by BreakBite Editorial Wing | Apr 20, 2024 | WSME Business Insights
Empowering Women Entrepreneurs: In-Depth Online Q&A Session on Business Growth Strategy by WSME Business Support Center
Date: April 20, 2024
Time: 11:00 AM to 12:00 PM
Mentor: Tilka Farzana, Lecturer, Department of Marketing, NSU & Partner, Wed Window
The Women Entrepreneurs Business Support Center, a key initiative under the We-Fi project of the World Bank and organized by BreakBite in collaboration with North South University, successfully hosted a comprehensive online Q&A session on Business Growth Strategy on April 20, 2024. The session, led by Tilka Farzana, Lecturer in the Department of Marketing at North South University and Partner at Wed Window, provided invaluable insights into strategic business growth for women entrepreneurs.
Tilka Farzana began the discussion by sharing her inspiring journey of starting her own café, The Red Window Gulshan. She narrated how she nurtured her dreams and turned them into reality, emphasizing the importance of following one’s dreams and passion, listening to one’s heart, holding on to dreams, and nurturing them to grow. Farzana encouraged the participants with the mantra: “Never give up… start & restart!”
The session covered several critical growth strategies, including:
1. Market Penetration: Farzana discussed ways to increase market share within existing markets through competitive pricing, marketing efforts, and customer loyalty programs. She emphasized the importance of understanding customer needs and delivering consistent value.
2. Product Development: Strategies for innovating and improving products were highlighted. Farzana stressed the need for continuous research and development to meet evolving customer preferences and stay ahead of competitors.
3. Market Development: Exploring new markets and customer segments was a key focus. Farzana advised on identifying potential markets and tailoring products and marketing strategies to suit the new audience.
4. Diversification: The importance of diversifying product lines and services to spread risk and create new revenue streams was discussed. Farzana shared examples of successful diversification strategies.
5. Target Market Identification: Farzana explained how to effectively identify and target specific customer segments. She underscored the importance of market research and data analysis in crafting targeted marketing campaigns.
6. Value Proposition: Crafting a compelling value proposition that differentiates the business from competitors was a critical discussion point. Farzana highlighted the elements of a strong value proposition, including unique benefits and competitive advantages.
7. Team Building: Building and nurturing a strong team was emphasized as a cornerstone of business growth. Farzana shared strategies for recruiting, training, and retaining talented employees, even with limited resources.
8. Investment Options: Various investment options for business expansion were explored. Farzana discussed the pros and cons of different financing methods, including bootstrapping, venture capital, and loans.
9. Cost Leadership: Strategies for achieving cost leadership through efficient operations and cost-effective resource management were covered. Farzana explained how maintaining low costs can provide a competitive edge.
10. Cross-Selling: The benefits of cross-selling related products and services to existing customers were discussed. Farzana provided practical tips for implementing cross-selling strategies to increase revenue.
An intensive discussion took place with several women entrepreneurs who shared their experiences and challenges:
Rosy (Nurjahan Begum):
Business: Sharee Baksho & Panchfuron – Ma er ranna recipe
Issues: Time management, delivery issues, and products easily copied by competitors
Discussion: Strategies for team building, resource utilization, cloud kitchen investments, funding, and budgeting were explored.
Yasmin Sultana – Jessore:
Business: Nandonik Shomahar & Nandonik Bhoj
Issues: Challenges with the business model
Discussion: Focused on refining and improving the business model for better efficiency.
Bornali Chakraborty – Mymensingh:
Business: Bornali’s Cuisine
Issues: Large market size, need for resources, and team building
Discussion: Addressed strategies for acquiring resources and building an effective team.
Roksana Parvin – Pabna:
Business: Roksana r ranna r Moshla
Issues: BSTI issues and cross-border e-commerce
Discussion: Solutions for compliance with BSTI regulations and expanding into cross-border markets.
Rahaitul Jannat Rakhi:
Business: Girly Boutique – Maslin products
Issues: Slow sales progress, high production costs, pricing challenges, payment methods, quality of clothes, branding
Discussion: Strategies for improving sales, reducing costs, effective pricing, and enhancing branding.
