When Bangladesh Stepping into Arena of E-Commerce

Despite tons of hurdles in the way of overall growth of country, Bangladesh is encompassing wider range of technologies and e-commerce growth is its evidence. Bangladesh is stepping into arena of e-commerce slowly, but surely and steadily. It is the e-commerce performance for B2C category, which seems much promising and needs focus. Let’s check what it actually needs.

Bangladesh is considered as an under privilege country with high density population, high rate of illiteracy, high poverty rate, and scanty infrastructure to adopt advance technologies that most of the countries in the world enjoy. Despite such hindrance, today country has 7 million Internet users with more than 200 ISP and 100 million mobile Internet users. Nearly one million Internet users enjoy Internet and mobile banking services subscriptions and contributing nearly 100 core transactions each month.

Factors Favoring Online Shopping Trends
This big volume of Internet users have boosted the growth of e-commerce in unprecedented volume and more than 2500 online shops or say e-storefronts are operating in Bangladesh. Each prosperous brick-and-mortar store is enjoying an online identity offering online shopping or e-transaction facilities for online shoppers. No doubt, the growth of Internet is not one-day or one-year miracle, but the consistent efforts of government, international trade and other organization, contribution of world banks and finance institutions, and finally, contribution of Bangladeshi entrepreneurs residing outside the country.

Initiatives Made to Sustain Online Shopping Growth
Government had made target of “Digital Bangladesh in 2012” and provided all sorts of legal, financial, and infrastructural support to boost the online shopping infrastructure and intentions among the citizens through various nodal agencies. Banks in Bangladesh have formed a common platform to ease the lives of Internet shoppers and money transactions needy Bangladeshis within and outside the country. Recent collaboration of banks with Payza Bangladesh like payment gateway service providers are giving solid evidences of the good intentions of the country and its people to keep pace with time and modernize the society by-and-large.

If we look at the recent development, we can realize that Bangladesh is stepping into arena of e-commerce growth with solid infrastructure.

• Licenses issued to the maximum WiMAX services
• Licenses issued to the VoIP operators by BRTC
• Some additional IIG licenses issued by BRTC
• Permission for upgrade network to TD-LTE for Banglalion and Augere 

Besides these, recent onslaught of mobility have solved many problems indirectly like affordability of computing devices and spreading wired network because mobile devices are cheaper alternative against standalone desktops or laptops with limited mobility. Advent of 3G/4G technologies has solved connectivity issues at greater extents. Introduction of Payza like payment gateway provider in Bangladesh have eliminated the needs of bureaucrats in money transactions or remittance for Bangladeshis sending or receiving money from and to the country.

Nature of Online Shops in Bangladesh
Besides government services, ticket bookings for rail, air, or land transports are optimum usage of e-commerce or e-transactions. Various industries including garments, hospitality, travels, job market, outsourcing, groceries, retails, and many essential commodity businesses are witnessing a big surge through their online shopping opportunity services. In due course, following e-commerce or say online shopping websites are witnessing high revenue turn over.

•  Bikroy
•  Akhoni
•  Cellbazaar
•  ClickBD
•  BDjobs
•  Rokomari
•  And many others 

If we closely examine, majority of online shopping services were C2C nature in recent past, but now B2C types of online shopping is becoming trendy. Reasons are obvious as payment system for online shoppers is becoming more secure and safe against other delivery and collection methods in past traditions. Today any citizen can use her bank account to topple money in Payza Bangladesh account and easily as well as quickly make online payments with the cheapest rates in the world.

Thus, Bangladesh is becoming a paradise for online shoppers gradually and heading towards a bright as well as promising future.

Fashion and Gadget Trends in Internet Shopping in Bangladesh

Bangladeshis are enjoying proliferation of online shops for their diverse needs. Among these shops, fashion and electronic gadget selling are trendier and benefiting two parties, the sellers and the buyers in many respects. Let’s see who is offering what in this online businesses.

In these days, Bangladesh is observing phenomenal growth of Internet usage due to smartphone craze. Of course, endeavors of governments and some entrepreneurs, in recent past, have begun to yield sweet fruits in form of increased e-commerce and other online activities involving many critical e-transactions.

