Business
Top Insurance Companies in Bangladesh in 2021
Insurance companies have been around since the pre-independence period in Bangladesh. However, it started to pick up traction after independence when all the insurance companies were nationalized. From the 80s, the competitive landscape grew again after the inclusion of private companies. Today there are over 62 companies that offer insurance over various schemes. So, which ones are the best insurance companies in Bangladesh in 2021? Let's have a look.
Top Bangladeshi Insurance Companies in 2021
Metlife Insurance Co Ltd
Formerly known as American Life Insurance Company Ltd, Metlife Insurance started its journey in 1952 in the country. Over the years, the company has established itself as one of the most reliable insurance companies in the country. The company has over 1 million clients in Bangladesh and a robust workforce of over 16000 employees.
You can choose from a range of services offered by Metlife. Their primary services include Individual Life Insurance, Education Protection Plan, Retirement Plan, Accident, and Health as well as Employee Benefits. The financial strength of the company is also noteworthy as it holds an AAA rating. As the largest insurance company in Bangladesh, Metlife is leading by example when it comes to clients as well as employee satisfaction.
Also Read: Best Credit Cards in Bangladesh: A Comparative Analysis
Jiban Bima Corporation
Jiban Bima Corporation or the Life Insurance Company is the state-run insurance company in Bangladesh. The corporation came into existence in 1973 after an ordinance decreed the nationalization of all the private insurance companies in the country except for the foreign ones. The company has had a humble start with just a 1.5 million BDT life fund in 1973. Over the years, the company has earned the trust of the people as a leading government life insurance company and despite a decline of the client base, the corporation was able to maintain profit year on year. In 2020, the life fund of the corporation stood at 20 billion BDT which is a huge jump compared to its initial days.
The corporation has a diverse range of schemes constituting over 30 different sectors. The premium plans are also flexible and slightly less compared to the privately-owned companies. There are service centers all across Bangladesh, so premium deposition and claims shouldn’t be an issue.
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Delta Life Insurance Co Ltd
After the reversion of the nationalization ordinance in 1984, Delta Life Insurance Co was among the first companies to jump onboard in the private insurance scenario. The company was started by a few Bangladeshi citizens who were working abroad at that time. The idea was to deliver top-notch insurance service to the people of Bangladesh that is available in western countries. With this vision in mind, the company didn’t have to look back since its inception.
For over 3 decades in business, Delta Life Insurance registered a year-on-year profit with the latest fiscal year growth standing at 5.35% more than that of 2018. The company holds about 38 billion BDT in insurance funds which are also one of the highest in the country. They offer a range of services in over 5 different sectors. You can register from any of their numerous customer service points.
Also Read: Zero Investment Business Ideas to Try Amidst the Pandemic
Popular Life Insurance Co Ltd
Popular Life Insurance Co is another prominent Life Insurance company in Bangladesh. The company was founded in 2000 and has since been one of the leaders in the insurance sector of the country. Over the years, the company has grown its customer base and has registered profit year on year. At the end of the 2018 fiscal year, the company had 17 billion BDT and 13 billion BDT of cumulative life fund and cumulative investment respectively.
The company boasts a robust workforce of over 15000 employees. Basically, in addition to the corporate offices in the city and divisional areas, Popular Life also offers insurance services through their agents in remote areas. Currently, the company offers 15 different schemes based on their personal as well as micro-insurance platforms.
Read Small Business Ideas for F-commerce Startups in Bangladesh during Pandemic
Meghna Life Insurance Co Limited
For over 20 years, Meghna Life Insurance has been diligently providing insurance solutions to the people of Bangladesh across all economic levels. The company was founded by some similar-minded professionals in 1996 and since then, the company has strived to achieve excellence in the field. The company had a very humble beginning compared to other similar insurance companies but their reliability and service soon made it one of the prominent players in the insurance market. Currently, the company holds an asset of 15 billion BDT which has seen increment year on year since the inception. The company has a total workforce of about 14000 across Bangladesh. The notable thing about Meghna Insurance Co Ltd is the easy disbursement of the claims.
Currently, the company offers 8 different schemes under 5 different sub-heads. The company also provides an Islamic Insurance scheme which is quite popular among the people.
Read Passive Income Ideas in Bangladesh in 2021
Golden Life Insurance Limited
Golden Life Insurance Limited started its journey back in 1999. The company got its PLC leasing in the same year before starting its operations. Golden Life insurance aimed to make microinsurance more accessible. The company wanted to bridge the gap of maturity which at that time stood at between 10 to 20 years. Due to this revolutionary approach, the company soon gained popularity among the masses.
