Business
Asian shares track rebound on Wall Street
Asian shares have rebounded from their retreat a day earlier, tracking Wall Street’s recovery from the Federal Reserve’s reminder it will eventually provide less support to markets.
Japan’s benchmark Nikkei 225 jumped 2.8% in morning trading to 28,785.24. Australia’s S&P/ASX 200 added 1.4% to 7,336.30. South Korea’s Kospi rose 0.6% to 3,260.11. Hong Kong’s Hang Seng edged up 0.1% to 28,522.78, while the Shanghai Composite gained 0.9% to 3,559.32.
Read:WTO talks on Trips waiver from June 30
Although the latest bout of jitters over a possible easing of help from the Federal Reserve and other central banks appears to have passed, analysts said rising coronavirus cases in the region remained a concern.
“Much of the region is dealing with renewed waves of COVID-19 infections. These waves, especially in the case of India, Indonesia and some other countries in Southeast Asia, are the most severe yet,” said Venkateswaran Lavanya at Mizuho Bank in Singapore.
On Monday, the S&P 500 snapped 1.4% higher, to 4,224.79, recovering nearly three-quarters of its worst weekly loss since February. Oil producers, banks and other companies that were hit particularly hard last week led the way.
The Dow Jones Industrial Average gained 1.8% to 33,876.97 and the Nasdaq composite rose 0.8%, to 14,141.48.
Investors are still figuring all the ramifications of the Fed’s forecast that may start raising short-term interest rates by late 2023. That’s earlier than previously thought. The Fed also began talks about slowing programs meant to keep longer-term rates low, an acknowledgment of the strengthening economy and threat of higher inflation.
Read:Australia says it’s reached a free trade deal with Britain
The market’s immediate reaction to last week’s Fed news was to send stocks lower and interest rates higher. Higher rates would make stock prices, which have been climbing faster than corporate profits, look even more expensive than they do already.
But it’s not like the Fed said it will hike rates from their record low of nearly zero anytime soon.
“If markets are worried about a march back to more normal monetary and fiscal policy as the economy recovers, it will be a very long march,” Barings chief global strategist Christopher Smart said in a note. In the meantime, support from both the Federal Reserve and the U.S. government should continue to help stock prices, even if they do look expensive compared with history, he said.
Companies whose profits are the most closely tied to the economy’s strength and inflation were among the market’s strongest on Monday.
Hess, Marathon Oil and Devon Energy all rose at least 6.9% as energy stocks rallied with the price of oil. Banks were also strong, with Bank of America up 2.5% and Wells Fargo climbing 3.7%.
High-growth companies able to flourish almost regardless of the economy lagged behind in a reversal from last week’s trend, when investors rattled by the Fed piled back into the biggest winners of the pandemic.
Amazon slipped 0.9%, and the lagging performance for tech meant the Nasdaq trailed other indexes.
Read:Odds of settling US-EU trade rifts? Hope may outrun progress
More bumps may be ahead for markets, which had been mostly quiet for weeks before the Fed’s announcement. Fed Chair Jerome Powell will speak before a House subcommittee on Tuesday about the Fed’s response to the pandemic.
In energy trading, benchmark U.S. crude picked up 13 cents to $73.25 a barrel in electronic trading on the New York Mercantile Exchange. It jumped $1.83 to $73.12 on Monday. Brent crude, the international standard, gained 23 cents to $75.13 a barrel.
In currency trading, the U.S. dollar rose to 110.39 Japanese yen from 110.31 yen. The euro rose to $1.1918 from $1.1914.
Father's Day: Daraz launches campaign to honour fatherhood
E-commerce platform Daraz Bangladesh has started a campaign to celebrate Father's Day 2021.
Father's Day honours fatherhood, paternal bonds, and the influence of fathers in society. Most countries, including Bangladesh, celebrate the day on the third Sunday of June.
Also read: Daraz inks deal with Monster
Daraz campaign "Amar Baba Super Hero" will continue up to June 24 where a participant can post their favourite memory with their father and post it to Facebook in the form of an image or a story.
Also, the participant will have to use a specific hashtag for their entry to get counted – #SuperDad and #Daraz. The winners will be selected based on the highest likes and reactions.
Also read: Daraz hires 3 differently-abled people
Uber Adds Auto-Rickshaws in Dhaka: Transportation Aggregation and Competition
When it comes to ride-sharing platforms, Uber is perhaps the largest service provider in the world. Founded in 2009 in San Francisco, California, the platform has grown to become a multinational mobility driver in over 80 countries of the world. However, the growth and popularity of Uber have always been challenged by local competitors and the scenario has somewhat been similar in Bangladesh as well. To combat that, Uber has always tried to come up with innovative strategies and services to outperform their competitors and their latest addition of auto-rickshaws is a testament to that end.
