E-commerce technology is expected to become more popular with time passing by since its popularity is growing every day. With the drastic increase in the usage of the internet, e-commerce is becoming a more mature sector in the Asian countries recently. Emerging economies like Bangladesh are expected to become a mega sector for e-commerce in near future. According to the report of World Bank (WB), the economic growth rate of Bangladesh in 2017 was 6.8 percent where a significant contribution was from e-commerce. This number will increase even more in the nearest future as, by 2020, there will be 18.3 million internet subscribers in Bangladesh. Boston Consulting Group and Telenor have predicted that in few years 32% families of Bangladesh will have at least one internet connection. This will create a great impact on online purchase and e-commerce along with economic contribution.
Like other emerging markets, e-commerce technology is growing in Bangladesh exponentially. The growth is at a rate that may surpass the developed countries within a few years. As e-commerce achieves higher penetration rates in developing countries. Not only that but it will soon overcome obstacles to adopt the high-speed networks for faster Smartphone and shipping cost. It can be said without any doubt that Bangladeshi e-commerce market will see a huge growth in upcoming years with the massive change in the lifestyle of people and the introduction of new technology.
Let’s see what changes we might see in the near future with the E-commerce Technology In Bangladesh.
- Everything on mobile
E-commerce will basically shift towards the mobile devices because the traffic on sites from mobiles is 10 times greater than that on desktops. In near future, most of the e-Shoppers of Bangladesh will be using e-commerce service through mobile devices. This statement can be justified quite easily as the number of internet users in Bangladesh has crossed the 90 million remark already. Most of them access the web on mobile devices, according to the latest figures published by the telecom regulator. The number of mobile phone users has also increased to over 154 million. Large e-commerce companies are also moving towards for advanced experience of e-shopping on mobile devices. For example, Amazon’s shopping experience boasts of seamless, hassle-free and quick shopping options via mobile. Google is also working on the idea to make mobiles the sole of their indexing services. Bangladeshi local e-commerce companies will also adopt these concepts very soon and become more mobile friendly. nopStation is one of the best company for e-commerce mobile app development in Bangladesh.
II. E-commerce with ERP integration
By integrating current and future eCommerce capabilities, a company can avoid the bottlenecks associated with a complex sales cycle. ERP and eCommerce integration automates the flow of data about items, inventory, orders, customers and other pertinent sales records between independent systems for an overall improved process. ERP integration with e-commerce is getting popular among the global e-commerce businesses. Many renowned e-commerce companies in Bangladesh is already using ERP integration with e-commerce platforms. In near future, we will see this use even more.
III. Consumers will be more active in social media shopping
Social media shopping in Bangladesh is increasing at an exponential rate. This rate will be higher in the coming future as there are more and more new business groups adding in social media platforms. People will get all their necessary items on social media pages and groups and social media can be another big platform for e-commerce service. Social media shopping has the potential to make more revenue than traditional e-commerce sites.
IV. Purchasing through online payment system
Online payments system in Bangladesh is getting more enhanced day by day. People still don’t have much faith in the online payment system. But the scenario will massively change in near future as the security has been increasing rapidly day by day in this sector. Mobile banking Companies like bkash, Nagad, and DBBL rocket with other online banking systems are gaining the trust of people and encouraging them to do all their transactions online. Once the infrastructure is more matured and people feel more secure with it, online transactions will increase in a big way. This will affect the e-commerce industry of Bangladesh in a very positive way as people will be able to purchase and pay products more easily.
- Touch-based experiences
The increasing use of multiple mobile devices has raised the bar for user experience in Bangladesh. Mobile devices are now mostly touch-operated thus it will pave the way for the touch experience. Augmented reality will enable a user to feel an object, touch it, move it, similar to the function one does at a brick store. In the e-commerce industry, buyers have to judge on the basis of flat images. In the near future that would be changed to 3D images, providing the glimpse as if the nonexistent object is placed right in front of the user. Many Bangladeshi companies have already started working on designing and developing this type of user experience for the e-commerce industry. Brain Station 23 has been a pioneer in this segment. You can check their AR/VR products here.
Brain Station 23 has developed a Augmented Reality based product for E-commerce industry
VI. Technical infrastructure
As the market is getting bigger day by day, the technical structure of e-commerce platforms in Bangladesh will get more advanced in the near future. The websites will get more strong, secure and fast to cater the increasing number of customers. To launch e-commerce sites does not always mean that those websites must be hosted by servers in local markets. Many times, it is not possible due to the local infrastructure limitations. Latency issues are usually common when robust solutions are used which can not smartly distribute the load of a server. To solve these issues in Bangladesh, technologies like Cloud services will get more popular to host e-commerce websites. Financial technologies will also use more to make the payment gateways more easy and secure. Brain Station 23 is providing the best cloud services and fintech services in Bangladesh. You can check their services here.
VII. Better governance
In near future, we will see more and more e-commerce platforms operating in Bangladesh. The government of Bangladesh is considering the e-commerce sector as one of the most prospective business sectors. This sector is already gaining major support from the government. On a mission to implement the vision of digital Bangladesh, uplifting the e-commerce industry is one of their key areas. The government of Bangladesh is trying to bring more and more foreign investments and help the new e-commerce entrepreneurs. They are also trying to create a level playing ground for the e-commerce industry by setting up advanced internet infrastructures and encouraging big companies to shift into e-commerce. The rules and regulations for the e-commerce business are also getting more flexible and advanced which will help the industry grow more rapidly.
VIII. Increase of global shipping
The amount of global shipping in Bangladesh will increase more in the future as the retailers in Bangladesh have a limited stock of goods. Due to which domestic e-commerce companies most likely won’t be able to supply the increased demand for various types of products to the local market. As a result, People will be ordering more and more international products via international e-commerce platforms. For example- International e-commerce sites like Aliexpress, Shadmart, and Amazon are already very popular in Bangladesh. In near future, they will be more popular among the e-shoppers of Bangladesh.
IX. Automatic delivery
Delivery process of the products purchased from e-commerce platforms will be automated in Bangladesh in near future. This technique allows delivery associates to deliver parcels using delivery drones and automated shipping trucks. Amazon has already tested this feature to deliver a package using a drone in India (Bengaluru) which is the neighboring country of Bangladesh. This can reduce fuel costs, save delivery time and enhance customer experience. It’s a matter of time that we will see the same technologies in Bangladesh as well.
Automated delivery devices like delivery drones will see in Bangladeshi market very soon!
As indicated by market analysts, This growing market will not only improve the economic structure of Bangladesh but also bring changes in e-commerce technology, infrastructures, lifestyle and service industry of Bangladesh. With all the possibilities and ever growing fast pace improvement Bangladesh is set to be the next Asian tiger of the e-commerce industry.