Social Media & Online Shopping in Bangladesh

Bangladeshi entrepreneurs are facing many challenges while establishing their own independent online shopping websites. Against these, social media networking sites like Facebook offers cheaper and more viable alternatives for them. Thus, social media have boosted the online shopping trends in the Bangladesh at initial stage and now e-commerce stores are following the trends and establishing full-fledged stores.

In recent past, Bangladesh was a country of deprivation in terms of modern technologies and affluent lifestyles. It was blessed by its unstable political and scanty natural resources against the dense population.

After 2007, gradually scenario has changed due to penetrations of ICT, proliferation of mobility, and initiatives of government as well as some entrepreneurs. Now, Bangladeshis are enjoying broadband connections, mobile Internet access through 3G/4G technologies, Internet banking, credit/debit card payment, bKash, and Payza Bangladesh like secure payment gateways for local and international money transactions.

Role of Social Media – Facebook
Besides these advancements, popularity of Facebook in Bangladesh has added more advantages for online shoppers as well as online business entrepreneurs. Facebook has offered the cheapest alternative for the online shopping store startups and it was started with clothing items including traditional dresses like Salwar Kameez, Sari, etc. No doubt, there were women entrepreneurs at first place who were running home based boutiques.

Practical Examples
If you look at the practical examples, the first name comes is of Safwan Rizvi of Hardstyle Revolution brand, as she is enjoying approx 15K customer support through Facebook page initially and now through her own website. She has achieved such popularity within the shortest span of three years.

Another woman entrepreneur who had recognized the immense potential of Facebook pages was the owner of Style World, as she had started her journey from 2005 through Facebook, and had captured customers beyond the country borders. Therefore, you can find more than 600K likes on her Facebook fan page of her business Style World.

The story similar to it was that of Andeem, which is an established fashion brand in Banani enjoying its own flagship store. The Andeem was a brainchild of Eemam Ahmed and; Farah Deeba, which had started on the Facebook initially, and eventually turned in to the reputed brick as well as online shopping destination for Bangladeshis. Thus, Facebook is playing vital role in providing a feasible and viable platform for the female designer as well as other female entrepreneurs for quick and reliable exposure.

Reasons Behind
Social media or social networking sites like Facebook, Twitter, LinkedIn, etc. are providing different opportunities for businesses to augment their brand and create an online reputation through transparent communication with their potential audience/customers. For instance, creating Facebook business page cost nil against establishing a website or a physical store. Administrative or overhead cost of online venture through Facebook page is nothing unless you hire one or two fellows to manage the day-to-day affairs and SMO campaign.

Moreover, Facebook page bring transparency and live dialogue between the business and audience through freedom of expression, as anyone can express her experiences with brand and show likeness or dis-likeness through comments, Like button, or sharing the post placed on the Facebook account. Recently, Facebook has taken some initiations to provide payment and other options through its paid services using online and other standard payment methods.

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.

Trustworthy:
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.

Ways to Boost Online Shopping in Bangladesh

Just overcoming the infrastructural problem is not key to successful e-commerce development, but real secrete lies in the creation of conductive environment that enable and encourage customers to do online shopping and Bangladesh now needs it. Let’s see what we can do to boost the purchase intentions of the people of Bangladesh regarding to online shopping including offering outstanding payment options.

It is true that Bangladesh has set back in e-commerce march with advent of technologies due to its political and socioeconomic turmoil in the past. Now, government and people of Bangladesh are trying to link country with rest of digital world through development of supporting framework for online shoppers and other Internet based activities such as secure money transactions.

However, investing and trying to create good infrastructure for online shopping in Bangladesh is not only one key of success. In fact, we need something more than that to populate e-commerce culture in this country. Among the many factors that influence the culture of online shopping in Bangladesh, creating a thirst or say, developing customer purchase intention is the major one. Let’s check what can assist businesses or organizations to boost the online shopping intentions among the people of Bangladesh.

Geography and Demography of Target Audience

It has observed that young, educated, and only high income groups take part in online shopping or Internet related activities. No doubt, some retired officers and high income middle aged people use e-commerce, but their numbers are limited. These groups of people mostly located in the urban areas of Bangladesh.
Therefore, it is mandatory to make Internet affordable and accessible across the country so middle class people of society can afford it. No doubt, recent mobile or handheld devices craze has opened new fronts to access Internet in the remote and rural areas through 2G/3G as well as other mode of cellular connections.

Attitudes of Target Audience/Customers

Researchers have found that certain attitudes influence the intentions of the people towards e-commerce and e-transactions and they are:

•  Benefits/advantages
• Consequences/ensues
• Privacy
• Security
• Willingness of Interactions

Unstable socioeconomic and political conditions have created lots of distrusts among the people and money transactions need the high security guarantees. No doubt, many residents, and non-resident Bangladeshi entrepreneurs have good work in this regard and offered dependable and long-term solutions.

