Ecommerce has continued gaining momentum during the coronavirus crisis, creating huge opportunities for more entrepreneurs to invest in businesses.
The domestic online trading in Bangladesh, like elsewhere in the world, has grown substantially and experts foresee that Bangladesh has an opportunity to grab international online business worth billions of dollars if the nation offers appropriate policies.
Although many sectors have been affected by the epidemic caused by the coronavirus, new e-commerce startup business information is being received encouraging online business to grow.
With the introduction of home or office delivery system, the online business shows a huge leap in the past few months as consumers are said to be preferring online shopping.
Not only shopping but discussion meetings, corporate board meetings as well as bank transactions, documentation and bidding are being done online. According to Bangladesh Bank, the use of ATMs and POS have substantially increased during the corona crisis period. Internet banking and card transactions have also increased.
Especially in the domestic market of Bangladesh, the scope of e-commerce has increased. According to the e-Commerce Association of Bangladesh (e-CAB), there has been an opportunity to supply daily necessities through e-commerce since last March when coronavirus was detected in Bangladesh.
An estimate shows that at least three thousand crore taka worth of daily necessities have been transacted since the lockdown was introduced.
In all, e-CAB members delivered products worth Tk 16,000 crore in the last six months. Apart from this, many new startups are doing business through e-commerce.
At the time of the sacrificial Eid-ul-Adha festival, the online animal buying market has received quite good a response. Onions and potatoes are currently being sold through e-commerce also.
Economists and businessmen said that the coronavirus is definitely a big blow to the economy. This has affected production and supply all over the world. Although some opportunities have been created in this. Bangladesh is getting some new markets and export orders for some new products are coming from different countries through online.
Many companies have been affected by the deadly coronavirus. Many workers have been laid off. Many have come up with new initiatives to keep pace with the world economy. The government has also come forward to help entrepreneurs in the small, medium and SME sectors.
Besides, Tk 200 crore is being given through Karmasangsthan Bank on the occasion of Mujib Year to create new entrepreneurs.
Ashraful Islam, Director of the ukbdit.com, said that the corona situation has created opportunities in two sectors. Firstly, some new products has entered in Bangladesh. Secondly, the type of work is changing around the world. This will increase the outsourcing demand of different countries. Bangladesh have the potential in grabbing this new online based service global market. Therefore, it is necessary to increase the IT infrastructure and skills.
The General Secretary of e-CAB, Abdul WahedTamal told Bangladesh Post,“e-commerce alwayshad a potential. The matter is now being realized at all levels due to the crisis of coronavirus. Massive demand has increased also. Now we need to improve the supply system. Necessary policies are also needed to increase cross-border business.”
He said, “e-commerce has grown at a rate of 50 to 100 percent in the last few years. In the last six months, the growth has been 300 to 400 percent. The weaknesses in e-commerce in terms of payment and product delivery have also improved. ”
AhsanulHaqueSahan, Managing Director ofmarketbd24.com, said, “New businesses is coming. Because people now have to follow hygiene rules. As a result, e-commerce or online trading, internet banking are increasing. However, the government's policy support is needed to enrich our e-commerce.”
“With the rise in sudden online business, which is far safer and more convenient, I believe that visits to department stores or grocery shops will fall drastically in the near future,” Sahan added.