Aditya Yasmin:
Business: Moshla
Issues: BSTI issues and cross-border e-commerce
Discussion: Similar to Roksana, focused on regulatory compliance and market expansion.
Nadira Parvin:
Business: Homemade Moshla
Issues: Delivery personnel, delivery costs, expansion and growth
Discussion: Solutions for managing delivery logistics and strategies for business expansion.
Fatema Akhter Akhi:
Business: Maria Fashion House
Products: Customized dresses, clothes, and potential expansion into male products
Issues: Market expansion, business growth, and investment for an outlet
Discussion: Explored avenues for market expansion and securing investments for a new outlet.
Farzana also highlighted the importance of delivery companies specifically catering to home businesses and discussed the scope of exporting, including dealing with BSTI issues and cross-border e-commerce. She provided practical advice and actionable strategies tailored to the unique needs of each participant.
The session was highly productive, offering women entrepreneurs a platform to discuss their challenges and receive expert guidance on business growth strategies. The Women Entrepreneurs Business Support Center continues to empower women by providing essential resources and insights through such interactive sessions.
by BreakBite Editorial Wing | Apr 4, 2024 | Industry Insights
As Bangladesh celebrated Eid this April, alongside the Bengali New Year, the e-commerce sector witnessed unprecedented growth, marking a significant milestone in digital commerce. According to a recent study conducted by BreakBite eBusiness , in collaboration with e-Commerce Association of Bangladesh (e-CAB), the total e-commerce transactions in March soared to BDT 4,600 crore, with digital payments via credit and debit cards reaching a record high of BDT 1,740 crore.
This year’s Eid festival, falling on April 11th, closely followed by the Bengali New Year on April 14th, provided a unique boost to sales, particularly favoring locally made products. This surge in demand is reflected in the delivery of an average of 7 lakh products daily throughout March, culminating in a staggering 2.5 crore products delivered from March 1st to April 6th. Comparatively, last year’s e-commerce transactions during the Eid festival totaled BDT 3,700 crore, indicating a robust 25% growth year-over-year.
Interestingly, approximately BDT 2,800 crore of the overall BDT 4,500 crore transacted came from Cash on Delivery (COD) and Mobile Financial Services (MFS) transactions. This shift underscores the growing reliance on and trust in digital payment solutions, though COD remains a significant player in the e-commerce payment landscape.
The demand spectrum this year saw electronics, particularly air conditioners and refrigerators, leading the categories as the summer season approaches. The second most popular category was Bengali fashion wear, reflecting the cultural significance of the Eid and Bengali New Year celebrations.
Top Sellers and Market Dynamics
In the electronics segment, leading platforms included Daraz , Pickaboo.com , BDSHOP.COM , Startech, Smart, Singer Bangladesh Ltd , Walton Group and RANGS eMART . Meanwhile, the fashion category was dominated by BRAC-Aarong and Deshi Dosh brands, with a notable portion of sales driven by Facebook commerce (f-commerce) entrepreneurs and Food and grocery delivery led by foodpanda & Chaldal .
With over 8,000 e-commerce companies active during this period and around 2 lakh f-commerce entrepreneurs participating, the market composition highlighted the significant contribution of f-commerce to the industry, accounting for 55% of total sales.
Local Manufacturing and Logistics Partners
The recent dollar crisis and international trade challenges have inadvertently bolstered the local manufacturing sector, with consumers increasingly opting for Made-in-Bangladesh products. Logistics played a pivotal role in meeting the delivery demands, with Steadfast Courier Limited and Pathao covering 40% of deliveries. Other notable logistics partners included REDX , DEX, Sundarban Courier Services Pvt. Ltd., Paperfly , Bili , Bahok Courier Limited , and more.
Digital Payments Leading the Way
The digital payment landscape was led by bKash Limited , Nagad , SSLCOMMERZ , aamarPay , alongside other banking operators facilitating transactions through VISA, Mastercard, and Amex, highlighting the diverse payment preferences of the Bangladeshi consumer.