The company offers a cumulative of 10 different schemes most of which are based on the Islamic Shariah. The company has more than 8000 business development executives all across Bangladesh who works to ensure that insurance is made easy and accessible even from remote areas. Golden Life has disbursed over 35 billion BDT worth of claims which speaks of their commitment to the sector as well as their client base.
Also Read: Raise awareness about benefits of insurance: PM Hasina to companies
Bottom Line
The insurance sector of Bangladesh is pretty diverse. There are life insurance companies as well as general insurance companies that provide services across a range of schemes. However, it's not all smooth sail and there have been reports of mismanagement of claims against many insurance companies. However, the ones that we have mentioned here have maintained a good track record over the years and has been a trusted insurer for the people. These are easily the top insurance companies in Bangladesh in 2021 and you can easily sign up with them depending on your preference.
Pran Drinking Water gives food to the needy in Ramadan
Pran Drinking Water has extended food support to the needy across the country for sehri and iftar in Ramadan.
The food items included rice, dal, oil, sugar, lachcha semai and drinking water.
Read Iftar Items, Recipes for Ramadan in Bangladesh
Pran Drinking Water Senior Brand Manager Al Amin Shikder said: "Under the campaign 'Iftar Hok Shobar,' we distributed food items across different parts of the country including Dhaka, Jhenaidah, Dinajpur and Kurigram."
Tonmoy Das, head of marketing at Pran Drinking Water, said: "As part of our corporate social responsibility, we stepped forward to help the needy in the holy month of Ramadan by allocating a portion of our profit from selling Pran Drinking water."
Read Robi distributes Iftar among 25,000 underprivileged people
Ways of Affiliate Marketing while Staying in Bangladesh
The process of digitization in Bangladesh has made way for countless opportunities. People are not only having better access to information but it has also paved way for passive earnings. For instance, with some technical skills and marketing knowledge, anyone can become an affiliate marketer online and earn from it. The scope of affiliate marketing is so lucrative that successful marketer often takes it up as their full-time career option. So what are the methods of affiliate marketing while staying in Bangladesh? Let's find out.
Top Affiliate Marketing Programs for Bangladeshi Marketers in 2021
ShareAsale Affiliate Program
ShareAsale affiliates are one of the more well-known e-commerce sites out there. The company has been in operation for over 17 years now and they have always maintained a good reputation. With the diverse marketplace offering, ShareAsale can be the perfect place to start your affiliate marketing career.
The requirements for signing up with the ShareAsale affiliate program are pretty simple. All you need to have is a live well-established website with organic high traffic. A well-optimized website with faster loading speed also gets priority in their selection. Ensure these and you are good to go. The commission rate usually varies from one merchant to another.
However, ShareAsale will deduct 20% as the transaction fee from your affiliate earnings. You can get paid via physical cheques which are not very convenient considering you’re staying in Bangladesh. However, you can always opt for digital transactions through direct deposit or Payoneer.
Read Passive Income Ideas in Bangladesh in 2021
Solvid Affiliate Program
The company markets its affiliate program as the highest commission provider in affiliate marketing and that is true. You will get a flat 20% commission on any purchase. If it is a renewable service, you stand to earn as long as the customer renews from your link. The flat rate makes it extremely flexible to switch between niches and experiment with the product range.
Getting started with Solvid is also very easy. You simply need to provide some valid documentation to prove the ownership of your site and you are good to go. However, they do not have a digital payment method, so you only have the Payoneer to work with. Solvid is the perfect choice for you if your website attracts organic traffic from the UK. Overall, this is one of the better-paying affiliate programs that you can access from Bangladesh.
Read Small Business Ideas for F-commerce Startups in Bangladesh during Pandemic
Amazon Associates
Amazon Associates is probably the largest and easiest affiliate program to get into. The payout isn’t as high as some of the other affiliate programs but the choice of products, as well as customer base, makes up for the low commission rate. You stand to earn a flat 10% from any purchase made through your link. Amazon even has some added benefits. If any visitor navigates to the Amazon eCommerce website through your affiliate link and buys any product that isn’t affiliated with you, you will still earn for directing the traffic.
Signing up as an amazon associate is also very easy. All you have to do is submit documents certifying the ownership of your website. You can expect to get confirmation within 3-4 working days. Unlike other affiliate programs, Amazon doesn’t require you to show organic high traffic to your site. As a result, this can be a perfect starting option for people who have a relatively new website and are looking to get into affiliate marketing.