Being a poor and deprived country, Bangladesh was lagging behind in the modernization race in recent past. Fortunately, many non-resident and resident Bangladeshis have tried hard to uplift the face of country by investing in diverse commercial activities. Thus, today Internet shopping in Bangladesh is enjoying special status and range of businesses/industries are coming up with their online identity by breaking many old barriers of trades.

Surveys on Internet Shopping in Bangladesh
Recent surveys on the Internet shopping behavior in Bangladesh had revealed many facts. Upon analysis of traffic, purchase tendencies, actual conversion, and status of Internet shops in Bangladesh have shown that Bangladeshis are getting maturity for Internet usage rapidly and online businesses are making good profits despite fierce competitions amongst them.

International Players
They have identified two areas as fast growing niches and they are fashion and electronic gadgets. For instance, Kaymu online shop is offering range of items for fashion, e-gadgets, kids, home appliances, and sports in nutshell at highly competitive rates. Kaymu is offering robust online shopping experiences with its advanced e-commerce technologies and worldwide network in multiple countries.

Local Players
However, local players are not lagging behind much in this e-commerce race and they are offering unique Internet shopping experiences with locally personalized scents. For example, Fortuna is a leading online shoe and bag store in Bangladesh and providing the optimal blend in style, quality, and affordability in footwear related items and their accessories by respecting local fashion trends.

As far as we are talking about the local players Chowdhury electronics is good option as online electronics store in Bangladesh. Bangladesh shoppers is one of the big harbors for retail items and hardly leave any essential items that we need in day-to-day course like groceries, households, fashion and apparels, health and beauty, kids related items, furniture, mobiles, PCs, machine and auto parts, etc. to name some. Nittodin is customer-centric marketplace with superb technologies and user experiences in form of highly personalization.

Secretes Behind the Success
Surveyors have noticed one more interesting thing, behind the success of these above described e-commerce stores. They have adopted highly secure payment gateways and payment methods, suitable to the tastes of Bangladeshi including Payza like big players. Thus, they respected the ultimate security related needs of Bangladeshi Internet shopping folks. Another factor was that they offer online shopping with home delivery and this is particularly true for online gift shops in Bangladesh.

Payza Bangladesh Provides Different Account Types for Sending and Receiving Money

Whether you wish to send or receive money online, accept payments for your sold products or services, or even managing businesses online, you need to have Payza account customized to meet your needs. Let’s check the account types and their benefits in e-transactions.

Bangladesh is a tiny country, but growing economy on the world map. Government, infrastructure, and Bangladeshis are growing mature over the time and trying to keep pace with advent of technologies. Today, Bangladesh has huge mass of migrant population outside the country that is fueling the native economy by sending money, work, and entrepreneurs in different modes.

Thus, the lifestyle of the average Bangladeshi is improving and modernization getting ways ahead. The ultimate side effect of this is in the growth of e-commerce and e-transfer activities using modern technologies and tools. Mobile and 3G/4G like communication forms have made Internet ubiquitous and easily accessible in the hands of poor to rich strata of society.

Role of Unique Payment Gateways

In wake of increased sending and receiving money interactions, Bangladesh needs customized and unique payment gateway solution providers who understand the goals of government and people by-and-large. Fortunately, Payza has taken bid to ease the sending and receiving money interactions of Bangladeshis online. In fact, Payza Bangladesh is integrating the latest and excellent payment gateway technologies in its offerings, exclusively for Bangladesh, time-to-time and going to offer different types of accounts with different sets of features and functionality.

Payza accounts allows users, who wish to do limited money exchanges in form of sending or receiving money across the world covering approx more than 190 countries. The Payza account types permit users to receive money with little fees in compared to other quality players and let them send money for zero fees. For non-residents Bangladeshis, nearly 21 currencies are available as options to send money in Bangladesh by converting them in Taka. Apart from these, these account types support various incentives and referral programs offered by Payza enabled merchants and other referrals.

Type #1: Personal Account
This account type is the most appropriate option for tech-savvy users. As, it lets them to sell/buy online, accept or make payments using credit/debit cards, users can send invoices to their customers if they use this account for business purposes, this account also let them to customize payment process, and send them instant notification on each interactions of either side. Of course, this type of account holders has to bear negligible or small amount of fees for sending and receiving money online or through e-transactions.

