Are you interested in starting a profitable online business in Bangladesh?
But you don’t know how to do it.
This article will be an excellent resource for you. Today, the overall scenario e-commerce industry is quite popular, rising, and rapidly increasing in Bangladesh. The rapid rise of the global internet population and the adoption of ICT in various sectors has changed communication and demand, enhancing trade and commerce. Ease of transaction, expanding markets, and lower overheads are all elements that are making e-commerce solutions increasingly appealing.
E-commerce in Bangladesh :
You’ll need to figure out the best way to make your company successful by working with the top partners and agencies. There is no shortcut, but following a certain set of standards with the right team can help. This article will provide you with the Key challenge, fundamentals and guidance for planning, starting, and entering the e-commerce sector.
To begin, you must first understand the different types of e-commerce in Bangladesh and then make a decision based on your resources. In Bangladesh nowadays, there are four types of eCommerce :
- Business-to-Business (B2B)
- Business-to-Consumer (B2C)
- Consumer-to-Consumer (C2C)
- Business-to-Employees (B2E)
Many Bangladeshi companies offer eCommerce services such as web design, domain name registration, secure hosting, digital marketing and advertising, app development, and payment gateways. This is especially true in North America, where many of these enterprises cater to customers from other nations as well. About 600,000 freelancers in Bangladesh provide eCommerce or related services, according to e-Cab.
According to the e-Commerce Association of Bangladesh (e-CAB), the country’s trade body for e-commerce, there are around 700 e-commerce sites and 8,000 e-commerce pages on Facebook. Your Facebook page will not be enough to carry your company’s branding, marketing, and, as a result, sales into the future. Payments into Bangladesh from outside the country are usually not an issue. Payoneer is a popular service for processing online payments among Bangladeshi freelancers. It was founded in the United States.
Top E-commerce Platforms in Bangladesh :
There are lots of e-commerce websites in Bangladesh and some are in top position.
The followings are major e-commerce websites in Bangladesh :
Key e-commerce logistic and distribution players :
- Bangladesh Post office (BPO)
- Various Courier Service
Key E-commerce product categories :
- Tickets (Air, Railway, Bus and Launch)
- Hotel booking
- Books, jobs, clothing, food items
- Electronic products
- Baby Products
- Financial services and more
Ways of starting an e-commerce business in Bangladesh :
1. Start with Website and F-commerce :
To plan for the long term, you must develop a decent website as well as a Facebook profile for your company. Furthermore, with your e-commerce mobile app, Web development firms will be able to allow your customers to shop on the go, anywhere, at any time. This platform appeals to the majority of people since it allows them to surf and purchase in the most convenient and effective manner possible.
Why Choose the Best Helping Hand or Third Party?
1. Website Development
2. Mobile Apps
3. Search Engine Optimization (SEO)
4. Digital Marketing
5. Content Writing
6. Graphic Design
7. UI/UX Design
8. Social Media Marketing
Your choice of agency will determine how well you manage your online business. An agency can help you create a website that is seamlessly integrated with a mobile app, optimize your website for search engines, and promote your brand on social media.
2. E-commerce Product Sourcing :
Bangladesh does not have access to major international e-commerce platforms such as Amazon, eBay, or Rakuten. As a result, there is the issue of product sourcing. Many eCommerce systems rely on imports to source products, depending on the customer’s preferences. The cost of the goods rises dramatically as a result of the entire process and customs. As a result, there isn’t much demand to begin with.
In this case, local drop shipping may be a viable solution. Drop shipping, on the other hand, makes it difficult to manage product quality and brand reputation. So, before starting an e-commerce business, you have to think about e-commerce product sourcing.
3. Integrate Payment Gateway :
Payment Gateway is the most important factor in eCommerce. You cannot accept online payments without integrating a payment gateway. However, integrating payment methods into your website is not difficult. A validated PayPal or Stripe account.
Customers will be able to pay for your products directly from your online store using local credit/debit cards such as VISA, MasterCard, DBBL Nexus Card, and Brac Bank credit cards or bank accounts.
List of top Payment Gateways in Bangladesh for Online Payment :
4. Manage Ecommerce Legal Issues :
To manage your business properly, you need to manage Ecommerce Intellectual Property, Trademark & Copyright. Moreover, you have to manage Ecommerce Tax, Duties & Customs Clearance.
5. Manage Ecommerce Team :
You have to recruit e-commerce related professionals for customer support and order management. Depending on the size of your business, you can manage logistics yourself, but it’s best if you can outsource it to a third party from the start to make it a little easier for you to manage.
Duties of Team :
- Perform Ecommerce Product Cataloging
- Conduct Ecommerce Product Imaging
- Perform Ecommerce Product Design & Development
- Prepare Ecommerce Advertising, Optimization
- Produce Ecommerce Content
- Perform Ecommerce Customer Service
- Manage Ecommerce Accounting & Finance
i) Conduct Ecommerce Training for your team :
Market research, planning, and promotion are required. Whether you need guidance with e-commerce company foundations or the finer nuances of technologies and platforms like Shopify and WooCommerce. By providing Ecommerce Training to your team you can increase productivity of your business. It will help you acquire the skills you need to enter the world of E-commerce.
ii) Digital Marketing Training for Growing sales :
Digital marketing, often known as online marketing, is the promotion of brands utilizing the internet and other digital media to reach potential clients. This includes text and multimedia messages as well as email, social media, and web-based advertising.