Read What Is Passive Income? Pros and Cons of Passive Earning
eBay Partners
Based in San Jose, California, eBay is another well-known e-commerce platform across the globe. In addition to the usual buying and selling option, there is also an auction mechanism where products are sold to the highest bidder.
It is possible to sign up as an eBay partner from Bangladesh. The commission rates aren’t predefined, and it varies according to niche and product. Generally, you stand to earn somewhere around 20% to 50% commission.
In addition to that, eBay offers other income opportunities as well. If the winning bidder of any auction comes from your link, eBay will share a profit margin ranging from 20% to 70% with you. If your target audience is mostly from the US, you can consider signing up for eBay as it's much more flexible and lenient compared to other affiliate programs. And as an incentive, for the first three months, you get commissions at a doubled rate.
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Shopify Affiliate Program
Shopify is one of the leading eCommerce solutions. The platform is very common and popular with online marketers as well as bloggers. Shopify has a referral program that you can partner up with as a blogger.
Unlike other affiliate programs, Shopify doesn’t require you to document traffic for approval. All you need to submit is the ownership document of your website. The commission rate is pretty good with Shopify and you can earn up to 200% bounty on your first month’s referral. As a blog owner, it becomes easy for you to get started as they run on a similar niche.
And affiliate earnings aside, this is a genuinely good product that you can recommend to people. However, the issue with Shopify is that it is a highly niche-based product. You will not be able to drive considerable traffic since people who don’t have anything to sell online will not be interested in it.
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Rakuten Marketing Affiliate
Rakuten is an award-winning e-commerce platform known for prioritizing their customer over anything. The platform has partnered with NBA before which is a testament to their influence and reach on the online market platform.
Just like eBay, the commission rate is not predefined and it varies from product to product. You can expect to earn between 20% to 50% commission depending on the niche of your product. However, there are some drawbacks with Rakuten. Here you have to apply to each marketer individually in the platform rather than get your affiliate certified by Rakuten for all products. This makes your job a bit tricky as you have to specifically research which seller aligns with your website niche and apply accordingly.
Read Tips and Tricks to Increase YouTube Subscribers organically
Bottom Line
Most of the leading affiliate programs offer partnerships to marketers from Bangladesh. However, that alone is like half the job is done. You still have to market the product from the platform in a lucrative manner to make sure they get directed from your link. With proper niche selection and product presentation, it is possible to become a successful affiliate marketer from Bangladesh in a short while.
Top Bangladeshi Milk and Dairy Companies, Brands
The country's milk demand has increased over the last decade, and currently, the total demand for milk is around 152.02 lakh tons annually. The good thing is that the country's milk production has also been increased by three times over the past decade and now has the capacity to fulfill two-thirds of the total demand. However, 10% of the total production goes to local milk brands, and the rest of the 90% has to be sold immediately. Right now, 14 registered companies produce and supply dairy, milk, and pasteurized products to the market. Among them, Milk Vita, Aarong, and Pran have been holding 80% of the market share. Besides, there are few other companies who are trying to become the market leader. In this context, let's discuss the best Bangladeshi Milk and Dairy Companies, Brands.
Top Milk and Dairy Companies, Brands in Bangladesh
Milk Vita
Bangladesh Milk Producers' Cooperative Limited owns Milk Vita, which is a cooperative society run by the government of Bangladesh. The company's main goal is to improve the socio-economic condition of small, marginal, and landless dairy farmers in Bangladesh through the production, processing, and marketing of dairy and dairy products. Established in 1973, it is currently holding 70% of the market share. Its main product is liquid milk, which is sold under the name "Milk Vita". In addition to liquid milk, the company also sells ghee, butter, ice cream, sweet yogurt, sour yogurt, cream, chocolate, and cloves.
Also Read: Passive Income Ideas in Bangladesh in 2021
Aarong Dairy
Aarong dairy products are sold under the BRAC Dairy, which started their operation in 1998. The aim of the company was to start an income generation sector for rural dairy farmers. Usually, the demand for milk in the villages was low, and farmers did not have any means to preserve the milk for a long time. As a result, they had to dump the extra milk or had to sell it at a lower price. BRAC Dairy came forward to resolve this and provide a fair price to the dairy farmers and meet the demand in the urban areas. Besides liquid milk, Aarong Dairy also sells powder milk, flavored drinks, yogurt, yogurt drink, butter, ghee, cheese, and sweets.
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PRAN Dairy Ltd
PRAN Dairy is a sister concern of PRAN Group, which is claimed to be the second-largest dairy products processor in Bangladesh. They have several states of the art UHT, pasteurized yogurt, and powder processing plant. PRAN has seven different product lines under their dairy products including, butter, cheese, milk, ghee, powder milk, value-added milk, and yogurt. Although, there have been controversies about the quality of PRAN Dairy products. But it seems they have overcome all the drawbacks as they are exporting their goods to several countries.