State of Mobility in Bangladesh
Transportation has always been one of the prime constraints in Bangladesh. whether it’s the lack of infrastructures or plain ignorance of people, there aren’t many that can say that they haven’t faced the ugly side of Dhaka’s traffic. So naturally, the concept of ride-sharing has been a relief for many, especially those in a rush. A simple estimate is enough to prove our point. The total number of users of the ride-sharing platform in 2016 was about 10,000. Within just one year, the number jumped to 500,000 in 2017. Now in 2021, there are about 7.5 million rides completed every month with a market cap of about 2200 crore BDT. It only proves that the market is highly lucrative with even more growth opportunities.
Read An Overview of Shuttle: A Promising Mass Transit Startup in Bangladesh
The Competitors
The main competitors in the ride-sharing platform of Bangladesh are Uber, Pathao, Shohoz, and Obhai. There are other utility-based mobility services but those are mostly service niche-based so we won't be including them in the general transportations segment.
As the earliest adopter of the ride-sharing concept in Bangladesh, Pathao has been a market leader since 2015. Soon after, Uber entered Bangladesh in 2016. The other two prominent competitors entered the ride-sharing market in early 2018 even though Shohoz was founded back in 2014.
The Competitive Landscape
It's clear that Uber isn’t the first and neither the only company in the mobility business of Bangladesh. With three other prominent competitors around, the work for Uber is cut out to be much more than they faced in some other markets of the world.
Read Top 7 Truck Rental Apps in Bangladesh
One of the prime reasons for a competitive landscape is the multipoint service offered by the competitors of Uber. Pathao and Shohoz both have an all-in-one super app that provides a host of other services in addition to mobility. Naturally, the appeal of Pathao and Shohoz holds higher ground given the solutions and value created and offered.
However, the strategy of Uber also goes neck and neck. The ultimate goal of Uber is to be the gold standard in the transportation sector in each of their market. Dara Khosrowshahi, the CEO of Uber, even went so much as to say that they plan to develop Uber as the Amazon of the transportation sector. So how is Uber faring compared to that goal?
Unlike the competitors, Uber didn’t focus on a multi-point service in Bangladesh. Uber Eats, a food delivery substitute of Uber even recently closed its operation in Bangladesh. What Uber focuses on is on perfecting the game it is already playing and created a strategy based on the offered service.
If you open the Uber app, you will find 7 different ride-sharing options at your disposal. This outnumbers the other competitors who offered 2 or 3 options at best. The strategy of Uber here is to offer something for everyone at every level of convenience. Whether it’s the moto service or the Uber Hire, the company is aiming to make ride-sharing an integral as well as personalized part of its users.
Recently Uber has also included auto-rickshaw in its service arsenal. Though they have been test driving the auto-rickshaw in Chittagong since 2019, it’s the first time people of Dhaka will be able to experience auto-rickshaw service through Uber.
Read Best Ride Sharing Apps in Bangladesh
Way Forward
The move to include auto-rickshaw by Uber is a clear indication of mobility aggression by the company. As the company adds more and more transportation options to its service, customers will inadvertently incline towards Uber putting its competitors in a precarious position. And if basic economics has taught us anything, in a highly competitive market, the customer is always better off.
Currently, Obhai is the only competitor to provide auto-rickshaw service. The move by Uber will force the likes of Pathao and Shohoz to reconsider their business approach, all the while enabling Uber to take advantage of their already well-established mobility ecosystem.
We already talked about other niche-based services. The likes of Jatri which is working with the public bus transportation and shuttle, a convenient and safe group transportation system initially developed for women are now looking to broaden their horizon as well.
So is Uber doing things right? For the time being, yes. Their move to include auto rickshaws will definitely give them an upper hand against the prominent competitors and gather considerable market share. The strategy of Uber to become the Amazon of transportation may well become true given how their strategies resonate with their customers.
Read: How to Use Ridesharing Vehicles Safely during COVID19 Pandemic?
Bottom Line
The ride-sharing market, as well as the platform, are continuously growing. The growth in demand has forced the market leaders to come up with innovative services to better enhance the experience for the customers. As more and more players enter the mobility market of Bangladesh, the competitive landscape will surely help to increase the market cap of the industry as well as bring ease to the traffic nightmare of Dhaka.
