E-commerce Platform: Do’s and Don'ts
Bangladesh is one of those countries that developed itself to change and adapt to the rapid technical changes. Buying a piece of paper from large purchases like a car , apartment or land is taking place through the help of e-commerce websites. People are testing the sweet fruits of technical advancement where they are saving a large amount of time by not going anywhere physically to buy something. Through the help of e-commerce, everything is near to the doorstep.
With additional benefits there comes additional problems. Bangladesh is still in the process of adopting the benefit of online services. Many people don't even know how to properly judge between an authentic e-commerce site or page and fraud one. On the other hand, the weak legal system of Bangladesh enriches the fraudulent activities through E-Commerce platforms. There are many examples to be mentioned. Evaly, E-orange are some of them.
There are certainly authentic entrepreneurs who are legally and without any fraud, performing their business through e-commerce platforms. But for some of these fraudulent E-Commerce entrepreneurs, the genuine entrepreneurs are in trouble. Because the trust of the people has reduced by a large margin on e-commerce platforms. There are other challenges that eCommerce in Bangladesh have to face; inadequate delivery mechanism, the lack of robust online transaction system, and obviously those fraudulent activities.Even After these drawbacks, the potential market growth is huge in the E-commerce sector and it is growing at a rapid pace. Thanks to the cheap smartphones with internet connection all over the country and obviously the people of Bangladesh have a faster technological adaptation rate. Sales of goods through electronic platforms grew 70 per cent year-on-year in 2020 thanks to a surge in online shopping amid the pandemic, according to the e-Commerce Association of Bangladesh (e-CAB).
There are a couple of suggestions that an entrepreneur can follow to take the full advantage of this market and thrive instead of planning to call for bankruptcy like the CEO of Evaly.
1) The entrepreneur must go through the law and regulation related to e-commerce and business in general in Bangladesh.
2) Entrepreneurs can offer discounts to attract their targeted customers but they should not promise a very large amount of discount that will cause them to sell the product in loss.
3) It is proven that retaining loyal customers is far more beneficial and profitable rather than searching for new customers. The entrepreneurs must have to make sure that the retention rate of the loyal customers is as high as possible because they will perform purchases again and again.
4) A big problem that a customer faces in an e-commerce platform is the lack of proper product description and lack of visual judgement. Often the product looks better in pictures given in the website rather than in reality. This is a huge setback for a customer. The platform should make sure there are proper product description and the visual presentation (picture/video) of the product is as real as possible.
5) The site must have to have a cash on delivery option as it is the most preferred option of payment from the customers.6) The website should be easy to navigate. Complex website makes the customers agitated as it requires more effort and time to figure it out. The customers quickly shift to another E-commerce portal through just a few clicks.
Most importantly, the intention of the entrepreneur to perform the business should be towards the betterment of the customers, society and his/her business as a whole.
Writers: Mohaiminul Islam Anas/ Samia Akter/ Md.Pranto/ Shaffid Razzak Samin/ Ayasha Siddika/ Md. Nowroz Zaman .
Undergraduate Students at North South University.
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