Tuesday, 21 April 2015

Growth Factors of Online Shopping in Bangladesh

Establishing and running a physical store is becoming daunting in Bangladesh. Therefore, many entrepreneurs including women think of online shops due to emerging trends and ease in shopping, shipping, and payment through secure online payment gateways. There are other several factors contributing in the rapid growth of online shopping stores in Bangladesh.

If we look at the statistics of population in Bangladesh compared to its natural and other economic resources, we can find greatly skewed graph. In other words, high density in terms of population is hindering its growth for small to big businesses. Among them retailing businesses are affected the most.

Adverse Factors for Brick Store Growth in Bangladesh

One thing for brick-and-mortar store is true that they have to spend a lot on establishment of physical store. Moreover, selection of right location like place in good locality, parking facilities, easy access of main road, movement of highly prospective consumers, etc. are some vital factors that determine the sustaining or growth of the business.

At other hand, customers who are residing a bit away from the brick store may avoid commuting in heavy traffic of Bangladeshi cities. Moving from one store to another in order to select the right product and do some bargaining in costs may prove costly at the end if they spend more on fuel.

Factors Favoring Online Shopping in Bangladesh 

As we have seen that brick stores have hard time to flourish more in Bangladesh, online shopping has more favor against those odds. With the advent of technologies, establishing online store is quite cheaper while higher proliferation of mobile devices has made Internet access easy and instant.

Therefore, Bangladeshi online shoppers prefer purchasing from e-retailers many durable and shippable products like electronic gadgets, home appliances, personal assets such as clothing, jewelry, and other accessories. Today we can witness innumerable other products on small to big online stores or web portals due to growth of the online shopping trends in Bangladesh.

The most favorable factor for the growth of online shopping is the evolution in payment system. For instance, easy payment through M-banking, Internet banking, credit or debit card payment, bKash, cash on delivery, and various schemes offered by reputed payment gateway operators like Payza Bangladesh have not only encouraged Bangladeshis to do online shopping, but also made e-payment secure and smooth.

Due to involvement of government, banking sector, and reputed payment gateway entrepreneurs like Payza have changed the scenario of online shopping in Bangladesh and encouraged many women entrepreneurs to jump into the highly rewarding field on e-commerce.

One more factor is easy acceptance and transaction of international currencies through Payza Bangladesh like payment gateways have encouraged IT service providers to grow and add fuel in the growth of economy of the Bangladesh. Moreover, they have made online shopping storefront development highly competitive hence cheaper and with quality.

Finally, high penetration rate of social media like Facebook have encouraged start-ups, small businesses, and many enterprises to explore the unexploited audience through creation of Facebook fan pages and using its social networking services to boost the online shopping in Bangladesh.

Tuesday, 14 April 2015

Selection of Payment Gateway the Bangladeshi E-Commerce Dilemma

When web developers create e-commerce for Bangladesh, selection of payment gateway is always challenging due to unique scenario of e-commerce in Bangladesh. Recent moves of Payza Bangladesh have offered it an edge over other rivals even at local level for various modes of payment.

Generally, e-commerce web developers and e-commerce mobile app developers either are integrating payment gateways with what their competitors in that e-commerce niche has done or simply ask the client if it is B2B project. Very few e-commerce developers have inclination to go through extensive search process and find out the actual needs of targeted audience.

We have general perception regarding payment gateway functions such as:

•  Accept payment rapidly
•  Accept payment easily
•  Accept payment securely
•  Build trust carefully

These are common expectations from any standard payment gateways solution for any quality e-commerce storefront. However, deviations and additions are taking place when regional, cultural, social, and economic factors involve in the decision of payment gateways integration of the eCommerce stores.

For instance, PayPal is considered as number one global payment gateway solution across the globe, but its higher fees, over sensitivity for extra sale or loads, and excessive paper work in many instances are hindering factors for many regions of the world, particularly developing and locally protective policies implementing countries.

No doubt, Bangladesh is one of them and has unique, but valid expectations from any payment gateway operation for its citizens and within legal territory of the country. If we check features and functionality of a payment gateway suitable for Bangladeshi online shoppers or e-transactions, we can realize these facts obviously.

Unique Needs of Payment Gateways for Bangladesh

Affordable Fees:

As we know, the Bangladeshi currency Taka is very weak against dollar in international market and compared to neighboring countries like India. Thus, if any payment gateway counts its sign up, transaction, and other fees in dollar or Pound like strong currencies, it proves non-viable and non-feasible for such poor country or its citizens.