Conclusion
This Eid season’s e-commerce boom not only signifies a shift towards online shopping in Bangladesh but also reflects the growing confidence in digital payments and the preference for locally manufactured products. As the industry continues to evolve, the insights from BreakBite eBusiness Ltd. and e-CAB’s study offer valuable foresight into the future of e-commerce in Bangladesh.
Asif Ahnaf
CEO, BreakBite eBusiness Ltd.
Finance Secretary, e-CAB
by BreakBite Editorial Wing | Mar 6, 2024 | WSME Business Insights
The Women Entrepreneurs Business Support Center, a key initiative under the We-Fi project of the World Bank and organized by BreakBite in collaboration with North South University, successfully conducted its third workshop focused on Business Presentation and Pitch Deck on March 6, 2024. The workshop, led by Mr. Samuel Mursalin, faculty member from the Management Department at North South University and Coordinator of NSU Startups Next, provided invaluable insights into crafting effective pitch decks tailored to different audiences.
The workshop aimed to equip women entrepreneurs with the skills necessary to create compelling pitch decks that effectively communicate their business ideas and strategies to potential investors, partners, and stakeholders. Mr. Mursalin emphasized the importance of storytelling, market analysis, and business model considerations in creating a successful pitch deck.
Key Highlights of the Workshop:
1. Crafting an Effective Pitch Deck: Mr. Mursalin began by discussing the key components of an effective pitch deck. He highlighted the importance of having a clear and concise structure, with each slide serving a specific purpose. The recommended number of slides and their content were discussed in detail, with practical examples provided to illustrate best practices.
2. Storytelling Content: The workshop delved into the art of storytelling, which is essential for engaging the audience and making the pitch memorable. Mr. Mursalin explained how to craft a compelling narrative that includes:
- An engaging introduction
- Team building strength
- The unique solution provided by the business
- Product demand and market analysis
- Go-To-Market Strategy
- Business model considerations
3. Practical Examples: Participants were shown practical examples of successful pitch decks to help them understand the structure and content better. Mr. Mursalin provided detailed explanations on each example, highlighting what made them effective and how the attendees could apply similar techniques to their own presentations.
4. Q&A Session: The workshop included a long, interactive Q&A session where participants had the opportunity to ask specific questions about their pitch decks. Topics covered included how to answer investors’ questions, the right gesture, posture, and attitude required during the pitch, and strategies for making a strong impression. This session allowed for personalized guidance and helped address the unique concerns of each entrepreneur.
The workshop saw active participation from the attendees, who appreciated the practical advice and personalized feedback provided by Mr. Mursalin. The insights gained from this session are expected to significantly enhance the participants’ ability to create effective pitch decks, ultimately aiding in securing investment and advancing their business ventures.
Participant Feedback: The participants expressed their gratitude for the comprehensive and insightful workshop. They highlighted the value of learning from an experienced professional and the opportunity to engage in interactive discussions. The feedback was overwhelmingly positive, with many noting that the skills and knowledge gained would be instrumental in their entrepreneurial journeys.
The Women Entrepreneurs Business Support Center continues to empower women by offering valuable resources and insights through such interactive workshops. The center remains committed to supporting the growth and success of women-led SMEs by providing tailored support and expert guidance.
by BreakBite Editorial Wing | Feb 27, 2024 | WSME Business Insights
The Women Entrepreneurs Business Support Center, a key initiative under the We-Fi project of the World Bank and organized by BreakBite, successfully conducted an informative mentorship session on Business Finance and Loan Processing on February 27, 2024. The session featured esteemed specialists Mr. Monir Hossain, Senior Vice President and Mirpur Road Branch Head at UCB PLC, and Mr. Asif Ahnaf, Finance Secretary at e-CAB. The event saw the active participation of 37 women entrepreneurs eager to enhance their understanding of business finance and loan processing.