Digital marketing are the following items :
- Search Engine Optimization (SEO)
- Content Writing
- Email Marketing
- Social Media Marketing
So, it is essential for an e-commerce company to have Digital Marketing personnel to grow sales. It is the way of generating visitors to your site.
6. Execute properly planned Marketing Strategies :
You can now establish an online business in Bangladesh with an e-commerce website and a marketing plan to brand their business and website with the support of a chosen agency or your own trained team.
i) Perform Online Marketing :
To begin with, any online business should focus on SEO and social media marketing to make their brand more visible and more accessible to their target market.
ii) Build a Professional Team :
As a newbie, it’s always best to build a professional digital marketing team and develop professional logos and posts to look like a well-organized store that would make visitors stop at your online store and make them love to shop from.
iii) Conduct Ecommerce Market Research & Analysis :
When it comes to establishing e-commerce platform, new e-commerce websites face stiff competition from similar businesses. You need market research and analysis to know the exact position of your competitor.
iv) Source of Traffic :
The internet’s algorithms already support well-known websites. Between the startup, e-commerce firms have significant challenges in acquiring traffic for their websites. So, this will be your first priority to find out the source of your traffic.
v) Providing offers and discounts to customers :
Why would a customer choose a new e-commerce website? The answer is simple: if a customer sees greater deals or discounts on other websites, they are more likely to deflect. Startup e-commerce sites should use offer and discounts to the customers.
7. Ready to Sell Products :
After you’ve gotten everything set up and ready to go to the market, be prepared to fulfill the demands of your clients and achieve your original goal of selling and profiting! This is a vital aspect. Make certain to supply your customers with not only high-quality products, but also the greatest possible service, as this is what keeps them coming back.
8. Manage eCommerce shipping, fulfillment and returns :
You’ve found a high-potential killer product, built a robust online store, perfected the design, reduced cart abandonment, and are now ready to take orders.
Fulfillment includes managing ecommerce orders and shipping, as well as managing ecommerce warehouses and performing ecommerce returns.
i) What exactly is fulfillment?
Fulfillment is a fairly short term for everything that is involved. It is the entirety of your e-commerce processes, from order through delivery and return. And this involves a slew of procedures –
- First, Receiving the online order.
- Processing this order in your e-commerce system
- Notifying your customer that their order has been received.
- Sending the order to your warehouse.
- Picking and Packing the order.
- Shipping the order.
- A delivery notification to your consumer.
- Handling returns.
ii) Models for eCommerce Shipping and Fulfillment :
There are three eCommerce Order Fulfillment models to choose from, depending on your business needs:
- Merchant Fulfillment : You store your items in your own facility. You ship your product by yourself when a customer orders it.
- Third-party Fulfillment : You hire a third-party company to handle your storage and shipment. When a customer puts an order, you send it to your outsourced service, who will delivery the product to the customer.
- Drop shipping : You work as a product intermediary. The product is developed and stored by the company that created it. Your job is to identify clients, and after an order has been placed, your job is to transmit the order on to the manufacturer. The manufacturer will then dispatch the order to the buyer, but you will still receive the revenues from the sale as a result of the arrangement.
iii) Manage Ecommerce Inventory :
Inventory management is the process of obtaining, storing, tracking, and sending products online. Strong inventory management systems and tactics can help ecommerce organizations enhance efficiency and lower expenses.
Inventory management is linked to financial management. In any large warehouse, inventory control provides you a bird’s eye perspective of every pallet’s potential revenue.
The Benefits of Managing your Ecommerce Inventory :
- Better Business Practices
- All Inventory in Focus
- Eliminate Dead Stock and Inventory wastage
- Increase Returning Customers’ Re-Ordering Options
iv) Best Practices on Refunds and Returns Policy:
- Best Practices for Returns and Refunds : Describe your refund and return policy. It should clearly define accepted returns, processing and refund times, and other important information so that customers don’t get confused or anticipate too much.
- Keep your policy concise : Your policy can be short. Be direct in defining your measures and standards.
- Backed it up by reliable metrics : You always want to be lucrative. Create a uniform procedure for determining what is damaged, resalable, and what should be discarded.
v) Shipping and Fulfillment Automation :
Inefficient and manual shipping procedures generally cause problems in order distribution and fulfillment. Investing in automated shipping software can help businesses maximize inventory utilization and reduce fulfillment inefficiencies.
Popular eCommerce Shipping Softwares :
- Shipping Easy
vi) Shipping & Delivery Options :
The optimal carrier and shipping alternatives vary by industry, product (range), and target audience. Ask your target market what they want and anticipate from shipping and delivery of your products –
- Do they want same day or next day delivery?
- Is it acceptable to deliver within 3-5 days?
- Do you have a large number of overseas customers? In that instance, you may require international or local carriers in the target countries.
- Will you provide free shipping? And, if so, under what circumstances?
The Final Stage :
It’s important to remember that beginning an e-commerce business is not a simple or quick way to make money, so be patient. Relax, follow to fundamental business principles, and provide your customers with the finest possible experience, whether it’s a service or a product. This will gradually put the techniques into action, and you will begin to notice the results sooner or later.