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E-commerce Industry to Grow

Publish On : 07/05/2015

INaznin Nahar

n the year of 2010, BASIS applied to Bangladesh Bank for having a policy for online transactions considering the positive growth of e-commerce in our country. Since then, the e-commerce business has been growing tremendously for the advancement of the ICT industry as a whole. Right now more than 500 companies are in the e-commerce business, and currently the yearly online transaction is more than Tk.2,000 million (source BB). The potential of the e-commerce market is evident. It is inspiring to see young entrepreneurs getting more connected to digital business these days. Bangladesh Bank has already issued some regulatory policies to enhance online transaction and the growth of the business. A number of financial institutes of developing countries do not have the Two Factor Authentication system that some of our banks have. The rest of our banks that do not have the system are already working on it. Those regulatory policies are motivating people to

connect with e-commerce. But it requires more to flourish the sector. Bangladesh Bank has shown their willingness to enact regulations where necessary, and take part  in other relevant aspects to help the sector. The government has also shown similar sentiment towards e-commerce. Community alliances have also formed to maximize the output from this business; we have an individual e-commerce association and an e-commerce alliance led by BASIS. Both communities are showing their dedication to

flourish the sector through their individual agendas. So far the current affairs of the sector is showing a

joint movement of the communities along with policy makers, service providers, and stakeholders. Both of the communities and alliances seem to understand that the sector requires more involvements from

additional parties. But what about the infrastructure of the business, such as, internet connectivity, payment gateway and delivery? The users are still confused with some issues that need to be addressed. The business needs to achieve the confidence of the consumers both in terms of product quality and service.

 

Delivery is still a big challenge in e-commerce. A few organizations are working on it but more  companies need to come forward to address this challenge. Order volume is a dependent factor in addition to consumers’ confidence/ trust, product quality and customer care. So there is a circle that needs to roll smoothly to get the best out of this industry.




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