E-Commerce industry in Bangladesh

E-Commerce industry in Bangladesh

At this time, the use of technology in every single part is exceptionally common. In this era of globalization, we can barely discover any part that works without using technology. A new horizon has been opened for companies, that of specific electronic commerce (E-commerce) by none other than one and only internet. The business of electronic commerce involves the use of the Internet in the marketing, identification, payment and delivery of products and services, all of which is completed with electronic commerce through the web. In Bangladesh, a population of 165 million, 33% of whom are mobile Internet users, the e-commerce market has considerable potential in the coming days. Nearby, e-commerce is largely aligned with the Mobile Financial Service (MFS) as a payment method, which complements and demonstrates an incredible guarantee of development.

The widespread use of ground-breaking technology such as the Internet has resulted in a lot of power for both buyers and sellers today. Currently a large part of the business is operating under the e-commerce standard through digital networks. The web connects the general public with companies. Bangladesh's e-commerce market has made a quantum jump in 2017, 70% has been developing from 2016. In 2017, the market size of the B2C e-commerce business adds $ 110-115 million (about BDT 900 Crores) compared to the total retail market of 133,571 crore. In contrast, the market size of the Indian mega e-commerce business goes from US $ 17 billion. As pointed out by experts, the Bangladesh e-commerce business is at a stage where the Indian market was most likely 5-7 years prior. The e-commerce business market has crossed Taka 17 billion-stamps in 2017 from Taka 4.0 billion in 2016, E-Commerce Association of Bangladesh (E-CAB) has indicated. By 2021, the market size is expected to reach 70 billion (Tk 7,000 crore).

International Finance

Corporation, a private division of the World Bank, has been following Bangladesh's entrepreneurial ecosystem for the past several years. Of the 43 new companies shortlisted that they are effectively monitoring, Chadal is at the top of the rundown as a potential investing company which appears to be an e-commerce platform. Not only foreign investors, our government is also playing an important role in accelerating Bangladesh's e-commerce sector. To assist self-improvement investors, the government has implemented the much-awaited national digital trade policy. The new policy does not enable foreign investors to own more than 49% of any e-commerce business in Bangladesh. This approach was taken to protect and promote local investors. The policy also mandates that e-commerce entities explicitly highlight the details of products sold online, including quality of the product with its return policy to prevent fraud and protect customer rights. E-commerce companies must also sign agreements with product suppliers, supply channels and payment gateways to ensure that consumers rights are properly protected.

    

Market analysts point out that Bangladesh's e-commerce market is expected to be $ 20 billion by 2021, while Goldman Sachs, India’s online retail market is expected to reach $ 69 billion. Global financial investors are going to India to make a stopover at Bangladesh. Business prospects in Bangladesh encourage Delhi-based digital marketing firm Momagic Technologies to launch e-commerce platform Pickaboo, which generates $ 600,000 a month in revenue. Big investors like IFC and Alibaba are just becoming associated with the Bangladesh e-commerce environment, and like many other big investors they will probably invest in this e-commerce space to understand its potential.

E-commerce has changed the traditional practices of trade transactions and has received a progressive change in the economy. Bangladeshis are currently using their lives on the Internet. Suppliers can now receive orders from customers over the internet and save most of their time by trading online. In addition to a significant number of commercial activities of large corporations, competitors are using the website to receive orders from consumers and ship certain products to them. The statistics of the last few years say that the sector has had a good growth. To make this sustainable, both the government and entrepreneurs need to be more aware and take appropriate steps. The use of business intelligence helps e-commerce businesses to dive deeper into the needs of customers. If e-commerce companies can ensure the security and provide the best service to their customers, the industry will grow extremely fast