The number of entrepreneurs in Bangladesh is increasing day by day. Everyone wants to be self-sufficient and economically independent. The revolution that was bought forth by the Internet with its broad spectrum of operation and utilization has undoubtedly graced the world of Economics and Business. Online businesses have been a big part of this. Thus, it is gaining immense popularity with each passing day. In Bangladesh, this is still a relatively new field of operation which comes with its own set of sizable opportunities. But this coin also has the other side with its own set of disadvantages.
Let’s start with the opportunities first.
Opportunities for online business in Bangladesh
- Numbers don’t lie:
In the end, it all comes down to numbers and there are a lot of them to chew on here. Being overpopulated, there are a lot of people in Bangladesh and with more people come more consumers, more clients, and more circumstances to effectively use your lucrative ideas.
- Less talk – more work:
The cost difference from a traditional office-based company and an online business is quite apparent. If you also consider the paperwork and other labors one has to go through to set up and maintain a physical premise in Bangladeshis’ socio-economy is quite a hassle. In terms of online business, securing a domain and setting up a website is minimal in comparison.
- A wider range keeps you running:
Physical businesses only have the novelty of a local area while an online business with proper systems in place can dispatch their products and services in a much wider radius. In Bangladesh, a minimal amount of transportation can be a hassle. Having a way to get the service at home can be considered a blessing.
- All art serves someone’s politics:
The political environment in Bangladesh for businesses, all things considered, has several negative impacts. Lacking proper support, corruption, extortion, poor law enforcement, etc. hampers the proper growth of a business. Online business has an advantageous leeway here for growth without being obstructed.
- Delivery makes orators succeed:
A big part of Bangladeshi business concerns available delivery services. Also, due to the physical labor rate being relatively low in Bangladesh, employing people can be quite cost efficient here.
Now let’s talk about the other side of the coin, Challenges:
Challenges of online business in Bangladesh
- The numbers Again:
More numbers indeed come with more opportunities but it comes along with more decisions. Considering between two or more investments is a challenging and sensitive part of finance, and its all the more pressure to consider here. With more people comes more competitors, with that comes a saturated market.
- Rumors grow as it goes:
Word of mouth is a non-representational concept that directly affects business. In relation to with online business in Bangladesh, online markets have already gained a bad reputation to some extent. It is widely believed online markets are not to be trusted. The online products and the actual products are always different in terms of quality is a believed fact here. This hampers the profitability of a business. Also, the term ‘Bad Publicity’ has to be in mind.
Hence, it is a great challenge to assure customers about the authenticity of online products.
- Impersonal communication works for those who work at it:
Communication is one of the most crucial parts of a business and customers are usually much fonder to deal with people face to face. In online business, the impersonal relationship between customer and provider hurts its acceptability thus its profitability.
- Credibility is a leader’s currency:
Due to the saturated market, the credibility of an online business is often questioned. With physical businesses trust and authority among customers is built and has a much more professional light to it. Not having any physical location creates a red flag concerning credibility.
- Not trying before buying:
Unable to try a product or a service before buying is a big deal-breaker. In the context of online business in Bangladesh, the people are really adamant about testing before transacting. This practice could be incredibly harmful. Being able to provide this service could be challenging for online entrepreneurs.
In retrospect, online business in Bangladesh has its fair share of unique advantages and drawbacks. When you think about it, nothing is easy. Your plate full of rice actually requires months of hard physical labor. Online business is no different. Properly utilizing and working around these opportunities and challenges is the key to a successful enterprise.