Ecommerce: A promising emerging market for Bangladesh

By Ripan Mia

Over time, e-commerce has become a booming industry in Bangladesh, with lucrative start-ups and business opportunities abounding. Bangladesh plans to become a Smart Economy by 2041, and as such it becomes imperative to concentrate on e-commerce with infrastructure and resources.

Bangladesh has a thriving e-commerce industry that is extremely broad and inclusive of all product categories. E-commerce is a key component of the Smart Economy. Offerings come in a variety of forms, including travel, dining, consumer goods, and much more. As we work to create a sustainable future to create value for communities and the country as a whole, the diversity that already exists ensures the survival of customers from various walks of life.

The four main parts of Bangladesh’s e-commerce operations are also always operating at full capacity. Autonomous brand platforms, e-commerce, ride-sharing, and other social media platforms make up these 4 elements. All the channels produce sizable order volumes that demand prompt deliveries and are responsible for daily gratification of sizable consumer bases.

However, in order to harness the true power of e-commerce as an emerging market, it is important to ensure that the widespread socialization of digitalization is ensured throughout the nooks and crannies of Bangladesh.

To secure and sustain this growth, several essential pillars must be strengthened and ensured. Even though work is constantly being done over these pillars, futuristic sustenance calls for further empowerment.

Digital Systems: The cornerstone for the expansion of e-commerce is a strong digital infrastructure that includes dependable internet connectivity and payment gateways. To guarantee that both urban and rural areas have access to e-commerce platforms, investment in enhancing and expanding digital infrastructure is essential.

Regulatory Support: To foster trust in e-commerce, regulatory policies must be transparent and encouraging. Regulations should cover topics like cybersecurity, taxation, and consumer protection. It’s crucial to have a flexible framework that can change along with the rapidly evolving e-commerce environment.

Financial Inclusion: Promoting financial literacy and opening up access to online financial services are essential. E-commerce growth depends on giving potential customers who lack traditional bank accounts the ability to make digital payments.

Elaborated Logistics: E-commerce heavily depends on reliable last-mile delivery services and effective last-mile logistics. For timely and affordable delivery to customers across the nation, investments in transportation infrastructure and collaborations with courier services are required.

E-commerce Education: The advantages of education and training programs extend to both buyers and sellers. Enhancing a seller’s e-commerce capabilities may require training them in digital marketing, managing an online storefront, and providing customer service. Adoption can also be boosted by educating users about secure online behavior and the advantages of e-commerce.

Ensuring Trust: Creating trust is crucial to e-commerce. Consumer confidence must be preserved by ensuring secure online transactions, safeguarding consumer data, and actively battling online fraud.

Government Collaboration: It is imperative that the government, business leaders, and relevant stakeholders work closely together. Public-private partnerships can spearhead e-commerce growth initiatives and work together to solve problems.

Quality Control and Customer Feedback: To avoid customer dissatisfaction, maintaining high standards for product and service quality is essential. Encouragement of customer reviews and feedback can aid in quickly identifying and fixing problems.

Embedding Sustainability: Promoting environmentally conscious and sustainable e-commerce methods can promote long-term growth while reducing adverse environmental effects.

In particular, when taking into account the emerging market, Gen-Z’s preferences, and the larger trends of modernization and digitalization, focusing on e-commerce is not only a strategic decision but also a necessity. E-commerce is the centre of economic activity in the modern world, and Gen-Zers are more aware of its importance. This generation has a natural affinity for online platforms because they were raised in the digital age. They embrace technology, yearn for convenience, and demand seamless interactions in every aspect of their lives. With a digital marketplace where Gen-Z can easily shop, connect, and explore a variety of goods and services, e-commerce perfectly satisfies these expectations.

In addition, the general trend of modernization is changing how societies function. Bangladesh is experiencing rapid urbanization and economic growth, like many other emerging markets. The demand for convenient, effective, and contemporary shopping experiences grows along with the growth of urban centers. E-commerce not only satisfies this demand but also quickens the pace of modernization by opening up access to international markets, encouraging entrepreneurship, and fostering an innovative culture.

E-commerce serves as the gateway for traditional businesses to enter the digital world. It opens doors for small and medium-sized businesses (SMEs) to prosper by lowering barriers to entry, cutting expenses, and facilitating a global reach. Businesses can modernize their operations, boost their competitiveness, and unlock the enormous potential of the digital economy by embracing e-commerce.

In conclusion, focusing on e-commerce is about embracing the present and future as well as remaining competitive. Meeting Gen-Z’s demands is important because they are digital natives. Driving economic growth and urban development is key to modernization. The goal of digitalization is to adapt to the evolving nature of commerce. Emerging economies like Bangladesh can take advantage of technology’s transformative power by giving e-commerce priority, promoting economic growth, and securing their position in the digital era.

Ripan Mia is the Founder and CEO of QCOOM as well as the Managing Director of JMR Digital International Ltd. and Piickme Ltd.