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Network marketing is important to Sri Lankan economy: Economic analyst
Direct selling or network marketing could be used as a device to eliminate poverty in Sri Lanka, Economist Dr. Sarath Ranathanga said.
He said the online marketing strategy was developed in the late 1800s by David McConnel, founder of the first-ever marketing company; "California Perfume Company" which we all know today as Avon, the network marketing giant of the world.
“Network marketing is about turning people from employees to entrepreneurs. It's a fabulous way to grow and help other people to grow and realize their full potential in life," he said.
"In order to eliminate poverty in such countries as Sri Lanka, the generated wealth should be equally distributed if you want to generate wealth. Developed countries are already successfully doing "network marketing", which directly or indirectly affects the upliftment of the economy,” he said.
“This enables a young enterprise to produce local products, obtain a fixed purchase price for them and sell goods locally and abroad through online marketing," he added.
Dr. Ranathanga said through this, the inflow of dollars would increase.
"Unfortunately, it is a matter of regret that the lack of proper legal provisions for such marketing methods in Sri Lanka and the lack of proper Gazettes to regulate these have hindered the trend of the country's economy," he said.
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