Read Top Biscuit and Bakery Companies, Brands in Bangladesh
Farm Fresh Milk
Farm Fresh Milk is the dairy products wing of Akij Food and Beverage Limited. They usually collect the milk from rural farms and sell it to the market after processing through several steps. Farm Fresh ensures quality through the required microbiological and adulteration tests in its own laboratory when collecting milk directly from farmers. Furthermore, after cooling the milk in a state-of-the-art manner at its own chilling center, the farm transports it to its own tanker at a controlled temperature and brings it to the Fresh Fresh factory. Besides milk, Farm Fresh also sells yogurt, butter, ghee, chocolate milk, and other dairy related products.
Also Read: Small Business Ideas for F-commerce Startups in Bangladesh during Pandemic
Aftab Milk
Aftab Milk and Milk Products Limited offer pasteurized milk through its modern Danish automatic milk pasteurization plant. The plant can process and pack 1,500ltr/hr. Besides, the company also provides technical expertise and support to the farmers to bring out quality products and improve milk production. However, Aftab Milk is relatively new in the industry, and they have a long way to go. Aftab Milk only offers pasteurized milk, ghee, and yogurt in their product line.
Danish Dairy Farm Ltd (Ayran)
Danish from Partex Group is widely popular for its condensed milk, which is one of the top brands in Bangladesh. However, recently, they launched a new brand named Ayran to offer more dairy goods to the local market. They used to sell full cream milk powder and condensed milk under Danish. But with the newly added brand Ayran, Danish Dairy Farm Ltd will sell pasteurized milk and yogurt. Apparently, other products will be introduced soon as the demand for dairy goods has been increasing.
Igloo Dairy Limited
Igloo started its operation in the dairy industry on August 31, 2004, with the aim to offer pasteurized milk to the local market and increase their ice-cream production capacity. Igloo has found that the per capita milk consumption has been increased in Bangladesh. In this context, Igloo Dairy set up a plant to produce 14,000 liters per day from the initial 5,000 liters. They envisioned producing cheese, skimmed milk powder, UHT, FCMP, functional milk, and butter in international standards. Currently, Igloo Dairy offers pasteurized milk, mango milk, chocolate milk, sweet curd, sour curd, ghee, and a dairy chocolate bar.
Also Read: Best Credit Cards in Bangladesh: A Comparative Analysis
American Dairy Limited (MOO)
American Dairy Limited started its operation in 2010 with a limited number of cattle. Over the past ten years, they have improved their farm's production and launched pasteurized milk, yogurt, sweet yogurt, sour yogurt, ghee, and full cream milk powder. Although the MOO products are not widely used, they are growing as a company. Besides the dairy products, they have other cattle farm-related products.
Apart from these top milk and dairy companies in Bangladesh, there are nine companies that supply milk power to the markets. The nine companies are New Zealand Dairy (Diploma), Meghna Group (Fresh), Arla Food (Dano), Partex Group (Danish), Nestle Bangladesh (Nido), Pran Dairy Brac Dairy (Aarong), Abul Khair Group (Marks), and Milk Vita.
Read Top FMCG Companies in Bangladesh: At a Glance
Passive Income Ideas in Bangladesh in 2021
Imagine if you didn’t have to do anything and still made money. Sounds too good to be true right? Well, it's very much real, and you can earn money without regular effort through passive income. In the context of Bangladesh, there are quite a few passive earning opportunities. However, all ways may not be suitable for everyone. Some earning methods might require you to know certain technical skills to get started. In this article, we will discuss some of the best passive opportunities for Bangladeshis in 2021.
Active Sources of passive income in Bangladesh
Create Mobile Application
With over 47.5 million active internet users in the country, monetizing your internet skills can be a good source of passive income. One of the internet-based earning sources that don’t require active labor is making an application for any of the mobile operating platforms.
The limitation here is that you need to be well versed in programming and technical knowledge of app building. A good application can reach a wider demographic for you and that, in turn, can create a huge revenue stream. Maintenance and updating the application doesn’t require regular effort and you can easily add a significant amount through this income source.
Read Small Business Ideas for F-commerce Startups in Bangladesh during Pandemic
Affiliate Marketing
Compared to other forms of online passive income, affiliate marketing will provide you with the highest revenue. Considering the pandemic where many people have lost job, this passive income source can even become a primary source for many.