The webinar focused on a range of critical topics, including UCB’s alternative investment subsidy scheme, freelancing financial issues, spouse guarantor issues in pursuing loans from banks, export logistics, Islamic finance schemes, and e-CAB membership. The session provided a platform for participants to raise their questions and gain expert advice on various financial matters.
Key Discussion Points and Participant Queries:
- Nusrat:
- Queries: e-CAB membership, Mukti Fund – BB Women Financing Initiative, loan process, TAX submission issue, LTD, business canvas, spouse guarantor issues with Bangladesh Bank (BRPD)
- Hasina Khanom:
- Queries: Work order finance, freelancing-based finance issues, spouse guarantor issues, seeking contact with Mr. Monir Hossain for further guidance
- Najiba Wajiha Mahboob:
- Queries: e-CAB membership, freelancing-based finance issues, seeking further advice from Mr. Monir Hossain
- Mohsena Munna
- Queries: Islamic finance, profit-sharing models, equity-sharing models, financial and regulatory compliance documents
- Nasrin Akter Mila
- Queries: Export logistics, jute fiber business, 50% TT, Monash University research
- Farida Easmin NARI
- Queries: Export logistics, factory development
- Nazma Rahman Rozy
- Explored strategies for securing business loans and managing financial risks
Participant Feedback: Participants expressed their gratitude for the comprehensive and insightful session. They appreciated the opportunity to engage directly with experienced financial specialists and receive tailored advice for their unique business challenges. The session was highly productive, offering practical solutions and empowering women entrepreneurs with the knowledge to navigate financial complexities effectively.
The Women Entrepreneurs Business Support Center continues to empower women by providing essential resources and insights through such interactive sessions. The center remains committed to supporting the growth and success of women-led SMEs by providing tailored support and expert guidance.
by BreakBite Editorial Wing | Feb 20, 2024 | WSME Business Insights
Empowering Women Entrepreneurs: Successful Mentorship Session on Digital Marketing by WSME Business Support Center
Date: February 20, 2024
Specialists:
- Mr. Moshiur Rahman, CEO, Wow Digital
- Mr. Shah Poran, CEO, Overlay Asia
Participants: 17
The Women Entrepreneurs Business Support Center, a key initiative under the We-Fi project of the World Bank and organized by BreakBite, successfully conducted an insightful mentorship session on Digital Marketing Q&A on February 20, 2024. The session featured esteemed specialists Mr. Moshiur Rahman, CEO of Wow Digital, and Mr. Shah Poran, CEO of Overlay Asia. The event saw active participation from 17 women entrepreneurs eager to enhance their digital marketing strategies.
The webinar focused on several critical aspects of digital marketing, including Facebook page boosting issues, marketplace sustainability strategies, and website design. The session provided a platform for participants to raise their questions and gain expert advice on various digital marketing challenges.
Key Discussion Points and Participant Queries:
- Najiba Wajiha Mahboob:
- Business: Tourism
- Query: How can I generate more customers for my tourism business?
- Discussion: Strategies for enhancing online visibility and attracting more customers through targeted digital marketing campaigns.
- Nazma Rahman:
- Query: Facebook boosting and traffic issues.
- Discussion: Effective techniques for boosting Facebook posts and increasing traffic to social media pages.
- Nusrat Khan:
- Query: Sales strategy.
- Discussion: Developing and implementing effective sales strategies to drive business growth.
- Farhana Munmun:
- Query: General digital marketing strategies.
- Discussion: Broad insights into digital marketing practices and tools.
- Hosne Ara Khan Ruma:
- Query: Website design.
- Discussion: Best practices for creating user-friendly and engaging websites that convert visitors into customers.
- Momtaz Begum:
- Query: Digital marketing techniques.
- Discussion: Strategies for leveraging digital marketing to enhance business performance.
- Saira:
- Query: Digital marketing tools.
- Discussion: Overview of essential digital marketing tools and their applications.
- Santonu Nokrek:
- Query: Marketplace sustainability strategy.
