The e-commerce sector of Bangladesh is an industry with a huge amount of untapped potential. Currently, the industry serves around 3-4% of the total population. While this is low when compared with the statistics available from comparable countries, with the right amount of support and the due diligence of the stakeholders of the industry, this is a number that can be increased exponentially.
The current market value of the industry stands at $2.32 billion, which should reach $ 3bn by 2023. Of course, due to fragile legal and economic frameworks, the sector is ripe for exploitation. The nation has observed as much when it comes to e-commerce companies like Evaly and the like. The recent legal hurdles of immoral companies like this have hurt the overall image of the sector, and have corroded the confidence consumers had.
But things can still be turned around. We are on the cusp of the fourth industrial revolution, and as technology like smartphones and the internet proliferate throughout the country and there is mass adoption of internet centric lifestyles and mannerisms, one can hope that this burgeoning industry will see further growth.
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To facilitate this, the government would do well to work with the stakeholders on issues such as the development of infrastructure, reduction of taxes, and offering incentives and other growth opportunities for the sector. The e-commerce sector is also playing a major role in helping local companies reach international markets and empowering small business owners -- especially women. As such, it is imperative that the authorities help such a budding industry grow instead of leaving it to rot. Sectors like e-commerce are the industries we need to keep an eye on to not only survive but thrive in this new era.
