerce offers significant opportunities for companies to increase their reach, drive sales and strengthen customer engagement. As social media platforms continue to evolve and consumers seek more seamless shopping experiences, social commerce is set to become a dominant force in the online retail landscape

    Target announces strategic partnership with Shopify to expand its marketplace

    E-Commerce Update
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    Target announces strategic partnership with Shopify to expand its marketplace

    A Target Corporation, one of the largest retail chains in the United States, announced today a strategic partnership with Shopify Inc., aiming for a significant expansion of its online marketplace, Target Plus. This collaboration will allow merchants on the Shopify platform to sell their products directly on the Target marketplace, substantially expanding the range of products available to consumers

    The initiative is seen as a bold move by Target to compete directly with retail giants like Walmart and Amazon, that have dominated the e-commerce market in recent years. A Shopify, known for its e-commerce software used globally, works with millions of merchants in over 175 countries

    The Target Plus, released in 2019, has adopted a more selective approach in the choice of products, contrasting with the wide range offered by Amazon. Currently, the marketplace has more than 1.200 sellers and offers more than 2 million items for purchase

    With this partnership, Target aims to strengthen its position in the digital retail market, leveraging Shopify's extensive global network of merchants to provide an enhanced and high-quality shopping experience for its customers

    Furthermore, the collaboration will include the sharing of insights on market trends, how the demand for popular products on social media, allowing a quicker response to consumer needs

    This strategic move by Target demonstrates the growing importance of marketplaces in the e-commerce landscape and the need for large retail chains to adapt to changes in consumer behavior

    Adoption of Chatbots for Sales and Post-Sales Support in E-commerce: Enhancing the Customer Experience

    E-Commerce Update
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    Adoption of Chatbots for Sales and Post-Sales Support in E-commerce: Enhancing the Customer Experience

    With the exponential growth of e-commerce, providing excellent customer service has become a critical factor for the success of online retailers. In this scenario, chatbots have emerged as a powerful tool to enhance sales and post-sales support. This article explores the adoption of chatbots in e-commerce, your benefits for companies and clients, and how they are transforming the online shopping experience

    What are Chatbots

    Chatbots are computer programs designed to simulate human conversations through text or voice. Using artificial intelligence and natural language processing, chatbots can understand user questions and provide relevant answers in real time. In the context of e-commerce, chatbots can be integrated into websites, mobile apps and messaging platforms to interact with customers at various stages of the buying journey

    Chatbots for Sales

    1. Personalized recommendations: Chatbots can analyze the customer's browsing and purchase history to offer personalized product recommendations, increasing the chances of conversion

    2. Assistance in product selection: By answering questions and providing detailed information about the products, chatbots can help customers make more informed purchasing decisions

    3. Promotions and discounts: Chatbots can notify customers about special promotions, discounts and personalized offers, encouraging them to make a purchase

    4. Reduction of cart abandonment: By proactively engaging with customers who left items in the cart, chatbots can provide support, answer questions and encourage the completion of the purchase

    Chatbots for Post-Sale Support

    1. Atendimento ao cliente 24/7: Os chatbots podem fornecer suporte ao cliente 24 horas por dia, 7 days a week, ensuring that customers receive immediate assistance, regardless of the time

    2. Quick answers to frequently asked questions: When dealing with common questions related to orders, deliveries and returns, chatbots can provide quick and accurate answers, reducing customer wait time

    3. Order tracking: Chatbots can provide real-time updates on order status, tracking information and estimated delivery times

    4. Return and exchange management: Chatbots can guide customers through the return or exchange process, providing information on policies, necessary steps and deadlines

    Benefits for E-commerce Companies

    1. Cost reduction: By automating repetitive sales and support tasks, chatbots can significantly reduce operational costs

    2. Increase in efficiency: Chatbots can handle multiple inquiries simultaneously, allowing sales and support teams to focus on more complex tasks

    3. Maior satisfação do cliente: Ao fornecer respostas rápidas e suporte 24/7, chatbots can improve overall customer satisfaction and brand loyalty

    4. Valuable insights: Chatbot interactions can generate valuable data about customer behavior and preferences, allowing companies to continuously improve their products and services