It is good if sign up fees incurred for large volume of transaction seekers and same for transaction fees when large volume of transactions taking place by big business houses or international players working from foreign countries. Thus, affordability is prime issue for lower to mid level of users in Bangladesh when the selection of payment gateway is in question. Fortunately, Payza Bangladesh is the cheapest payment gateways valid and available in Bangladesh without compromising the quality of services despite such competitive fee structure.

Ease and Convenience:

Payza is highly customized payment gateway solution for Bangladesh because it supports numerous currencies around the world and have presence in more than 190 countries of the world where possibilities of Bangladesh based business transactions or presence of NRB from Bangladesh are high.

The algorithm, user interface, and user experiences crafted on Payza Bangladesh is the most befitting solution for the Bangladeshis. In fact, Payza had run thorough research of Bangladeshi culture, behavior, and preferences prior to developed and unveiled Payza solutions so it can address exact needs of Bangladeshi online shoppers and other Internet communities.

Moreover, Payza Bangladesh has collaborated with leading banks of Bangladesh to execute OPGSP payment and BEFTN like services to meet local needs of online shopping community as well as locals to topple or withdraw money easily and in comprehensive ways. Therefore, Payza allows credit and debit cards, mobile, on service desk of banks and other multiple methods for its users to accomplish their tasks or needs easily, securely, and rapidly.

Payza obeys local rules of the country and support the law and its requirement by providing essential info to the government bodies on valid reasons or hiding the sensitive info of its users to protect their privacy. Thus, it has won hearts of all Bangladeshi folk within short span.

Monday, 6 April 2015

Online Shopping in Bangladesh Empowering Women

Online Shopping in Bangladesh Empowering women
Online shopping trends have started a bit late in Bangladesh, but have begun with clothes like Salwar Kameez and saris of different home based boutiques ran by women entrepreneurs. However, the female contributors of online businesses come from all folks – teachers, doctors, students, homemakers, IT Professionals, designers, etc. and contribute in the growth of Bangladesh through their online ventures.

Bangladesh is 3rd world country with adverse economic conditions and under the influence of unstable political and social regimes even though the presence of democracy. Therefore, women in Bangladesh have the least privileges to grow freely compared to western developed world.

Growth of ICT
Fortunately, recent stability of democracy and will power of government has brought rays of hope in form of introduction of information and communication technologies (ICT). Internet and mobile usage are now becoming norms here gradually. Therefore, new areas of business opportunities are opening day-by-day and new generation entrepreneurs from outside the country as well as from within the country are gaining immense benefits. The most beneficial area by the growth of ICT is e-commerce and high proliferation of online shopping storefronts in Bangladesh is giving its solid evidences. Online shopping ease the life of an average citizen by reducing traveling time, reduction on traveling expenditure, and break the boundaries of locality through country wide or worldwide access of shopping options.

Ease in Payment
Recent intrusions of robust payment gateways like Payza Bangladesh have freed Bangladeshis from security related issues as well as money topping problems through its innovative schemes for online shoppers in Bangladesh. Moreover, growth of mobility has assured entrepreneurs to take easy and cost-effective approaches in their online shopping experiences.

Growth Cycle of Online Shopping in Bangladesh 
In Bangladesh initially, common commodities like clothes and electronic items have gained attention of online business entrepreneurs and among them women are pioneer. In the year of 2010 many housewives, working women, and some female students have taken forward steps to make e-clothe stores viable through ultimate online opportunities of social media emergence. Facebook has helped them to create web pages and provide trustworthy platform to begin.

They have begun with their traditional dresses including Salwar Kameez and empowered themselves to jump into the sea of e-commerce through their own e-commerce websites by offering secure and robust user experiences for online shoppers in Dhaka and rest of Bangladesh gradually. Now, banks, government agencies, and other foreign entrepreneurs from Bangladesh have extended helping hands to empower Bangladeshi women for e-retailing and establishing online marketplaces for all sorts of products including online dress shopping in Bangladesh, online t-shirt shopping in Bangladesh, buy shoes online in Bangladesh, etc.

In results of such efforts, many mega e-commerce stores has come into the picture such as Akhoni, Cell Bazar, ClickBD, Bikroy, etc. up to the 2013. Rapid digitalization across the private and government sectors, proliferation of mobiles, and influence of neighboring countries and their growth are some factors, which have increased the participation of women in various arenas including political, social, and economical as a whole.

These have boosted the empowerment of women, their families and overall community at the end. Therefore, today we are witnessing rapid growth of online shopping among the folks due to women working in the areas of teachers, doctors, students, homemakers, IT Professionals, designers, etc.