Online shopping adding flair to the market

This year the Eid Shopping started as early as in March, three months ahead of actual celebration of the Eid festivals. The various online stores started the campaign with the week end exhibitions in the various clubs, hotels and the auditoriums across the major city corporations and municipalities. From clothes of all prints and fabrics to assorted collection of jewellery that seem to be unending; from trendy shoes to internal decoration, from groceries and specific delicacies to holiday destination and travel bookings, a whole lot is offered on sale via online shops. A wide variety of assortments are on the offer to satisfy the demand of the consumers. With convenience majorly working in its favour, online shopping has indefinite perks. Ducking the hot summer and rain soaked huff and puff, daring to venture out the notorious traffic in the congested streets; online shopping provides the respite of shopping from ones convenience at home.Home delivery, a welcome addition to the comforts certainly add up to a shopaholic mindset. The online advertisements providing the detail specification of the goods and services offered make the varieties of choices available and time for careful research. The benefits of cash on delivery to further make your lives easier and special Eid clearance sales and exclusive discounts are always there to lure you. The online payments either through cards or cash at ones doorsteps also add to the security features. The volume of online Eid shopping in Bangladesh has more than doubled in 2016 compared to the previous year's, with many opting to buy products online to avoid nagging traffic jam and mad rush at shopping malls. More than 20,000 purchases a day are being made on the country's e-commerce market during this Ramadan against 10,000 last year, according to market insiders. In fact, the volumes this year has more than doubled since 2016. In 2009 Bangladesh bank approved online payment and in 2013 the bank approved the use of Debit and Credit card for online payment. The eCommerce Association of Bangladesh is the trade body for eCommerce in Bangladesh. According to the association there is 8,000 eCommerce  page in Facebook alone. The growth of the industry has been inhibited by low usage of credit and debit card, and the unavailability of PayPal. In 2016 the government of Bangladesh opened eCommerce sites for every district in the country. The same year, FBCCI recommended removal of tax on eComerce.Ten billion Taka transaction take place through eCommmerce site per year according to a 2017 report. This segment grew through the growth of home-delivery of food, companies like HungryNaki and FoodPanda. There are other companies based in Facebook which allows people in Bangladesh to buy products from USA, UK and India. The majority of the transactions are carried out through Cash on Delivery.

The history of development of ecommerce is a fascinating story. The ARPANET in 1971 was used to arrange a cannabis sale between students at the Stanford Artificial Intelligence Laboratory and the Massachusetts Institute of Technology. In 1979, Michael Aldrich demonstrated the first online shopping while in 1981,Thomson Holidays UK established the first business to business portal. Minitel, a concern of France Telecom was rolled out for online ordering. CompuServe, the first comprehensive electronic commerce service was launched in North America (USA and Canada). Jeff Bezos launches Amazon, while in UK the same year, CompuServe integrate online marketing with WH Smith, Tesco, Virgin Megastore, Great Universal Stores, Interflora,  Past Times, PC World and Innovations. In 2015, Amazon  accounts for more than half of all e-commerce growth, selling almost 500 Million SKU's in the US E-commerce helps create new job opportunities due to information related services, software app and digital products. At same time, it also causes job losses as it replaces traditional shopping and do not need amount of in-store staff. Accompanied with the e-commerce development, it requires broader range of skills in digit, technology and information base. The employees should be capable at dealing with large number of customers’ demands and order process. Therefore, it increases the demand of employees with high skills and specialised expertise as well as increases the wages for this group of people. In contrast, people who with poor technical skills cannot enjoy the wages welfare. On the other hand, because e-commerce requires sufficient stocks that could be delivered to customers in time, the warehouse become an important element. Warehouse needs more staff to manage, supervise and organise, thus the condition of warehouse environment will be concerned by employees.Along with the e-commerce and its unique charm that has appeared gradually, virtual enterprise, virtual bank, network marketing, online shopping, payment and advertising, such this new vocabulary which is unheard-of and now has become as familiar to people. This reflects that the e-commerce has huge impact on the economy and society from the other side.For instance, B2B is a rapidly growing business in the world that leads to lower cost and then improves the economic efficiency and also bring along the growth of employment.

The telecom framework of any nation influence the Internet benefits by and large, cause it is energetically trusted on it. The telecom selection rate brought generously up in the late years, significance more individuals are near the edge of utilizing e-business or tune in e-trade occupations or activities. The quantity of web utility recipient is increasing in Bangladesh. In 2000, the quantity of web endorser was near 30000, which is later starting 2010) near 995,560. This addition in web utilization set off the utilization of different e-business destinations past communicated in this task. Logical development of web populace and use of its plausibility in isolated divisions prompt Bangladesh to be bothered with data super express way, in this way finding out business and exchanges over web has been too simple especially for B2B area. In spite of the fact that double dealing is subsisted among different partners of distinctive nations around the globe in joining in electronic correspondence and the pattern, exchanges, size and volume of exchanges are changed. It is unmistakable that the created nations like USA and Europe are currently the business sector pioneer of e-trade. The exceptional favorable circumstances of e-trade like, Opportunity to operations, simple worldwide achieve, lower expense of procuring, serving and holding clients, simple to fabricate an expanded undertaking, enhance client administration and de-intermediation entice the world business group to receive e-trade. Basing on a broad study examining e-business opportunities through an organized examination instrument the study will report Lower correspondence cost, Easy worldwide achieve, Increase client base, Increase deals, upgrade organization picture, Achieve future business potential are the significant advantages of e-trade reception in Bangladesh.  

The present condition of the administrative environment in the monetary and mechanical divisions of Bangladesh.