    Challenges and Considerations

    1. Implementation and integration: The implementation of chatbots may require technical resources and integration with existing e-commerce and customer service systems

    2. Continuous training and improvement: Chatbots require ongoing training and enhancement to handle complex queries and improve the accuracy of responses

    3. Balance between automation and human touch: It is essential to find the right balance between chatbot automation and human interaction to ensure a satisfactory customer experience

    4. Concerns about privacy and security: Companies must ensure that chatbots handle customer data with the highest level of privacy and security

    The adoption of chatbots for sales and post-sales support in e-commerce is revolutionizing the way companies interact with customers. By providing instant assistance, recomendações personalizadas e suporte 24/7, chatbots can significantly improve the customer experience, increase sales and reduce operational costs. As chatbot technology continues to advance, it is likely to become an indispensable tool for online retailers looking to stand out in an increasingly competitive market

    Video Commerce and Livestream Shopping: The New Era of Online Shopping

    E-Commerce Update
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    Video Commerce and Livestream Shopping: The New Era of Online Shopping

    E-commerce is undergoing a significant transformation with the rise of video commerce and livestream shopping. These innovative trends are revolutionizing the way consumers discover, interact and buy products online. This article explores the growth of video commerce and livestream shopping, your benefits for retailers and customers, and how these trends are shaping the future of e-commerce

    What is Video Commerce

    Video commerce is the integration of videos in the online shopping process. This includes product demonstration videos, reviews, tutorials and user-generated content. By providing engaging visual information about the products, video commerce helps customers make more informed purchasing decisions and increases confidence in online shopping

    The Emergence of Livestream Shopping

    Livestream shopping is an extension of video commerce, where brands and influencers hold live shopping sessions, generally on social media platforms. During these live broadcasts, the presenters show products, they answer questions and offer exclusive promotions. Viewers can purchase the items showcased directly during the broadcast, creating an interactive and immediate shopping experience

    Benefits for Retailers

    1. Increase in conversion rates: Video commerce and livestream shopping can significantly boost conversion rates, because customers have access to more detailed and engaging information about the products

    2. Brand engagement: Live broadcasts allow brands to interact directly with their audience, building stronger relationships and increasing customer loyalty

    3. Sales boost: Promotions and exclusive offers during livestream shopping sessions can create a sense of urgency and drive sales

    4. Competitive differentiation: The adoption of video commerce and livestream shopping can set a brand apart from its competitors, offering a unique and engaging shopping experience

    Benefits for Customers

    1. Enhanced shopping experience: Videos and live broadcasts provide a more immersive and informative shopping experience, helping customers make more confident purchasing decisions

    2. Real-time interaction: During livestream shopping sessions, customers can ask questions, get immediate answers and interact with the brand and other buyers

    3. Discovery of products: Live broadcasts can showcase new products and trends to customers, inspiring them to shop

    4. Convenience: Video commerce and livestream shopping allow customers to shop from anywhere, at any moment, using your mobile devices

    Challenges and Considerations

    1. Investment in technology: The implementation of video commerce and livestream shopping resources requires investments in technology, including live streaming platforms and video management systems

    2. Content creation: The production of high-quality videos and the organization of livestream shopping sessions require specialized resources and skills

    3. Integration with e-commerce: Ensuring a seamless video or live stream experience until the purchase is completed can be challenging

    4. Audience engagement: Attracting and retaining an audience for livestream shopping sessions may require marketing strategies and partnerships with influencers

    Conclusion

    Video commerce and livestream shopping are transforming the online shopping experience, making it more engaging, interactive and personalized. By adopting these trends, retailers can increase sales, strengthen the relationship with the brand and differentiate in an increasingly competitive e-commerce market. As technology continues to evolve and consumers seek more immersive shopping experiences, video commerce and livestream shopping are set to become pillars of e-commerce in the future

    Adoption of Mixed Reality Technologies in E-commerce: Transforming the Online Shopping Experience

    E-Commerce Update
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    Adoption of Mixed Reality Technologies in E-commerce: Transforming the Online Shopping Experience

    The evolution of e-commerce has been driven by the constant search for innovations that enhance the customer experience and increase sales. In this context, mixed reality technologies have emerged as a powerful tool to transform the way consumers interact with products online. This article explores the adoption of these technologies in e-commerce, your benefits and challenges, and how they are shaping the future of online shopping