Social Support
Here role of social culture, government, and media is critical. If they all work in positive directions and create highly conductive environment for the online shoppers, everything can turn in to the favor of vast e-commerce business opportunities for present and future generations.

Legal Support
It is true that hackers, mischievous people, and anti-social elements are prevailing in every society and in each country. Therefore, adequate laws and implementation infrastructure are essential to offer secure environment for online shopping activities in Bangladesh. Fortunately, recent moves of government and interests of businesses have pushed the matter in right directions and in right dimensions.

IT Supports
March of Internet related technologies are in rapid pace across the world. People are adapting and used to smartphones, tablets, and even wearable devices besides traditional laptops/desktops for their Internet related needs. If support of IT software and hardware is adequate in terms of creating quality products at affordable rates, the market of online shopping in Bangladesh can be flourishing at amazing pace.

RESOURCE

If we look at the people of Bangladesh, we may find that there are lots of efforts need to be done by businesses and entrepreneurs besides the government agencies in this regard. If we look at the above given factors, we will find that security is the prime concern of the customers or Internet users in Bangladesh. This article offer different suggestions on the ways to boost online shopping in Bangladesh therefore, this article may give you useful insights for further work in this regard.

Payza Bangladesh—PayPal Alternative in Bangladesh

At one hand, credit/debit cards are facing security threats everywhere and they are more pronounced in Bangladesh like country. At other hand, Bangladesh can’t allow cryptocurrency and other international payment methods where tracing where about of senders or sometime receivers are not available for security agencies. Thus, Payza is the fittest solution for the Bangladeshis and simulate the services of PayPal indeed!

Bangladesh is densely populated country, if we calculate population density per sq. km. Fortunately it has average age of 23 and its scrappy young generation heading towards rapid socioeconomic changes along with political ambiance. Awareness, education, and influence of entrepreneurs within and outside the country are bringing rapid changes in the lifestyle and the ways people think and behave.

Brick and mortar businesses are now converting to brick-to-click and e-commerce ventures by recognizing the upcoming trends and mood of Bangladeshis. Invasion of mobile Internet has made easy to go online and perform the desired online shopping from anywhere and at any time. Now, just tell me who would like to go outside to deal with traffic mesh and burn fuel albeit with wasting valuable time in moving shop-to-shop.

Obstacles in the Way

However, Internet shopping in Bangladesh is not quite easy, as it seems, literally in other countries particularly in western counterparts. In USA, you can use PayPal like payment gateways freely and securely whether you are a US citizen or not. Unfortunately, it is not true in Bangladesh because PayPal and others do willingly not exist in the economy. Bangladesh is highly sensitive and protective economy in Asia. Therefore, it avoids international players who become cause of dollar drains, instruments of terrorism, and adverse in the interests of the country at this stage.

Another reason is mindset of Bangladeshis who believe that each entrepreneur invests only for sake of fatty profits and they hardly place trusts on other money transfer or payment methods. For these very reasons, payment on delivery and brick-to-click like models resume much. Other factors such as opening merchant account and payment gateway account for a business or buyer is tedious to do.

Unique Nature and Condition of Bangladesh

At other hand, Bangladeshis love to do quick online shopping instead of waiting for long in traffic mesh. They love to have simple payment process even they don’t have permanent bank account. The demand for such extreme level simplicities without missing security concern of bank, people, and government was challenging to translate in solid reality.

Role of Payza Bangladesh

Fortunately, Payza Bangladesh has taken bid to create bespoken solutions for Bangladesh in its own circumstances. What Payza Bangladesh has done? It has implemented e-wallet concept where anyone can create account with Payza Bangladesh, simply by visiting a teller in bank or registering online by filling essential info and identity/authentication. You would have multiple options to topple money in your account in bank or online. 

Now, you are ready to do online shopping, transfer money to your relatives/friends, or withdraw money coming from others. If you have cryptocurrency and you want to covert it in Taka (local money), you can take help of Payza Bangladesh with minimum charges. In fact, this e-wallet concept absolutely eliminates the merchant account from the default online payment system and you have to just deal with a reputable international payment service provider in your local Bangladeshi environment with your own ways.

Bangladeshi PayPal

Payza Bangladesh is feasible solution for the exporter, non-residential Bangladeshis, and offshore service providers like software designers, developers, Internet marketers, and many. Perhaps, Payza Bangladesh is highly sought after solution for the outsourcing industry, which desperately needs Bangladeshi PayPal in absence of real PayPal.