If you have a website, you can start publishing reviews of products from Amazon or other leading e-commerce platforms. You will sign up as an affiliate marketer for these platforms and the more people redirects from your website, the more commission you will earn. If you are willing to put in the initial efforts, this can be a steady and stable passive income source.
Read: What Is Passive Income? Pros and Cons of Passive Earning
Niche Based Blogging
Blogging is one of the more common and widely used passive income sources not just in Bangladesh but across the globe as well. The technical skills to start a blog are nominal, and you can get started with a very little investment. You can focus on a specific niche and create blogs that will attract the customers of that specific niche.
However, this is not a shortcut way to make a passive income. It takes 6 months to a year of regular input for your blog to get significant traffic that will generate revenue for you. There is a requirement for regular content on your blog which is well optimized for the search engines to drive traffic. Once you have gained steady traction, it becomes an easy source of perpetual return.
Read How to Create a Personal Website on WordPress
Selling Your Skills
If you are an expert in a certain topic, you can create guideline e-books or video tutorials on that topic. The pandemic has ushered us more into digital learning and now is the best time to get started on online mentorship. You can sign up for your course at any of the leading skillshare platforms.
The initial effort here is to create the content for the course. After that, as more and more people sign up for your tutorial and content, you stand to generate more and more revenues. And the best part is that there is no limitation to it. You can continue to earn as long as people sign up and if the content is good, there will never be a shortage of clients.
Read Best Job Searching Websites in Bangladesh
Rental Opportunities
Perhaps the most common form of passive income around the world is rental income. There are all sorts of rental income opportunities ranging from property to products to vehicles. Renting property is something that is widely seen in Bangladesh. If you own a piece of land or real estate, you can lend or lease it to tenants and create a perpetual income source.
However, the issue with renting property is the significant capital investment. If you don’t already own or inherit property or if you are someone getting started with passive income, it is almost next to impossible to generate the capital required for property ownership. However, there are other rental opportunities of different types that require significantly less capital. This strategy of passive income is best suitable for people who already own a property or have the significant means for acquiring property.
Read Zero Investment Business Ideas to Try Amidst the Pandemic
Investing in Stock
Investing in the stock market is another common passive earning opportunity. It is possible to invest a sum of money in a stock and monitor the growth passively. Earnings will generate from the annual dividends. You can also opt to sell your share at any time as per your preference. You have complete control over your investment and if your invested share does well, you stand to make a good passive income out of it in no time.
However, investing in stock isn’t for everyone mainly due to the risk involved in the process. The stock market is highly volatile and if you are someone who’s getting started with the stock market, it becomes hard for you to assess the trend of the market to understand whether it's going to go up or down. Even the most seasoned investors can lose a hefty sum any given day. The risk factor combined with the initial capital investment requirements often deters people from getting started on the stock market.
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Fixed Deposit in Bank
In contrast to the risk associated with the stock market investment, the fixed deposit or FD is a completely risk-free option for those looking to generate a passive income source. In Bangladesh, the minimum FD starts from BDT 10000 to BDT 50000 and there is no upward limit. Compared to the stocks, the return on FD is much lower, but it is an effective and truly passive income source.
Unlike the stocks, there is no risk factor involved and you get a perpetual return starting from 2.5% and going all the way up to 9.0 % depending on the bank. Fixed deposits can be a perfect choice for young professionals and students looking to make a risk-free investment with a perpetual passive income. You can opt for a Fixed deposit starting from 1 year to a maximum of 5 years. A higher year count will result in increased return.
Read Quarantine Income Opportunities: How to Earn Money during Lockdown Period?
Final Thoughts
To be honest, nothing comes free and even passive income requires some form of intellectual or capital investment. Some are easier compared to others and some even hold risk over your investment. But in general, initiating a passive income source will give you more monetary independence which is always welcomed. The most important thing is to choose the way that can really work for you. Depending on your means, you can choose any of these if you are in Bangladesh and sooner or later you will start seeing returns.
Read Work from Home, Earn and Be Your Own Boss
Islami Bank Capital Management holds AGM
11th annual general meeting (AGM) of Islami Bank Capital Management Limited (IBCML) was held Tuesday on a virtual platform.
The meeting unanimously approved the financial statements of IBCML for the year ended 31 December 2020.
Also read: Islami Bank Cumilla, Sylhet, Mymensingh hold business development conference
Professor Md Kamal Uddin, director of Islami Bank Bangladesh Limited (IBBL) and chair of the board of directors of IBCML, presided over the meeting.