- Discussion: Sustainable practices for maintaining and growing an online marketplace.
- Shara Binte Hamid:
- Query: Facebook page boosting issues.
- Discussion: Solutions for optimizing Facebook ads and improving engagement rates.
- Sharlina Alam:
- Query: Digital marketing strategies.
- Discussion: Tailored advice on enhancing digital marketing efforts.
- Rubina:
- Query: BSTI-related issues.
- Discussion: Addressing specific regulatory concerns impacting digital marketing.
- Papia Sultana Poly:
- Query: Digital marketing strategies.
- Discussion: Personalized guidance on improving digital marketing tactics.
- Papia Sultan:
- Query: Effective use of digital marketing tools.
- Discussion: Practical advice on selecting and using digital marketing tools efficiently.
- Dilruba Husna:
- Query: Facebook page boosting issues.
- Discussion: Insights into improving Facebook ad performance.
- Tania Shopno:
- Query: Digital marketing optimization.
- Discussion: Techniques for optimizing digital marketing strategies for better results.
- Jinia Afrin:
- Query: Website design and digital marketing.
- Discussion: Creating a cohesive digital presence through effective website design and marketing strategies.
- Waresa Khanam:
- Query: Digital marketing strategies.
- Discussion: Comprehensive advice on leveraging digital marketing for business growth.
Participant Feedback: Participants expressed their appreciation for the comprehensive and practical advice provided by Mr. Moshiur Rahman and Mr. Shah Poran. They valued the opportunity to engage directly with experienced digital marketing specialists and receive tailored guidance on their unique business challenges. The session was highly productive, offering practical solutions and empowering women entrepreneurs with the knowledge to navigate digital marketing complexities effectively.
The Women Entrepreneurs Business Support Center continues to empower women by providing essential resources and insights through such interactive sessions. The center remains committed to supporting the growth and success of women-led SMEs by providing tailored support and expert guidance.
by BreakBite Editorial Wing | Feb 14, 2024 | WSME Business Insights
The Women Entrepreneurs Business Support Center, a key initiative under the We-Fi project of the World Bank and organized by BreakBite in collaboration with North South University, successfully conducted a comprehensive workshop on Holistic Marketing on February 14, 2024. The workshop, led by Mr. Omar Nasif Abdullah, faculty from the Management and International Business Department at North South University, and Mr. Shah Paran, CEO of Overlay Asia, attracted 40 active participants from a confirmed list of 67.
Workshop Overview:
The workshop was conducted in two phases, each focusing on crucial aspects of marketing and digital marketing to empower women entrepreneurs with the knowledge and tools needed for business growth.
Phase 1: Holistic Marketing
In the first one and a half hours, Mr. Omar Nasif Abdullah provided an in-depth understanding of holistic marketing. He covered fundamental branches of marketing, emphasizing the importance of segmentation, targeting, and brand development. Mr. Abdullah’s session highlighted:
- Marketing Fundamentals: An overview of the basic principles of marketing and their application in real-world scenarios.
- Segmentation and Targeting: Techniques for identifying and reaching target customer segments effectively.
- Brand Development: Strategies for creating and maintaining a strong brand presence in the market.
Phase 2: Digital Marketing
The second phase, led by Mr. Shah Paran, focused on digital marketing trends, tricks, and tips to enhance brand visibility, customer engagement, and overall business growth. Key topics included:
- Facebook Marketing: Detailed exploration of Facebook’s role in attracting and retaining customers, especially during peak seasons.
- Inbox Automation Strategies: Importance of streamlining communication processes to improve efficiency and customer satisfaction through automated responses.
- Basic Boosting Process: Insights into creating impactful Facebook ads and dissecting competitor advertisements to gain a competitive edge.
- Customer Engagement: Building a loyal customer base through effective digital marketing strategies.