Type #2: Business Account
As its name suggests it is exclusively for businesses and enterprises, which have to manage one or more businesses and augment their brands using business names in all sorts of transactions. Therefore, this type of account gives all needed features and functionality for a reputed and intricate business whether doing e-commerce or working on Internet for multiple purposes. No doubt, Payza Bangladesh is recurring fees for such account worth the services it offers, but cheaper in compared to other players in the market for the same user experiences.

If you have any questions or comments, we invite you to share them with us by leaving a comment below or joining us on our Payza Facebook and Twitter pages.

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.

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.

Supporting Framework for Online Shopping in Bangladesh

Online shopping can only flourish in the presence of solid supporting frameworks and adaptability of the people. In Bangladesh, infrastructure development for e-commerce had slow pace in the past, but recent moves of the government and awareness of people have made rapid changes. New generation entrepreneurs have fueled the changes by introducing various e-payment mechanisms with desired security and robust experiences. Let’s go through the past and recent developments.

Today the reach of Internet seems rapid due to proliferated use of handheld and wearable devices. Smartphones and tablets have made Internet ubiquitous and accessible round the clock from anywhere. Therefore, various commercial activities taking place on the handheld devices and the most beneficial segment is e-commerce.

Unfortunately, the fruits of these tech advancements are not dispersed equally in the rest of the world. Bangladesh is one of the countries, which lagged behind in the tech race, due to its adverse political and social situations. Telecommunication and Internet technologies are backbones of e-commerce development in any country and Bangladesh has slow pace of development in this regard. Therefore, Internet access is uneven and limited to specific regions as well as up to specific segments of society.

Deficiencies of Infrastructure

There are visible deficiencies of infrastructural support framework in forms of :

• Poor electricity network resulting into poor supply
• Low affordability of online shopping components such as Internet affordability, computing devices’ affordability, and handheld devices affordability have restricted its reach up to affluent class of the society
• Low literacy level also affecting the usage of Internet and acceptability of online shopping in Bangladesh 

Online Purchase Framework

 It is true that the proliferation of online shopping and online money transaction activities greatly depending on the online purchase framework and the ultimate components of this framework are:

• Purchase Intentions
• Purchase Adaptation
• Purchase Continuance 

These purchase related factors have direct relationships with the behavior and several characteristics such as:

• Consumer Characteristics: Their life style, motivation, knowledge, innovativeness, involvement, demographics, etc.
• Product/ Service Characteristics: The product knowledge, product type, layout, frequency of purchase, tangibility, differentiation, price etc.
• Medium Characteristics: web design, navigation, ease of use, interface usefulness, reliability, security, etc.
• Merchant and Intermediary Characteristics: Service quality, privacy and security control, brand reputation, delivery /logistics, after sale service, incentive, etc.
• Environmental Influences: The culture, subjective norm, exposure, attention, image, etc.

If you closely look at these characteristics, you will find that many of them are at backward conditions or lacking at all and its reasons are obvious:

• Poor national level public key infrastructure
• Distrust regarding to secure e-transactions whether in local or international currencies
• Social and technical challenges
• Lack of legal framework to support

Recent Progress in Bangladesh
Fortunately, in recent past, government and many entrepreneurs within Bangladesh or from foreign countries who have taken deeper interest in the development of online shopping framework in Bangladesh, By being Bangladeshi (citizens/origins) these entrepreneurs have brought some progressive changes by influencing government policies, investing in e-commerce and allied sectors, and changing the mind set of people by-and-large.

For instance, medium characteristics and merchant or intermediary characteristics as mentioned above are contextual and you can see some through changes. Today software developer community of Bangladesh is competing with its neighboring rivals like India and Pakistan at outsourcing fronts. Thus, they are indirectly improving the quality of above mentioned components of supporting framework for e-commerce development. Same way, trusted payment gateway providers are helping not only national level e-transactions, but also improving the user experiences of Foreign exchanges coming from various sources.

If political stability persists and tendency of people improving regarding to online shopping in Bangladesh, days are not far away that shine the overall economy of Bangladesh and lifestyle of the people.

RESOURCE

This article focus on the supporting framework for online shopping in Bangladesh that will give useful insights to web developers as well as entrepreneurs venturing in to e-commerce niche.

Technical Aspects of Online Shops in Bangladesh

Online shops designing and development technologies targeting smartphones and now wearable devices in advanced countries, but their penetrations in Bangladesh like developing countries are still limited and need revisits on existing technologies itself. Let’s go through the contemporary technologies used in the development of online shops in Bangladesh and their future.

