How E-commerce Will Boost National Economic Growth?
E-commerce, just like other types of businesses, provides enormous opportunities to sellers as well as buyers. So how can it boost national economic growth? Well, the 24/7 business makes it possible for the business to reach a wider audience everywhere. This means that there will be more revenues that will be generated through tax. Secondly, e-Commerce is one of the sectors that stimulate economic growth by providing better employment opportunities for those people who aren’t employable by bigger corporations. It’s a sector that’s expected to be the backbone of the national economy.
Who is Showing Interest in this Sector?
Most people who are interested in this sector are the young & educated people who want careers that are business-oriented or busy professionals who want convenience when it comes to shopping. First, young professionals who are employed (or not) are usually looking for alternative sources of income with minimal overhead costs. E-Commerce is one of the sectors that make this possible. It requires very little overhead costs and its market reach is big. Additionally, the tech-savvy younger generation is always looking for products that are affordable and also enterprises that provide simple and convenient shopping experience due to their busy lifestyles. This is something that online shopping offers.
Can E-Commerce Live Up to its Promise in Bangladesh?
Globally, the e-Commerce sector is expected to grow massively. But can Bangladesh live up to this? Well, Bangladesh is one of the places in the world that is making huge steps towards technology advancements. This city is going to live up to its e-Commerce promise. First, various government organizations, as well as federations, are incorporating e-Commerce in their policies. There are also institutions that are providing entrepreneurs with the necessary skills which they need in order to do business online. Additionally, the government is also supporting SMEs, which are the backbone of the economy. Note that SMEs form the basic foundation of large industries. Overall, online business is expected to grow up the global standards as the business, as well as other organizations, provide the necessary tools which will help to accelerate its growth.
A good example of an online shop bd (Bangladesh) is Banglashoppers. This e-Commerce offers consumers numerous types of cosmetic products. As one of the biggest retail chains in Bangladesh, Banglashoppers offers consumers genuine and world-class cosmetic items which are imported from countries such as China, USA, Germany, Canada, and England.
This retail outlet has different product categories which include Makeup Shop, Health & Beauty Shop, Grooming Shop, Fashion Accessories, Hair Care Shop, Bath & Body Shop, Perfume Shop, Kids & Baby Shop etc. The Makeup Shop, for instance, contains products from renowned brands such as W7, Jeffree star cosmetics, Ofra etc. Health & Beauty Shop stocks products from the Orchid Skin, Osiris, and Creighton’s etc. while the Grooming Shop features Cala hair brushes, Toppik hair building fibers, W7 cleansing pads. In addition to those, the Fashion Accessories from Ardell, W7, NYS Collection, and Sigma include the lash applicator, lash curler, contact lenses, and sunglasses. This online shop bd has made searching and shopping for cosmetic products to be very simple and easier.
Pros and Cons of Shopping Online
Pros of Online Shopping
More and more people are being drawn to internet shopping thanks to smartphones/computers and good internet access. The concept of buying items online is now widely accepted by many people due to the benefits which it offers and they include:
- Convenience in that you can shop at any time from anywhere.
- You can easily compare the prices of a product from different sites.
- The products are usually affordable due to discounts.
- You can get notified of upcoming sells which you don’t want to miss.
- There is a wide range of products to choose from.
- Easy and better access to reviews from different consumers.
The Cons of Shopping Online
Online shopping is good but it also comes with hurdles. Technology has bought good and bad things and this has also affected e-Commerce. There are various reasons which deter some people from purchases commodities online. They include:
- Lack of physical touch or feel of the product.
- It takes time before the product can be shipped to your premises.
- There are numerous security breaches and you might be easily scammed by online frauds.
- You need to have a credit or debit card in order to make purchases.
Online-Shopping and E-Commerce worldwide: Statistics & Facts
The most popular type of e-Commerce is Business to Consumer i.e. B2C. This means that most people make online purchases from the Bricks and Mortar retailers e.g. Walmart and web giants such as Amazon. Statistics show that online retail sales in the global market are rapidly growing and it’s expected to reach around 8.8 percent of the total retail-spending in 2018.
E-Commerce will continue to grow as technology evolves. Currently, billions of products are being shipped around the world annually and this number is still expected to grow much higher. Bangladesh is one of the fastest growing cities in the world and with better internet access as well as payment options, this sector is expected to promote the economy of this city.