Engaging Q&A Session:
The workshop concluded with an engaging Q&A session, reflecting the participants’ eagerness to understand marketing specifics related to their businesses. Both trainers addressed queries on various topics, including:
- Acquiring customers during peak seasons
- Building a loyal Facebook customer base
- Leveraging digital marketing for business success
The dynamic exchange of knowledge showcased the commitment of the WeFi Center and Overlay Asia to empower women entrepreneurs, equipping them with practical strategies in a collaborative setting.
Participant Feedback:
Participants expressed their gratitude for the comprehensive and practical advice provided by the trainers. They appreciated the opportunity to engage directly with experienced marketing professionals and receive tailored guidance on their unique business challenges. The workshop was highly productive, offering practical solutions and empowering women entrepreneurs with the knowledge to navigate marketing complexities effectively.
The Women Entrepreneurs Business Support Center continues to empower women by providing essential resources and insights through such interactive workshops. The center remains committed to supporting the growth and success of women-led SMEs by providing tailored support and expert guidance.
by BreakBite Editorial Wing | Feb 6, 2024 | WSME Business Insights
Empowering Women Entrepreneurs: Successful Mentorship Session on Business Legal Q&A by WSME Business Support Center
Date: February 6, 2024
Specialist: Mr. Shahriar Kabir, Legal Consultant, BreakBite E-Business Limited
Participants: 15
The Women Entrepreneurs Business Support Center, a key initiative under the We-Fi project of the World Bank and organized by BreakBite, successfully conducted an informative mentorship session on Business Legal Q&A on February 6, 2024. The session featured esteemed legal consultant Mr. Shahriar Kabir from BreakBite E-Business Limited and saw active participation from 15 women entrepreneurs.
The webinar focused on addressing various legal challenges faced by women entrepreneurs, including issues related to trademarks, BSTI regulations, trade licenses, VAT, and other personal business legal matters. The session provided a platform for participants to raise their questions and gain expert advice on navigating the complex legal landscape of running a business.
Key Discussion Points and Participant Queries:
- Nasreen Sultana:
- Query: Questions on TIN, BIN, IRC, and ERC.
- Discussion: Mr. Kabir provided detailed explanations on these legal identifiers and their importance for business compliance.
- Afroza Khatun:
- Query: Export AIT always comes with an extra amount and rebate facility during export is 20%. Issues related to agro products such as potatoes, cabbage, and pumpkins.
- Discussion: Solutions were provided to manage export AIT and utilize the rebate facility effectively. Guidance on compliance for exporting agro products was also discussed.
- Afroza Naznin Shumi:
- Query: Applied for a trademark two years ago and needs to update it.
- Discussion: Mr. Kabir explained the process for updating trademarks and the necessary steps to ensure legal protection for her brand.
- Hasina Khanom:
- Query: Need an appointment to resolve VAT issues.
- Discussion: Mr. Kabir addressed her VAT concerns and recommended scheduling a follow-up appointment for a detailed resolution.
Participant Feedback: The participants expressed their appreciation for the comprehensive and practical advice provided by Mr. Shahriar Kabir. They valued the opportunity to engage directly with an experienced legal consultant and receive tailored guidance on their unique business challenges. The session was highly productive, offering practical solutions and empowering women entrepreneurs with the knowledge to navigate legal complexities effectively.
The Women Entrepreneurs Business Support Center continues to empower women by providing essential resources and insights through such interactive sessions. The center remains committed to supporting the growth and success of women-led SMEs by providing tailored support and expert guidance.
by BreakBite Editorial Wing | Jan 27, 2024 | WSME Business Insights
The Women Entrepreneurs Business Support Center, a key initiative under the We-Fi project of the World Bank and organized by BreakBite in collaboration with North South University, successfully conducted an online workshop on Product Handling and Brand Development on January 27, 2024. The workshop was led by Dr. Farzana Nahid, Associate Professor from the Marketing Department of North South University and Founder Director of NSU Startups Next, and attracted 30 enthusiastic women entrepreneurs.
Workshop Overview:
The three-hour intensive workshop focused on providing case-specific marketing and promotion-related solutions to participants. Dr. Farzana Nahid offered one-to-one tailored guidance, addressing various challenges faced by women entrepreneurs in their businesses.
