The e-commerce market currently stands at $2.77 billion but could soon rise to $3.77bn
The coronavirus pandemic has shown us how important the e-commerce industry is for a nation seeking sustainable development, not only allowing people to stay safe at home and still have access to essential and non-essential goods and services but, at the same, creating a pathway for a more efficient system.
This is something that Bangladesh would do well to take advantage of, especially considering our plans for a Digital Bangladesh -- the e-commerce market currently stands at $2.77 billion but could soon rise to $3.77bn, becoming a significant contributor to Bangladesh’s fast-growing economy and generating income and employment for millions.
However, for the e-commerce industry to reach its full potential, we must incentivize businesses so that they are encouraged to focus and invest. According to stakeholders, there are infrastructural and logistical issues which stand as obstacles towards progress in the industry and must be addressed if e-commerce is to become an income and employment-generating powerhouse.
For one, currently, there is the need for clear government policy which addresses the e-commerce industry -- taking freelancing, self-employed, and out-sourcing businesses into account. For example, the ease of acquiring trade licenses and an encouraging VAT would go a long way towards allowing the industry to grow.
Additionally, digital and internet services and sound delivery systems -- essential components of e-commerce -- need to be focused on and improved. These improvements not only aid in expanding the reach and scope of e-commerce, but also create an ecosystem that prioritizes inclusivity, allowing people from all across the country to enter the industry, be it as a customer or a businessperson.
The government has already formulated a National Digital Commerce Policy in this regard and we hope that it addresses the challenges facing the industry and creates the opportunity for e-commerce to reach its potential, not only within Bangladesh, but across the world.