’E-commerce market will be $3 billion big by 2023′

Bangladesh’s e-commerce business saw a 166% growth in 2020 and its market size will be $3 billion by 2023.

Bangladesh Association of Software and Information Services President Syed Almas Kabir said this on Tuesday at the webinar “e-Commerce and Consumer Rights in the Time of Covid-19: Challenges and Way Forward.”

At the Dhaka Chamber of Commerce and Industry (DCCI) organized programme, Syed Almas said internet usage in Bangladesh has risen 5.9% compared to last year. “The country is ahead of India and Sri Lanka in ICT adoption.”

“Bangladesh has 36 million active social media users and the size of F-commerce (Facebook commerce) is Tk312 crore here.”

Almas also called on bringing the E-commerce entrepreneurs under a registration process so that they can be monitored, regulated, and financed.

Consumers Association of Bangladesh President Ghulam Rahman said, “Registration system for F-commerce is needed to bring them under monitoring and accountability.”

Also, Almas said: “We need to get rid of unreliable internet connections, ensure user-friendly payment systems, raise the number of skilled IT professionals to tackle unwanted cyber attacks, enhance technology adoption, build physical infrastructure, offer fiscal and non-fiscal incentives.”

Commerce Secretary Dr Jafar Uddin said Covid-19 came as a boon for the e-commerce business. “The market of both e-commerce and f-commerce is growing manifold despite the dissatisfaction of the consumers.”

“To use this huge potential, a digital cell has been set up in the ministry. An advisory committee is also working under the WTO cell to ensure consumer-friendly digital commerce ecosystem.”

DCCI President Shams Mahmud said the size of the e-commerce market in Bangladesh is of about $2 billion now and it is growing 50% every year.

“Protection of consumer rights is a key factor for a sustainable e-commerce ecosystem in Bangladesh. Quality, conformity, liability, distribution, secured payment system and price of products are very much linked with consumer rights,” Shams said.

Pathao Limited President and CFO Fahim Ahmed called on facilitating the local entrepreneurs so that they compete with the foreign players.

Bangladesh Bank Executive Director Mohd Humayun Kabir said they are trying to facilitate micro-merchants in the e-commerce ecosystem by easing the documentation process.

Source: United News of Bangladesh