Key Recommendations:
- Enhancing Online Presence:
- Dr. Nahid emphasized the importance of a strong online presence for business success. She provided actionable strategies for improving website functionality, leveraging social media platforms, and optimizing search engine visibility to attract and retain customers.
- Exploring Referral Marketing:
- The workshop highlighted the benefits of referral marketing as a cost-effective way to increase customer acquisition and loyalty. Dr. Nahid discussed methods for implementing referral programs and incentivizing existing customers to refer new clients.
- Refining Product Presentation:
- Dr. Nahid underscored the significance of product presentation in influencing customer perceptions and driving sales. She offered practical advice on improving packaging design, product photography, and overall branding to create a compelling visual identity.
Interactive and Personalized Guidance:
Participants were actively engaged throughout the session, benefiting from personalized advice tailored to their specific business needs. Dr. Nahid’s expert insights and practical solutions empowered the entrepreneurs to overcome their marketing challenges and enhance their brand development strategies.
Participant Feedback:
The participants expressed their appreciation for the comprehensive and practical advice provided by Dr. Farzana Nahid. They valued the opportunity to receive tailored guidance and engage in interactive discussions. The session was highly productive, offering practical solutions and empowering women entrepreneurs with the knowledge to improve their marketing and promotional efforts effectively.
The Women Entrepreneurs Business Support Center continues to empower women by providing essential resources and insights through such interactive workshops. The center remains committed to supporting the growth and success of women-led SMEs by providing tailored support and expert guidance.
by BreakBite Editorial Wing | Dec 10, 2023 | Industry Insights
The story of e-commerce in Bangladesh is one of rapid transformation and growth, particularly evident in the last five years. This journey, however, is rooted in pivotal developments that have shaped the digital commerce landscape of the country.
Early Milestones: Paving the Way for Digital Commerce
The foundational steps for this digital journey were laid in 2009 when the Bangladesh Bank approved online payment systems. This regulatory shift marked the beginning of a new era in digital transactions, opening up possibilities for e-commerce platforms and consumers alike.
In 2013, another significant milestone was achieved. The Bangladesh Bank approved the use of debit and credit cards for online payments, further facilitating the ease of digital transactions and bolstering consumer confidence in e-commerce platforms.
A Five-Year Surge: Remarkable Growth in Digital Payments
While the foundations were laid a decade earlier, the most striking growth in e-commerce in Bangladesh has been observed in the last five years:
2019: Marked a strong year with digital payment transactions amounting to 23,557.71 million BDT.
2020: Witnessed a surge to 51,422.36 million BDT, fueled by the pandemic’s push towards digital platforms.
2021: Saw the growth double to 102,148.98 million BDT, a testament to the increasing reliance on online shopping.
2022: Continued the upward trend with transaction volumes reaching 119,233.56 million BDT.
2023: Broke all previous records, soaring to an unprecedented 160,989.35 million BDT in digital payments.
Understanding the Growth Dynamics
This exponential growth in digital payments, especially in the last five years, reflects a broader trend of digitalization in Bangladesh. It signifies a shift in consumer behavior, with a growing preference for the convenience, safety, and efficiency of digital transactions over traditional cash dealings.
Looking Ahead: The Future of E-Commerce in Bangladesh
As Bangladesh continues to embrace digital innovation, the future of e-commerce looks bright. With supportive regulatory frameworks, an active trade body, and a growing tech-savvy population, the country is poised for further advancements in the e-commerce sector.
In Conclusion
The journey of e-commerce in Bangladesh, marked by significant regulatory milestones and the recent five-year surge in digital payments, paints a picture of a rapidly evolving digital economy. From the approval of online payment systems in 2009 to the remarkable growth witnessed in recent years, Bangladesh’s e-commerce landscape is a testament to the country’s adaptability and forward-looking vision in the digital age.
Author: Asif Ahnaf
Finance Secretary, e-Commerce Association of Bangladesh (e-CAB)
CEO, BreakBite eBusiness
