Bangladesh will record 72 percent growth a year in e-commerce transactions in the coming days, given the unprecedented increase in internet use, according to a study.
“Based on the ongoing trend, it is not hard to anticipate that consumers of Bangladesh are going to do online shopping just like the consumers in Western countries and the Asia Pacific,” said the study by Kaymu Bangladesh, a leading e-commerce company.
Bangladesh has become a potential market for global e-commerce giants thanks to its large young population and high rate of internet penetration.
The study has been conducted based on 10 percent exponential growth in e-commerce transactions for each passing quarter over the past couple of years.
Along with the growth of domestic market, countries like Bangladesh will also benefit from cross-border shipments, and leading logistics providers like DHL is investing in the sector to seize opportunities in the B2C (business to consumers) global e-commerce market.
The sustained growth of cross-border e-commerce, to a great extent, is dependent on the retailers' ability to meet the consumers' expectations of seamless service, delivery and return.
The primary driver of future e-commerce would be a sound logistics framework: better transportation, improved delivery experience, order management, inventory visibility and returns management.
The emerging markets will need to focus on these areas to ensure seamless service to its growing population of online shoppers.
About the imminent boost in the sector and how cross-border e-commerce can benefit Bangladesh, Nooruddin Chowdhury, country manager of DHL Global Forwarding Bangladesh, said the e-commerce industry has immense potential to grow.
“Many companies, local and global, are eyeing the country's emerging e-commerce market. This industry will need efficient shipment and warehouse management to cope with the growing demand of its customers soon,” he added.
Bangladesh and other emerging markets are going to fuel the estimated annual global e-commerce growth rate of 28 percent, followed by Western Europe and North American countries.
At present, the total online retail revenues in five markets -- China, India, Japan, Australia and South Korea -- in Asia Pacific surpass the combined figure for online retail in the US and all of Western Europe.
Total online retail revenue from the growing Asia Pacific market will nearly double from $733 billion in 2015 to $1.4 trillion in 2020, as predicted by research and advisory firm Forrester.