This era is highly experiencing the evolution of technology and as the consequences in the business sector, e-commerce is a phenomenon. This industry is presumed around tk 1000 crore vast in 2016–2017 fiscal years and created employment by 50000 people. According to a statement, Bangladesh will experience around 72% growth a year in the E-commerce industry in the coming years. Here the reason is the gradual and inevitable popularity of online shopping trends. E-commerce is considered as the digital store or digital marketplace where a customer can analyze and know about product details easily. They can choose products or services from e-commerce websites and the company gives services to customer’s doorstep. There’s no need for a second thought that e-commerce is a blessing but it also has some pros and cons, considering what it may have different positive or negative consequences. Here are some issues which have possibilities to happen in some years.
Thriving Sectors in E-commerce
The blessing of technology has created a buzzword which is “E-commerce”, this recently inspired people to be self-employed in the e-commerce sector. Some types of e-commerce business as in “online shopping”, “online cosmetics”, “online electronics” have been popular to start their business. According to research “electronics and groceries will reach 25% growth in online sales”. The food business is also the most popular business in Dhaka city having 25% growth too and in this sector “Foodpanda”, “Hungrynaki” have become prominent by their service.
E-commerce has an Impact on Economic Growth in Bangladesh
According to the report of the World Bank (WB), the economic growth rate of Bangladesh in 2017 is 6.8 percent and there is a significant contribution to e-commerce. Specialists predict that the number will increase in the nearest future and the reason is, by 2020, there will be 18.3 million internet subscribers in Bangladesh. Boston Consulting Group and Telenor demonstrate, 32% of the total volume of countries’ families will have at least one internet connection which will create a great impact on online purchase and e-commerce along with the economic contribution.
Making Trust through Legal Issues & Product Quality
The human being is congenitally scared of taking decisions especially when the situation is not usual. They think so many times throughout the entire purchase process. So when the process leads to buying a product online and without seeing and the lack of return management, they think at least twice. Lightcastel Partners researched and said that “around 57% of the consumers purchasing products online were ‘indifferent’ or rated the service ‘bad’. In terms of Facebook-based retail business, buyers sometimes face a lack of product quality. But for being a popular platform, laws are being established by the authority when needed. As a consequence of that, companies are being more conscious of the product and service quality. So it can be presumable that in future the laws and product quality will enrich so far.
Blog Marketing & Evolvement of Marketing Strategies
Along with the conventional marketing strategies, there has been included a new dimension in the marketing sector called “Digital Marketing” where blogging will be the most powerful strategy. In this context, relevant content or a good reading and attractive content can engage the customer more eligible. So after some years, this can be sort of hype to give the consumers a feeling like they are connecting on a personal level with their customers. It will depict that the company is dedicated to the customer and care about consumer’s demands.
Expansion of Existing E-commerce Companies
E-commerce is nowadays a trendy growing sector but the stability and expansion of the business or industry is just a matter of time. After some years, the existing companies will grow bigger than now. Seeing the success, more will be encouraged to start in the future. So there will be a decent number of companies in a certain amount of time span. These types of companies are now going through the embryonic stage, they are creating and expanding the target market and being familiar with the market.
Precisely, people will accept it more willingly after some years for the mobility of the entire process. This can be the panacea considering the situation of high traffic jams in Dhaka city. This will also penetrate the global platform and compete with international companies by expanding the international market. So the growth of the E-commerce sector in Bangladesh is expected to increase exponentially in the next following years.