The AGM was attended by Md Joynal Abedin, director of Islami Bank and IBCML, Muhammad Qaisar Ali and Md Omar Faruk Khan, additional managing directors of IBBL and directors of IBCML, Md Ashraful Haque, CFO of IBBL and director of IBCML.
Also read: Islami Bank Dhaka Central, corporate branches hold business conference
Md Mosharraf Hossain, deputy managing director of IBBL, Md Saleh Iqbal, RDS and UPDS Project in-charge of IBBL, Md Altaf Hossain, senior executive vice president of IBBL, Mohammad Abdur Rahim, managing director and CEO of IBCML, and Abu Syed Md Nahid, the company secretary of IBCML, also joined the meeting.
bKash offers up to 40% instant cashback on Eid shopping, iftar, grocery payment
Customers will enjoy 5 to 40 percent instant cashback on bKash payment at around 4,500 shopping outlets across the country on the occasion of Ramadan and the upcoming Eid-ul-Fitr till May 15.
A customer can avail maximum Tk 300 in a day and maximum Tk 500 during the whole campaign as cashback, said a media release on Wednesday.
In addition, cashback on Iftar and grocery payment at various outlets are also available.
Also Read: bKash offers 1 pc cash bonus on receiving remittance
Customers can get the offer through bKash app, USSD code *247# or payment gateway.
Customers can avail this offer by making bKash payment for purchasing various lifestyle products and services such as: accessories, clothing, e-commerce, footwear, electronics, superstore items, healthcare, restaurant/cafe, and many more. This offer includes Aarong, Anjan’s, Kay Kraft, Banglar Mela, Bibiana, Deshal, Le Reve, Rong, Sadakalo, Sailor, Nogordola, Bata, Zeil’s, Lotto, Orange, SaRa, LG Butterfly, Minister, Transcom, Singer, Sony Rangs, Kiva Han, Cafe Euphoria, BAO, Nawab Chatga, Baoxi Kafei, Salam's Kitchen, Khazana Sweets, Peyala, Bangla Shoppers, Boi Bichitra, Al Amin Jewellers, Baby Shop, Gentle Park, Foot Gear, Crescent, etc. and many other renowned shopping outlets.
Read OPPO presents trove of gifts, offers for Eid
In addition, bKash customers can enjoy Buy 1 Get 1 offer at After Hours Hotel and Resorts, Platinum Grand, Platinum Residence, Hansa- A Premium Residence, Best Western Plus Maya, Dhaka Regency, Best western Plus Maple Leaf, Asia Hotel and Resorts, Shinepukur Suites and The Way Dhaka.
However, customers can avail Buy 1 Get 3 offer on bKash payment at Long Beach Suites Dhaka.
Read iPhone Eid mega deal in G&G
The offer will be valid till 14th May, 2021 and available through bKash APP & USSD code *247#.
bKash is also offering up to 40% discount on various Iftar deals at Hotel Radisson, Hotel Sarina, Grace 21, Paragon Convention Hall, Munchery, Beans & Grills, Hotel Noorjahan Grand, Hotel Fountain and Adi Ashta Banjan Restaurant to make Iftar more enjoyable during this month of Ramadan.
The offer will be valid till May 15, 2021.
Also Read: Up to 500 Tk Cashback on card to bKash 'Add Money'
In order to make payment through bKash app, customer has to type the merchant number by tapping on the 'Make Payment' icon on the home screen or by going to the merchant point and scanning the QR code directly.
Customers can easily go to the 'Offers' section of the bKash app as well and check the ongoing offers around them.
Read Samsung brings unique offers ahead of Eid-ul-Fitr
Small Business Ideas for F-commerce Startups in Bangladesh during Pandemic
As Bangladesh tackles the Covid-19 situation, the impact left behind by the pandemic has been quite significant. Not just in terms of loss of lives but economic downtrend as well. Many people lost jobs and many businesses saw themselves on the brink of shut down. However, many businesses are opting to shift their offerings to what’s known as Facebook Commerce or F-commerce. With 22% of the population of Bangladesh being active users of Facebook, the platform can provide a strong foothold to reach customers on a far wider and diverse scale. In this article, we will take a look at some of the best small business ideas for F-commerce in Bangladesh during a pandemic.
Small business ideas for F-commerce in Bangladesh
Clothing Line
With a country of festivities, we sure do have a knack for clothing. That is reflected in the apparel market as the market cap stands at around BDT 250 billion. There is a huge opportunity of taking this apparel market to the online platform.
As a startup, you can source apparel locally from wholesale dealers and create an apparel niche of your own. With the Flexibility of F-commerce, it becomes very easy to reach your target customer base. You can even jump-start your business with little to no capital. You can start by having a small exclusive line of collection or simply set up a system of pre-order. That will ensure that there isn’t any loss to your startup venture.
