How to Start an E-commerce Business in Bangladesh
Start an E-commerce Business in Bangladesh
You’ll find this article helpful if you feel the interest in starting an e-commerce business in Bangladesh. E-commerce and online business is very popular today in Bangladesh gradually. Also, while running an e-commerce business, there are so many positive feedbacks. Moreover, as it entails a lot to run an e-commerce business, you’ll need to find the best route to make it successful.
And remember, before you start, there is no shortcut and you must need to do a lot of studies. It has reshaped the way of communication and demand utilizing its potentials to the development of trade and commerce with the rapid growth of Bangladesh’s internet population and adoption of ICT in different sectors.
Besides, e-commerce is increasingly viewed as a key business modality of the future, from governments to multinational companies to one-person start-ups.
An Overview of an E-commerce Business in Bangladesh
Bangladesh is a late entrant in E-commerce while comparing to other countries. Despite the fact, e-commerce business in Bangladesh has the tremendous growth within a short time. Also, in economic development, e-commerce can be the next major driver. According to The e-Commerce Association of Bangladesh (ECAB) reports, there are approximately 550,000 freelancers in Bangladesh providing eCommerce or the similar services.
Also, it’s not an issue of remitting payments from abroad into Bangladesh. Moreover, their report says that there are around 700 e-commerce sites and around 8,000 e-commerce pages on Facebook. But, as Facebook remains a popular method for advertising and selling products, it’s to a point that many businesses forget creating their e-commerce websites & that is where the first mistake is made!
There are the following four types of eCommerce are popular in Bangladesh currently;
- Business-to-Business (B2B)
- Business-to-Consumer (B2C)
- Consumer-to-Consumer (C2C)
- Business-to-Employees (B2E)
Steps to Start an E-commerce Business in Bangladesh
Now, let’s know the steps how to start an e-commerce business in Bangladesh in the next paragraphs.
Get started with a Website
Including a Facebook page, you have to create a professional website. So, you can make your business to plan for a long time run. The best suggestion is to look out for an agency out there gritty to provide you quality end products and stay on good terms with you while creating a website.
Also, you can let your customers shop on the go anywhere anytime with your e-commerce’s mobile app through the m-commerce (mobile commerce). As it allows them to surf and shop in the easiest and efficient manner, this platform attracts most people. And it will be in itself a form of the branding of your store to your target market of the availability of your business in multiple platforms.
Choose your Agency
It’s essential to choose your agency that indicates your choice of how well you will be handling your online business. With the mobile app, proper and efficient Search Engine Optimization (SEO), digital media promotion, all these key factors, website making that is efficiently collaborated & synced. And these key factors will help your business to run in online and an agency will help you with.
Because of these reasons, an agency that guarantees long run digital partner of your business is very important to identify. So, your chosen agency not only will work effectively and efficiently with you but help you grow as well. That’s why choosing the best agency is vital while starting an e-commerce business in Bangladesh.
Integrate Payment Gateway
The most crucial thing to consider is the Payment Gateway in e-commerce business in Bangladesh. You’ll be unable to provide online payment method within your website without integrating payment gateway. However, you’ll find it an easy task while integrating a payment method on your website. In this case, you need nothing but a verified online payment provider’s account like Paypal, Payoneer etc.
You may try to open an account with your foreign friend or relative or your partner agency should be able to definitely help you out with it through the other gateway options that are available in Bangladesh as here options are not available. So, customers will be using local credit/debit cards like VISA, MasterCard, DBBL Nexus Card and Brac Bank credit card or bank accounts to pay for your products.
Prepare your Team
When you’re in this business, you need to recruit professionals for customer support and order management. Depending on the scale of your business, you can manage the logistics. But, if you can outsource it to some third party then it’s better. At least it’s the best at the very initial stage to keep it a little easy for you to manage.
Market Your Business
With an e-commerce website and proper marketing plan to brand their business & the website quite easily with the help of a chosen agency, you’re set to start an e-commerce business in Bangladesh. And at the next step, promotion of your business will be challenged somehow. In this issue, you can depend on the two main keys – SEO and Social Media Marketing.
These are not only the top but very efficient guidelines, to begin with for any online business. Also, they will give your business more visibility and easily reachable to your target market. Moreover, it’s always better to consult a professional digital marketing team and design a professional logo and posts as a beginner.
Be ready to meet the demands of your customers after getting it all set. And it’s time to meet the demands of your customers as it was your initial goal – sale and make profits. As this part is crucial, be very sure to provide not only good quality products to your customers. Because that’s what retains a customer, provide them with the best service.
Once you are out of initial seed money, don’t get despair. The road will take you to your destiny when you hit the road.
Simply keep in mind that e-commerce business in Bangladesh as something easy and quick way of earning a profit. And collaborate with an agency as that’s mentioned previously. If you do this, you’ll not only be your one-time vendor but a long run digital and technical partner to help you out in the most crucial paths. Finally, provide the best for your customers and stick to the basic principles of business.