The writer, a banker by profession, has worked both in local and overseas market with various foreign and local banks in different positions

 

 

Online shopping adding flair to the market

This year the Eid Shopping started as early as in March, three months ahead of actual celebration of the Eid festivals. The various online stores started the campaign with the week end exhibitions in the various clubs, hotels and the auditoriums across the major city corporations and municipalities. From clothes of all prints and fabrics to assorted collection of jewellery that seem to be unending; from trendy shoes to internal decoration, from groceries and specific delicacies to holiday destination and travel bookings, a whole lot is offered on sale via online shops. A wide variety of assortments are on the offer to satisfy the demand of the consumers. With convenience majorly working in its favour, online shopping has indefinite perks. Ducking the hot summer and rain soaked huff and puff, daring to venture out the notorious traffic in the congested streets; online shopping provides the respite of shopping from ones convenience at home.Home delivery, a welcome addition to the comforts certainly add up to a shopaholic mindset. The online advertisements providing the detail specification of the goods and services offered make the varieties of choices available and time for careful research. The benefits of cash on delivery to further make your lives easier and special Eid clearance sales and exclusive discounts are always there to lure you. The online payments either through cards or cash at ones doorsteps also add to the security features. The volume of online Eid shopping in Bangladesh has more than doubled in 2016 compared to the previous years, with many opting to buy products online to avoid nagging traffic jam and mad rush at shopping malls. More than 20,000 purchases a day are being made on the countrys e-commerce market during this Ramadan against 10,000 last year, according to market insiders. In fact, the volumes this year has more than doubled since 2016. In 2009 Bangladesh bank approved online payment and in 2013 the bank approved the use of Debit and Credit card for online payment. The eCommerce Association of Bangladesh is the trade body for eCommerce in Bangladesh. According to the association there is 8,000 eCommerce page in Facebook alone. The growth of the industry has been inhibited by low usage of credit and debit card, and the unavailability of PayPal. In 2016 the government of Bangladesh opened eCommerce sites for every district in the country. The same year, FBCCI recommended removal of tax on eComerce.Ten billion Taka transaction take place through eCommmerce site per year according to a 2017 report. This segment grew through the growth of home-delivery of food, companies like HungryNaki and FoodPanda. There are other companies based in Facebook which allows people in Bangladesh to buy products from USA, UK and India. The majority of the transactions are carried out through Cash on Delivery. The history of development of ecommerce is a fascinating story. The ARPANET in 1971 was used to arrange a cannabis sale between students at the Stanford Artificial Intelligence Laboratory and the Massachusetts Institute of Technology. In 1979, Michael Aldrich demonstrated the first online shopping while in 1981,Thomson Holidays UK established the first business to business portal. Minitel, a concern of France Telecom was rolled out for online ordering. CompuServe, the first comprehensive electronic commerce service was launched in North America (USA and Canada). Jeff Bezos launches Amazon, while in UK the same year, CompuServe integrate online marketing with WH Smith, Tesco, Virgin Megastore, Great Universal Stores, Interflora, Past Times, PC World and Innovations. In 2015, Amazon accounts for more than half of all e-commerce growth, selling almost 500 Million SKUs in the US E-commerce helps create new job opportunities due to information related services, software app and digital products. At same time, it also causes job losses as it replaces traditional shopping and do not need amount of in-store staff. Accompanied with the e-commerce development, it requires broader range of skills in digit, technology and information base. The employees should be capable at dealing with large number of customers demands and order process. Therefore, it increases the demand of employees with high skills and specialised expertise as well as increases the wages for this group of people. In contrast, people who with poor technical skills cannot enjoy the wages welfare. On the other hand, because e-commerce requires sufficient stocks that could be delivered to customers in time, the warehouse become an important element. Warehouse needs more staff to manage, supervise and organise, thus the condition of warehouse environment will be concerned by employees.Along with the e-commerce and its unique charm that has appeared gradually, virtual enterprise, virtual bank, network marketing, online shopping, payment and advertising, such this new vocabulary which is unheard-of and now has become as familiar to people. This reflects that the e-commerce has huge impact on the economy and society from the other side.For instance, B2B is a rapidly growing business in the world that leads to lower cost and then improves the economic efficiency and also bring along the growth of employment. The telecom framework of any nation influence the Internet benefits by and large, cause it is energetically trusted on it. The telecom selection rate brought generously up in the late years, significance more individuals are near the edge of utilizing e-business or tune in e-trade occupations or activities. The quantity of web utility recipient is increasing in Bangladesh. In 2000, the quantity of web endorser was near 30000, which is later starting 2010) near 995,560. This addition in web utilization set off the utilization of different e-business destinations past communicated in this task. Logical development of web populace and use of its plausibility in isolated divisions prompt Bangladesh to be bothered with data super express way, in this way finding out business and exchanges over web has been too simple especially for B2B area. In spite of the fact that double dealing is subsisted among different partners of distinctive nations around the globe in joining in electronic correspondence and the pattern, exchanges, size and volume of exchanges are changed. It is unmistakable that the created nations like USA and Europe are currently the business sector pioneer of e-trade. The exceptional favorable circumstances of e-trade like, Opportunity to operations, simple worldwide achieve, lower expense of procuring, serving and holding clients, simple to fabricate an expanded undertaking, enhance client administration and de-intermediation entice the world business group to receive e-trade. Basing on a broad study examining e-business opportunities through an organized examination instrument the study will report Lower correspondence cost, Easy worldwide achieve, Increase client base, Increase deals, upgrade organization picture, Achieve future business potential are the significant advantages of e-trade reception in Bangladesh. The present condition of the administrative environment in the monetary and mechanical divisions of Bangladesh. The writer, a banker by profession, has worked both in local and overseas market with various foreign and local banks in different positions