Also Read A Bangladesh startup that aims at saving the world!
Book Store
Nothing like a good book in days of lockdown, right? There is a high number of book readers in Bangladesh. The numbers add up as the Amar Ekushey Boi Mela saw a 70 crore BDT jump in sales from 2013-2018. With a growing demand for books, selling them on an online platform can be a good startup venture. The goal here is to find the targeted customer base and set up your business to attract them.
Just like the apparel line, you can list your collections or simply deliver on a pre-order basis. Nilkhet being one of the largest markets of all sorts of books, sourcing shouldn’t be an issue and you can make a profit straight away with very little investment.
Read How to Earn Money from Facebook
Consumer Electronics
The consumer electronic market is another potential sector for F-commerce startups. In 2017, the total market cap on consumer electronics stood at 1.38 billion BDT. However, as a startup, it's not possible to sell large-scale consumer electronics because of regulation and investment.
You can start with smart gadgets and portable electronic items. The pandemic has seen people shift to online platforms for their gadget fix. You can either start by offering a certain product category or you can add multiples depending on your investment scale. The most important thing here is to plan. You should have a definitive F-commerce marketing strategy to attract customers. And since this is a consumer electronic sector, there should be ample focus on the after-sales service as well to ensure customer retention.
Read 24pc of female online entrepreneurs shut businesses in June: Study
Home-Based Catering
There is a huge untapped opportunity in the home-based catering service in our country. With the easy parcel delivery services in Bangladesh, it is now possible for the home cooks to deliver on-demand food items concurrent to the restaurants. A home-cooked meal is not only a healthier choice for many but also a comparatively cheaper alternative to restaurants and takeaways.
Just like the other F-commerce ventures we have mentioned in this article, the capital investment in home-based catering is little to nothing.
The variety of cuisines on demand is what makes this start-up idea a thriving one. Based on expertise, a home cook can significantly monetize their skills and convert them into a functional earning source. And with the pandemic in question, the demand is also at an all-time high.
Also Read: What Is Passive Income? Pros and Cons of Passive Earning
Online Grocery Store
An online grocery store is another business idea that has been propelled to the forefront in light of the pandemic and ensuing lockdowns. The idea of having all the daily necessities right at your fingertip is lucrative for many. This not only reduces the hassle but also ensures that you won't have to risk your safety by visiting crowded places. As a small business, focus can be put on a certain niche of groceries. It can be cooking essentials, dairy items to frozen goods. This solely depends on the target market.
It is possible to source goods from wholesalers depending on the niche. As long as you can ensure competitive pricing, the F-commerce platform can be the perfect place to kickstart your venture.
Read Zero Investment Business Ideas to Try Amidst the Pandemic
Cosmetic Line
Beauty products have a considerable market cap in Bangladesh. In addition to local brands, there is a high demand for the international cosmetic brands and their products. A cosmetic line can be a good small business idea because the online market is still in its budding state. People are getting more and more used to buying goods from online stores as the pandemic has reshaped the idea of how we shop.
Depending on your niche, you can source products from the local market or use importers to source products from an international brand. Needless to say, the latter would require a significantly larger investment. But the ROI of this venture is high and considering there is no sunk cost involved, you stand to make a profit in a considerably short time.
Art & Craft
Recent trends show that the millennials of Bangladesh are significantly interested in local arts and crafts. It can be attributed to the widespread cultural promotion and in the general interest of the mass. If you are someone who is an artist, you can sell your work on the F-commerce platform.
Not just art itself, there is a huge of demand for local craft utensils. Whether it's for home decoration or part of utility needs, as a business, you can produce or source these local crafts for online clients.
Also Read: Domestic electronics, technology products should get priority in govt procurement: Speakers
Sell Your Expertise
If you are an expert in your trade, you can set up your online consulting firm. There are endless niches where there is a demand for expert consultation on different subjects. The same stands true for skills as well. If you are good with graphics designing or web content development, you can sell your expertise on the F-commerce platform depending on your niche. This doesn’t require any investment to begin with and also makes communicating with the clients easier.
Bottom Line
There is a huge untapped opportunity when it comes to the startups in the F-commerce sector of Bangladesh. The pandemic has paved a way for many new Facebook-based business ideas in the existing niche as well as creating demand for new ones. Sure enough, you won't see success upfront, and you would need to develop a sizeable community around your product. But the efforts and investment are much more risk-free when it comes to F-commerce and has a high ROI.