    What is Mixed Reality

    Mixed reality is a combination of virtual reality (VR) and augmented reality (AR). While VR creates a completely immersive digital environment, AR overlays digital elements onto the real world. Mixed reality allows interaction between virtual and real objects in real time, creating a hybrid and interactive experience

    Applications in E-commerce

    1. Product visualization: Mixed reality allows customers to view products in 3D, in real size and in its own environment, before making the purchase. This is especially useful for items like furniture, electrical appliances and decorative products

    2. Virtual try-on: For products like clothing, accessories and cosmetics, mixed reality allows customers to virtually experience the items, using 3D models or real-time projections

    3. Virtual showrooms: Online stores can create immersive virtual showrooms, where customers can explore and interact with the products as if they were in a physical store

    4. Purchase assistance: Mixed reality virtual assistants can guide customers through the purchasing process, providing information about products, personalized recommendations and customer support

    Benefits for E-commerce

    1. Increase in customer confidence: By allowing customers to view and experience products virtually, mixed reality reduces the uncertainty associated with online shopping and increases confidence in the purchasing decision

    2. Reduction of returns: With a better understanding of the product before purchase, customers are less likely to make returns, what reduces costs and logistical complexity for online retailers

    3. Competitive differentiation: The adoption of mixed reality technologies can differentiate an online store from its competitors, offering a unique and engaging shopping experience

    4. Increase in sales: The immersive and interactive experience provided by mixed reality can lead to an increase in conversion rates and the average purchase value

    Challenges and Considerations

    1. Cost: The implementation of mixed reality technologies can be expensive, especially for small and medium e-commerce businesses

    2. Device compatibility: Ensuring that mixed reality experiences are accessible and work seamlessly across a wide range of devices can be a challenge

    3. Content creation: The development of high-quality 3D models and immersive experiences requires specialized skills and can be time-consuming

    4. User adoption: Not all customers may be familiar or comfortable with the use of mixed reality technologies, what can limit large-scale adoption

    The adoption of mixed reality technologies in e-commerce has the potential to revolutionize the online shopping experience, making it more engaging, interactive and customizable. Although there are challenges to be overcome, online retailers that embrace these technologies can differentiate themselves, increase customer satisfaction and boost sales. As mixed reality continues to evolve and become more accessible, it is likely to become an integral part of the e-commerce landscape in the future

    What is Reverse Logistics and its applications in e-commerce

    E-Commerce Update
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    What is Reverse Logistics and its applications in e-commerce

    Definition

    Reverse Logistics is the planning process, implementation and control of the efficient and economical flow of raw materials, work in progress, finished products and related information, from the point of consumption to the point of origin, with the purpose of recapturing value or making an appropriate disposal

    Description

    Reverse Logistics is a component of the supply chain that deals with the movement of products and materials in the opposite direction to the traditional, that is to say, from the consumer back to the manufacturer or distributor. This process involves the collection, triage, reprocessing and redistribution of used products, components, and materials

    Main components

    1. Collection: Collection of used products, damaged or unwanted

    2. Inspeção/Seleção: Avaliação do estado dos produtos retornados.

    3. Reprocessing: Repair, remanufacturing or recycling of items

    4. Redistribution: Reintroduction of recovered products into the market or proper disposal

    Objectives

    – Recover value from used or damaged products

    – Reduce environmental impact through reuse and recycling

    – Comply with environmental regulations and producer responsibility

    – Improve customer satisfaction through efficient return policies

    Application of Reverse Logistics in E-commerce

    Reverse Logistics has become a crucial part of e-commerce operations, directly impacting customer satisfaction, operational efficiency and sustainability. Here are some of the main applications

    1. Returns management

       – Facilitates the product return process for customers

       – Allows for fast and efficient processing of refunds

    2. Recycling and reuse of packaging

       – Implement return programs for packaging recycling

       – Use reusable packaging to reduce waste

    3. Product recovery

       – Reprocess returned products for resale as "refurbished"

