The Worldwide E-Commerce Situation And Bangladesh Online Market
What is Online Shopping?
Online Shopping is a process whereby clients (consumers) buy products from sellers over the internet. Technology has made easier for consumers to search and purchase various goods and services via the internet without the need of using traditional physical stores.
Why People Interested In It
People are interested in online shopping because it offers convenience and the products are more affordable. You don’t need to leave the comfort of your home and you can make purchases from anywhere at any time. In addition to that, products are usually delivered at your doorstep. Apart from the products being cheaper, the client has also had a chance of using discounts and coupons to shop.
Bangladeshi E-Commerce Situation and Demand
The story of e-commerce in Bangladeshi begins in the late 1990s. However, there was a limited e-Commerce activity during this period due to the lack of adequate internet access. The 2000s saw rapid growth in this sector, with the growth of technology making things easier. Even so, consumers and retailers still faced major issues which include the mode of payment as well as the delivery system. But this situation changed with the development of SLL Commerz, one of the first types of payment aggregators. In addition to that, WiMAX provided better and faster internet speeds and this led to massive growth of online businesses. As more and more companies invested in the online business and different channels of online payment, the growth of e-Commerce has been higher than ever.
Additionally, global players are infiltrating the Indian e-Commerce market including eBay and Amazon. This means that the e-Commerce infrastructure, as well as merchants and customers, should accept massive business opportunities and a wide range of products. From cosmetics, fashion accessories, clothing to food and beverages, there is absolutely a niche for every business in online shopping Bangladesh.
Banglashoppers, a skincare and makeup brand is a renowned online shopping Bangladesh. It’s a business that has managed to stay on top of the business thanks to its affordable and high-quality products. Banglashoppers offers products in categories such as Health & Beauty Shop, Kids & Baby Shop, Grooming Shop, Makeup Shop, Hand Bath & Body Shop. The Fashion Accessories category features contact lenses and Sunglasses. Kids & Baby Shop has products such as baby oil while the Makeup Shop has face makeup, eye makeup, makeup removers, lip makeup etc. The Grooming Shop mainly features hair brushes and combs. However, online shopping Bangladesh is not all smooth and it has a few security threats. In order to avoid frauds, below are some of the security tips that you can employ.
Only purchase products from reputable e-Commerce sites
- Ensure that you track what you spend.
- Do not disclose vital personal information.
- Avoid reusing the same passwords for different e-Commerce sites.
Worldwide e-Commerce Situation and Demand
One sector that is continuously changing day in day out is e-Commerce. The current e-Commerce situation worldwide is experiencing massive change and this is driven by new and exciting trends in technology. The use of artificial intelligence means that most businesses are now using live chats for communication with clients. As a result, customers are getting customized services that match their needs. There is also the rise of different payment methods which include contactless cards for payments. In addition to those, currently, more and more e-commerce outlets are turning to social media to advertise and sell products and services. Social media platforms such as Facebook, Instagram and Twitter are some of the most used platforms which retailers use to market their services. The demand for unique and high-quality products or services has also seen the use of multimedia content. Retailers are marketing themselves through photos, videos as well as infographics.
Benefits of Online Shopping
There are numerous benefits of online shopping and that is why its popularity is on the rise. From the convenience that they offer customers to the wide range of products that they offer, some of the benefits of e-Commerce include:
Bigger Market Base
An e-Commerce allows the retailer to rich a wide customer base. This is because anywhere from any part of the world can log in online and purchase the products as long as they have good internet access. An online business can’t be limited by physical barriers.
Purchasing goods and services from online business platforms is cheaper. This is because e-Commerce sites have lower overhead costs and they don’t need to spend much money on maintenance as well as personnel. In addition to that, the products are also available with discounts.
High Conversion Rate
In physical stores, there’s limited information about products. However, most e-Commerce sites have product photos and customer reviews. In addition to those, there are also demo videos sometimes as well as customer testimonials which help to promote the conversion rate.
Disadvantages of Online Shopping
As much as e-Commerce comes with a wide range of advantages, it easier to note that it also comes with disadvantages.
Unavailability of Personal Touch
Unlike physical stores where one can actually touch and feel a product, e-Commerce only has virtual products. No one wants to buy merchandise that’s ineffective or malfunctioning hence personal touch is very important.
Product and Price Comparison
There are numerous retail outlets and they are all competitively trying to outdo each other with their products and price. This means that a business can easily be edged out if it can’t effectively compete with others.
E-Commerce shopping isn’t possible without internet access. Furthermore, most online platforms require internet access to high speeds in order for the consumer to access various functionalities and products.
There has been an increased risk of credit card theft. Chargebacks can cause penalties, revenue loss as well as a bad business reputation. Hackers can also steal a customer’s personal information from an e-Commerce database which can lead to serious financial implications.
Why Online Shopping is Time Saving
The main reason why a lot of people would rather shop online is that it saves time. First, you don’t need to travel to any physical store. Secondly, you don’t need to spend time moving from one location to another in search of a product or to compare prices. In addition to those, you don’t need to queue anywhere to pay for the products. Lastly, you can shop at any time including while you are traveling, in the office, at midnight etc. It offers clients convenience in that they can easily purchase products wherever and whenever.
Technology has resulted in the massive growth of e-Commerce. With various online platforms for cash payment, advertisement and delivery of products, this sector is expected to grow by billions in the coming years.