It is encouraging to see that 11 e-commerce platforms have gotten their Unique Business IDs issued through the government.
The history of e-commerce platforms in Bangladesh has been anything but stable, but with the intervention and gradual involvement of the government, this seems like a situation that is on the verge of being fixed.
While e-commerce platforms have existed in our country since the beginning of the last decade, it is truly during the pandemic that they have started making waves, albeit for the wrong reasons.
From the inane business strategies of companies like Evaly which have pretty much erased any faith from the whole sector, to the government's negligence and lack of regulation when it came to this developing industry, the problems have been numerous.
Thankfully, with recent initiatives, there is a fair chance of such problems being history.
With companies now required to provide business models that are both desirable and sustainable, it leaves little room for deception and fraudulence, and with the standardization of the entire industry that comes with these steps, there is hope that the industry stakeholders and the government can work together in order the rebuild the confidence that has been already lost.
More has to be done, of course. We are in the age of platform economies, and when it comes to digitization, few industries have as much potential as e-commerce businesses. In order to take both their personal and national wealth to new heights, the industry leaders must put their best foot forward and show how this business needs to be conducted.
And with the ambitions Bangladesh has, the administration would do well in its role as a facilitator and regulatory body -- not just for e-commerce, but for all burgeoning industries.