       – Recovers valuable components from non-repairable products

    4. Inventory management

       – Reintegrate returned products into stock efficiently

       – Minimizes losses associated with unsold or damaged products

    5. Sustainability

       – Reduces environmental impact through recycling and reuse

       – Promotes an image of a responsible and sustainable brand

    6. Regulatory compliance

       – Complies with regulations on the disposal of electronic products and batteries

       – Comply with extended producer responsibility laws

    7. Improvement of customer experience

       – Offers flexible and easy-to-use return policies

       – Increases customer trust in the brand

    8. Management of seasonal products

       – Recovers and stores seasonal products for the next season

       – Reduces losses associated with out-of-season items

    9. Return data analysis

       – Collect information on return reasons to improve products and processes

       – Identify return patterns to prevent future issues

    10. Partnerships with third parties

        – Collaborate with companies specialized in reverse logistics for greater efficiency

        – Use reverse distribution centers for centralized processing

    Benefits for e-commerce

    – Increase in customer satisfaction and loyalty

    – Cost reduction through the recovery of value from returned products

    – Improvement of the brand image as environmentally responsible

    – Compliance with environmental regulations

    – Optimization of inventory management

    Challenges

    – Initial costs of implementing reverse logistics systems

    – Complexity in coordinating reverse flows with regular operations

    – Need for staff training to handle reverse processes

    – Difficulties in forecasting return volumes and capacity planning

    – Integration of information systems to track products in reverse flow Reverse Logistics in e-commerce is not just an operational necessity, but also a strategic opportunity. By implementing efficient reverse logistics systems, e-commerce companies can significantly improve the customer experience, reduce operational costs and demonstrate commitment to sustainable practices. As consumers become more aware of environmental issues and demand more flexibility in online shopping, reverse logistics becomes a crucial competitive differentiator in the e-commerce market

    What the new law changes in startups

    Carolina Gilberti
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    What the new law changes in startups

    The month of March gave people something to talk about. And it's not just because it's Women's Month. On the 5th, the Economic Affairs Commission (CAE) approved the complementary law project (PLP)252/2023, that creates a new investment model to encourage the growth of startups.  

    When it comes to startups and development, the news is good. Today, in Brazil, there are about 20 thousand startups in operation and the outlook is that only 2 thousand will survive. According to the Brazilian Service of Support for Micro and Small Enterprises (Sebrae), 9 out of 10 companies of this type cease their activities in the first years of operation.  

    It is no news to anyone that the Brazilian entrepreneurial landscape is a true arena of lions and, without incentives, these statistics will not change anytime soon. Therefore, even walking at a snail's pace, we need to celebrate every achievement, and this PL is certainly one of them.Brazil needs new policies to leverage the entrepreneurial potential we have. 

    The project approved in the CAE changes the Legal Framework for StartupsComplementary Law 182, of 2021to create the Convertible Investment Agreement in Share Capital (CICC), inspired by the Simple Agreement for Future Equity (Safe), a standard contract model used in the international market. The great gain lies in the fact that the invested amounts do not integrate the share capital applied in the startup. This means that the person who invests is exempt from operational risks, such as labor and tax debts.  

    But what is the difference between the CICC and the convertible loan for equity participation, most used method today? Well, due to its nature of debt, the convertible bond establishes a deadline for the reimbursement of the funds contributed by the investor and allows for the conversion of the amounts into equity participation in the company. The new investment model proposed by the law does not have this characteristic.  

    The PL is authored by Senator Carlos Portinho (PL-RJ) and is now proceeding to the Senate Plenary on an urgent basis. Subsequently, it will be forwarded for analysis by the Chamber of Deputies, to then be directed to the sanction of the President of the Republic. According to Portinho, the new model provides more legal security and tax transparency for both startups and investors. With that, the proposal would create a favorable environment for the investment market in startup companies, mainly for those in the early stage.  

    These changes open new paths and opportunities for growth and can cause a positive domino effect in the ecosystem (so we hope). By facilitating and making the investment process more accessible and transparent, we attract more individuals to become investors- angels. Currently, in the country, this number is still very low: there are only 7.963, according to research conducted by Anjos do Brasil, and only 10% are women.  

    Looking at this market and strengthening its potential is to understand that it is a fundamental sector for the development and productivity of the entire modern economy

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