Potential of e-commerce may revive economy

Business leaders strongly feel that introduction of e-commerce or online business can rescue the current stagnation in economyduring the ongoing Covid-19 crisis.

It is expected that the momentum of business could be regained to many extentsthis year as products worth Taka 16 thousand crore is about to be traded through mostly online business.

E-commerce has emerged as a potential economic revival in the country amid the corona pandemic. Online business this Eid is already dominating as millions of orders are said to be placed and are continuing before the Eid.

At present, more than 700 e-commerce companies of the country are operating for Eid shopping.

Experts said that online shopping is a popular medium all over the world. In the corona period it has emerged as more convenient and more popular.

Bangladesh’s economy will be able to turn around through e-commerce while keeping people safe and tax-free.
Traders concerned of this sector are hoping that e-commerce or online shopping is gaining momentum this time around.

E-Commerce expert and advisor of IT Solution firm at the capital Anik Rahman said “Online business is a potential new sector for Bangladesh. Majorities of Eid shopping is going on mobile apps or home desktop computers. With the order, a buyer is getting the required goods delivered at home.

“Instead of going to markets and shops, everything from rice-pulses to fish-meat to saree-jewelry, TV-fridge and other daily necessities are available

through online. And that’s why online shopping is becoming a place of consumer confidence and dependence during the deadly corona era,” he added.

It is learned that initiatives have been taken to create 5,000 e-commerce entrepreneurs in the country within the next three years to develop e-commerce and knowledge-based economy.

Under this program, the government will train all the potential young people who want to become entrepreneurs.

“The ruling Awami League-led government, after taking charge at that time, was the first to start building a digital Bangladesh at the behest of Prime Minister Sheikh Hasina. Digital Bangladesh is now the name of a groundbreaking philosophy of development. Following this, e-commerce quickly became popular in the country,” says Economist Salahuddin Ahmed.

“The journey of e-commerce business in Bangladesh started in 2010. Besides, young entrepreneurs are also becoming enthusiastic to invest in this sector.”

He also mentioned that many organizations have come up to provide local services in e-commerce in the country. Bangladesh is now becoming an example in many cases around the world.

The Dhaka Chamber of Commerce and Industry (DCCI), the country’s oldest trade body, has said that online business expansion or e-commerce has the potential to generate 5 billion taka in revenue by 2021.

“If the growth rate hundred percent continues, it will be a business of 16 thousand crore next year,” Rezwanul Haque Jami, Vice President of e-Commrce Association Bangladesh(E-Cab), said adding that about seven hundred and fifty companies are currently associated with e-commerce in Bangladesh.
About Tk 700 crore is being traded in this sector every month. In other words, the annual transaction is now more than eight thousand crores.