Our expectations over contemporary modern Bangladesh e-commerce development may seem overwhelming. However, present awareness of people, interests of government, and efforts of entrepreneurs have changed entire scenario. No doubt, B2B have bright future due to exports with foreign countries of the rest of the world. In fact, B2G has the highest share, as government is the biggest buyers of the goods and services using online roots and people take benefits of it in return.

Technical Aspects of the growth of the online shops in Bangladesh

Now, we have clear picture of the target audiences and path of growth of e-commerce storefronts in Bangladesh. If we are going to explore the technical aspects involved in the e-commerce growth at present, we may find following things.

• Server Technologies is growing, but at slow pace, due to challenges of modern changes in hardware as well as software in this niche

• Connectivity is improving at good rate because of introduction of 2G/3G technologies for the mobile and other users. This improvement has reduced the burden over cable network and forced services providers to be competitive without declining quality further

• Designing and development technologies are at the fastest pace because outsourcing industry is observing phenomenal growth. Entrepreneurs have enough options for the selection of programming language, OS platforms, responsive designing, and money transaction facilities or payment methods/payment gateways

Programming and Databases Management

 Affordability is the main detrimental factor for the spread of e-commerce or Bangladeshi online shopping websites, open source is the ultimate solution for that and PHP is obvious one. Initially majority of online storefronts in Bangladesh have adapted primitive PHP open source software like OsCommerce, X-cart, Zen Cart, etc. At present, we can see introduction of BigCommerce, WooCommerce, VirtueMart, and mainly Magento changing the landscape of online stores for B2B, B2C, and B2G sectors alike.

At Present:

• Majority of online shops in BD are responsive and offering advanced features as well as functionality for perfect e-commerce experiences. 

• Advance search, quick and secure check out, reliable payment methods, personalization, and superb database management for small to big data is promising traits of the present e-commerce websites or web portals in the BD. 

• Adaptation and implementation of modern encryption technologies have made e-transactions secure and safe at all levels.

RESOURCE

At present B2C ecommerce is taking off and hitting new targets rapidly despite its slow growth in the past. This article will give you useful insights on the recent progress of IT software development technologies for the online shops in Bangladesh

Payza Bangladesh - Makes You Save on Sending Money Anywhere

Payza Bangladesh has introduced quite simple yet powerful services under the feature of instantly send money to your loved ones with the least charges existing on the planet for such services. This also breaks the myth of digital divide through technological advancements.
‘SimplySendBD’ where you can

Role of Mobiles

The recent onset of mobile devices usage among all the strata of the society including Bangladeshis, have raised the hopes of some feasible solutions using mobile network. Except smartphones, most of the mobiles are affordable and easy to use for the low-literate Bangladeshis. Initially, it was considered as the dividing technologies for poor and rich. Unfortunately, reverse became true and mobile have filled up the gaps.

Today M-Banking is gaining ground in third world country and easy access of Internet through mobile devices have created a place for big payment gateways to enter in these low-strata population of society easily. Just as Indian government has done in Andhra state, Bangladesh is going to implement its G2P payment system using the modern tools and technologies including mobiles and G3 connectivity.

Cost-Effective Sending Money Options

Fortunately, some entrepreneurs have initiated wise and advanced steps towards this direction and Payza Bangladesh is a front-runner. Payza has made sending and receiving money cheaper and quick through SimplySendBD because you don't need to spend more than 2% or $10 even if you want to send $2K. Apart from cost-effectiveness, easy topping options and quick delivery through various modes including cash pickup and home delivery. In due course, Payza Bangladesh has established 5K retail locations across the country.

Inexpensive and convenient remittance options have made receiving of huge aids like $1.4 billion from developed countries quite easily and affordable. This is a significant improvement in alleviating poverty program. Besides foreign aids, migrant Bangladeshis send approx $11.65 billion money to their home county in one year.

These SimplySendBD and e-wallet like features/schemes of Payza Bangladesh is one of the welcome steps towards empowering this emerging economy. Thus, Payza Bangladesh has created conductive environment for the e-commerce in Bangladesh where anyone can pay, send, and receive money at the comfort of their home and within the shortest laps of time.