How Much Should I invest in My First E-commerce Business in Bangladesh
Fifty percent of small and medium companies began the business for under BDT100K according to a recent survey. Although good funds will allow you to relax and enjoy life more, there are great services today to help you maneuver into the e-commerce world.
That means if you want to set up an online business, it does not have to be expensive. But, this obviously applies to individuals who are not looking to establish a very large e-commerce business in Bangladesh.
Also, as most of the e-commerce platforms also offer some tools, they can be used by various online businesses to develop. And depending on how far they want their business to go, entrepreneurs must be willing to spend over a certain amount. Above all, it doesn’t require a lot of capital while creating simple e-commerce business.
Besides, you can basically bootstrap it depending on how well you play your cards. Get your company email address, and incorporate your company while starting with enough money to establish your website.
Although marketing in the traditional sense is increasingly redundant with the proliferation of social media, it also adds some more expenses. But, if you do hire a marketing expert then he/she is familiar with social media marketing.
On the other hand, if you use a drop-shipping service, it will usually relieve most of the financial stress. And even you can run your business without/ with little money using drop-shipping service.
Different Types of E-Commerce business in Bangladesh
Internet not only has given us new commerce opportunities but introduced new platforms as well. With potential customers and users to facilitate the development and growth of their products and services, entrepreneurs can interact.
And as there are been many online businesses created over the past years as a good fraction of these startups are actually doing very well and run the Internet smoothly. Frequently, while testing a new business and building a new whiz-bang website, these platforms and certain applications can be a great starting point.
Moreover, the internet is the future of trade where you can make all of these profit-boosting moves without a doubt. Also, with the process of creating your online business, there are various e-commerce platforms available on the market to help you.
On the other hand, while creating your own online e-commerce website, the services provide enable you to do it. Deciding whether it should be hosted or self-hosted is a very important step in developing an e-commerce website. The customizability is the major difference between these two types of platforms.
Adding a shopping cart is another important step in designing your own e-commerce website that will play a major role in giving customers a very good shopping experience. Apart from these, there are the following four types of e-commerce business in Bangladesh are popular currently;
- Business-to-Business (B2B)
- Business-to-Consumer (B2C)
- Consumer-to-Consumer (C2C)
- Business-to-Employees (B2E)
What Things Influence the Costs of First E-Commerce business in Bangladesh?
The most important step is the first steps of your journey and that’s funding. So, it’s essential to know how much does an eCommerce website cost to build and host.
Although you’re guessing that it’s not a one-size-fits-all answer, the costs could range from very small to a large amount.
And when the initial development is com, consider you should continue to invest money to improve the function and experience of your online store. Also, keep in mind that there is another big expense of marketing your business.
But, there are key areas that influence cost that may narrow the costs down a bit based on your needs. Let’s know the key areas that influence the costs of an e-commerce business in Bangladesh.
First E-Commerce business – E-Commerce Platforms
The costs may vary quite dramatically for similar functionality depending upon how simple or complex the eCommerce platform is and what the licensing costs might be. And there is a helpful guide to selecting an eCommerce platform as well as an eCommerce requirements worksheet if you like more detail about eCommerce platforms.
If you don’t need any outside help, some SaaS offerings start at $20-$30 a month then this is at the lowest cost.
As more configurable and customizable offerings like Magento and Magento Enterprise, they are not designed to be set up by a business owner.
So, here are some solutions that you may consider-
- Industry-specific solutions,
- Integrate-solutions-base on ERP systems,
- And software as a service (SaaS)
E-Commerce Web Design
Among the web designing platforms, SaaS offers design galleries, themes, or templates that you can apply to your site yourself.
These templates are a quick and cheap option while these may not be a perfect fit for your business or dramatically set you apart from other businesses.
While purchasing a theme it’s either come free or a minimal cost like BDT10K and you need to expense another BDT 30K – 50K to get customizations and changes.
The sky is the limit on possible expenses when you get into custom design for your e-commerce business in Bangladesh.
Programming and Functionality of Custom E-Commerce
As someone can add to your site, many good platforms provide for module or extension support. Before writing custom code, check first to see what extensions are available. But, you should be ready for some extensions to be poorly written or implemented.
Also, custom development can get expensive quickly outside of known extensions.
Your custom code will hold up better over the long term while this is more costly than just tossing it together as quickly as possible.
But, when you upgrade the core system, extensions can break. As a result, if it works at first then the poor code can cost you more money.
E-Commerce Web Hosting – First E-commerce Business
More than other variables, hosting is more predictable. There is some level of hosting in their packages with SaaS offerings. If you want things like storage, traffic, products, customers, and orders, you need to check the included limits.
Also, as your sales and needs grow, these solutions start out cheap and grow in cost. And if you want a decent service and support, a hosting for a custom eCommerce system will probably start around BDT20K to 30K.
Summary: Costs of First E-commerce Business in Bangladesh
Although there is no quick answer about the cost of an e-commerce business in Bangladesh, it’s not less then BDT100K. But, there are some points that influence your e-commerce business costs. Some of them are below:
- Your main objective
- Your approach
- Available technology
- Commitment to the business
- Choosing a shopping cart platform