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Amazon’s profit more than triples as pandemic boom continues
Amazon’s pandemic boom isn’t showing signs of slowing down.
The company said Thursday that its first-quarter profit more than tripled from a year ago, fueled by the growth of online shopping. It also posted revenue of more than $100 billion, the second quarter in a row that the company has passed that milestone.
Amazon is one of the few retailers that has benefited during the pandemic. As physical stores temporarily closed, people stuck at home turned to Amazon to buy groceries, cleaning supplies and more. That doesn’t seem to be dying down.
Also read: Amazon gets Thursday night games, NFL nearly doubles TV deal
In the first three months of this year, the company reported profit of $8.1 billion, compared to $2.5 billion the year before. Earnings per share came to $15.79, about $6 more per share than what Wall Street analysts expected, according to FactSet.
Revenue jumped 44% to $108.5 billion. Seattle-based Amazon is one of four American companies that have reported quarterly revenue above $100 billion. The others are iPhone maker Apple, oil and gas company Exxon Mobil and retailer Walmart.
Also read: Amazon takes early lead as union vote count gets underway
Amazon said revenue will remain at that level in the second quarter, expecting between $110 billion and $116 billion. Part of the reason why: It plans to hold Prime Day, its popular sales event, during the quarter. Amazon didn’t specify a date for Prime Day, but said it would happen before the end of June.
Besides online shopping, Amazon’s other businesses grew, too. Sales at its cloud-computing business, which helps power the online operations of Netflix, McDonald’s and other companies, grew 32% in the quarter. And at its unit that includes its advertising business, where brands pay to get their products to show up first when shoppers search on the site, sales rose 77%.
Amazon’s growth comes as it faces activism from within its workforce. Workers at a warehouse in Alabama tried to unionize, saying they wanted better pay and more break time. But a majority of voters batted down that effort.
This week, Amazon announced it was giving more than 500,000 workers a raise of between 50 cents and $3 an hour starting next month to attract new workers. The company already pays at least $15 an hour.
Also read: Amazon jumps into health care with telemedicine initiative
The online shopping giant has been on a hiring spree to keep up with a surge in orders. It had 1.27 million employees at the end of March, adding more than 430,000 people in the last year.
Shares of Amazon.com Inc., which are up 40% in the last year, rose 2.6% in after-hours trading Thursday.
Walton bringing electric bikes
Local electronic giant Walton is going to introduce electric bikes or scooters to the market soon.
The e-bikes will run up to 60 kilometres on a single charge and running each km will cost only 10-15 paisa.
Walton will initially launch two models of e-bikes -- TAKYON 1.00 and TAKYON 1.20. The prices of the bikes have not been fixed yet.
Also read: Walton brings new smart fridge with IoT, AI functionalities
Kaikobad Siddiquie, product manager of TAKYON Electric Bike, said TAKYON 1.00 e-bike has a powerful 1.2 kw hub motor where graphene lead acid battery has been used. Once fully charged, this bike can run 60-70km at a maximum speed of 50km per hour.
TAKYON 1.20 features a powerful motor of BOSCH while its portable lithium battery weighs only 9kg. It can cover a distance of 50-60km on a single charge with a maximum speed of 45km/h.
The e-bikes have a portable charger that can be charged from the 220 volt power line used in residence.
Also read: Walton offers big discounts on online purchases
Walton says the performance of the bikes is equivalent to a conventional 100cc bike. Dual hydraulic disc brakes, tubeless tires, LCD speedometer and LED lighting have been used in Walton e-bikes.
Bikes are becoming popular among young people but most of them cannot afford to buy conventional petrol bikes and use them regularly due to high cost. Walton aims to deliver motor vehicles to the customers at low cost.
Charging a Walton e-bike will cost only Tk 7-8.
Also read: Walton launches new models of all-in-one computers
Walton Digi-Tech Industries Limited Chairman SM Rezaul Alam said, “Electric vehicles have not yet gained popularity in Bangladesh. However, the popularity of electric vehicles is higher in developed countries. We want to make local customers accustomed to electric vehicles through TAKYON. We’ve plans to set up fast-charging stations across the country so that e-bike users can travel anywhere in the country without any hassle.”
Deputy Managing Director of Walton Digi-Tech Industries Limited Engineer Liakat Ali said, “We’re trying to build a green universe. To create awareness among consumers on e-waste, we conducted a laptop-desktop exchange campaign which has been well accepted. The E-bike project is another of our initiatives to that endeavour.“
Customers of TAKYON e-bikes will get free after-sales service for up to 2 years from Walton’s designated service points.
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