E-commerce seminar for Monegasque traders

Frédéric Genta lors du webinaire sur le e-commerce à Monaco ©Direction de la Communication – Michael Alesi

During a seminar organised as part of the Extended Monaco for Businesses programme, Frédéric Genta, Country Chief Digital Officer, and Alexandre Pasta, Chair of the Monaco Union of Traders and Artisans, presented an updated state of play of e-commerce in the Principality of Monaco.

By offering a response to consumers’ new digital habits and enabling local businesses to export their products beyond the Principality’s borders, e-commerce has become a key development opportunity for boosting the competitiveness of Monegasque traders and the country’s balance of trade. Having become inescapable in recent years, online selling picked up as a result of the health crisis and changing consumer behaviour. Things that were previously only available in stores are now available everywhere online. It is possible to buy clothes, domestic appliances, IT equipment and food from your own home, using a computer or smartphone, for delivery or click and collect.

“Digital technology represents a strategic challenge for commerce. We cannot be satisfied with importing added value from outside the Principality. On the contrary, we must export Monaco’s excellence through our traders. And e-commerce is the way to do that,” emphasises Frédéric Genta.

Due to certain regulations, particularly European regulations, several payment service providers are unable to operate in the Principality or offer their services to Monegasque businesses (Paypal, for example). There are solutions, however: buyers approved by the ACPR, the French financial regulator, are entirely free to offer their services in the Principality. More than 20 payment service providers have been identified and listed by the Government.

Support to raise awareness and provide training

Online selling requires specific expertise, and a good understanding of the regulatory framework and best practices is vital for micro, small and medium-sized businesses, craftspersons, small shops and licensed professionals who may wish to expand on the internet and grasp every opportunity offered by e-commerce.

“You don’t need to be a digital expert to make a start on this journey. We are lucky to have many seasoned professionals in this area in the Principality, who can take charge of these projects,” says Alexandre Pasta.

At the seminar, a series of initiatives introduced by the Prince’s Government to support shops and businesses every step of the way was presented:

-        A suite of e-learning materials (comprising around 20 lessons on e-commerce), which can be accessed for free from the eme.gouv.mc website.

 -        Events to give Monegasque traders the chance to chat to teams from the Digital Economy Unit at the Digital Transition Office and local experts in digital technology. Three events are planned in the next few months, on payment methods, omnichannel strategy and “social selling”.

-        The online publication of an e-commerce guide aimed at traders and Monegasque digital services companies.

-        The Extended Monaco for Businesses platform and the Blue Fund, which offer strategic and financial support to businesses with their digital transition.

To download the e-commerce guide, go to: https://eme.gouv.mc/guide-du-e-commerce/

To access the catalogue of training aimed specifically at traders, see: https://eme.gouv.mc/se-former-au-numerique/

For more information, contact: eme@gouv.mc