Mango Mania: The Fastest on Demand Mango Delivery Network by Chaldal.com
The Mango is the king of fruits. It is difficult to find people who do not like to eat mango. Not only is it incomparable in taste and smell, but both ripe and raw mangoes have many nutritional properties. But many people face confusion while buying mango from the store, as it is difficult to know the mango varieties. Also, buying from the store is time-consuming and risky, especially during this covid-19 pandemic. Besides, the controversy about chemically modified mangoes is there too. With these in mind, the e-commerce site chaldal.com has started a unique mango delivery service called Mango Mania.
Here we will give you an in-depth idea of Mango Mania and the current situation of Bangladesh’s Mango business.
Mango Business in Bangladesh
According to the Bangladesh Bureau of Statistics, the country produces about 12 lakh tons of mangoes a year. Further, this production is increasing every year. M Asaduzzaman, a former research director at the Bangladesh Institute of Development Studies (BIDS), said the mango production has increased due to the increased demand. Besides, the health awareness among the people also increased at the same time as their increased purchasing power.
Also read: Mango desserts: Some mouthwatering recipes for trying at home
Mango business is nothing new in the context of Bangladesh. However, before the advent of digital media, a mango seller had to collect mangoes from the orchard and sell them to distant warehouse keepers. In most cases, sellers do not receive a fair price. Again, the money would have been left for many days, and many times sellers could not even withdraw the money.
However, the current picture of mango sales is very different. The use of the internet and social media has opened the door to a new possibility. Many are now creating pages on social media and reaching out directly to buyers through e-commerce. And since there are no middlemen, sellers are getting better prices through digital and are able to sell in cash.
Read Visa’s Fintech Initiative for Bangladesh: New Opportunities for Start-ups?
Chaldal’s Business Structure
Chaldal.com is an online shop for home food items, health and beauty products, but it is mainly popular for grocery items. Since we don’t get much time to do grocery shopping every day. At Chaldal.com, you can buy products like rice, lentils, curry, vegetables, fish, meat, frozen food, soap, toothpaste, shampoo, baby cosmetics, stationery, and all kinds of daily necessities. Their main goal is to save their customer’s valuable time. That’s why they deliver the necessities to their customers as quickly as possible at their doorsteps every day. The world-famous magazine Forbes selected the top 10 startups among the top 500 new ventures in the world in 2019. Chaldal was at number 9 in the only top 10 from Bangladesh.
Using digital technology, Chaldal.com is delivering daily necessities to more than 6 lakh customers in more than 230 areas of the country, including Dhaka, Narayanganj, Chittagong and Jessore, at a delivery charge of just Tk 9. And more than 2500 employees of Chaldal.com are doing this task very efficiently and regularly.
Read Arogga: The Bangladeshi Medicine Delivery Startup Which Raised $200k
Mango Mania by Chaldal
Mango Mania is an initiative by e-commerce chaldal.com. It is basically an on-demand 1-hour mango delivery service. It is available in all four areas Chaldal operates in Dhaka, Chittagong, Narayanganj and Jessore.
The service was launched in 2019 for a test purpose but has seen significant growth this year. The company claimed it as one of the biggest on-demand mango delivery networks. Chaldal currently delivers tens of tons of mangoes per day. This season it has already delivered over 450 tons so far.
Read The SWAP story of Bangladesh's first reCommerce startup
How does Mango Mania Work?
The procedure is very simple; Chaldal has a contract with mango producers across the country to find out the chemical-free and high-quality mangoes from the garden. After sourcing, the mangoes then arrive at Chaldal’s vegetable network to check the quality and do the packaging. After that, the packages are sent to 25 warehouses within the four-coverage area.
Each package comes in 3 Kg, and the price starts from BDT 179 per package. Customers can order as many packages as they want, which depends on availability. After ordering, the customer will get delivered within one hour at their doorsteps.
Read 20 Most Promising Education Start-Ups in Bangladesh
Packaging and Returning Policy
For the packaging, Chaldal uses an environment-friendly brown paper box hooked with carrying ropes. The packaging ensures that the mangoes won’t get damaged. However, if you still get the damaged and low-quality products delivered, they offer a no-questions-asked return policy. Which means you can return your product.
Through this customer-friendly returning policy, customers can get a replacement for any partial or full damaged products or even if the quality is compromised. However, the returning process is simple. The customer can simply contact Chaldal through customer service or Facebook and file a complaint. Usually, the company sends a new fresh box on the same day or sometimes the next day. Further, they also provide an equivalent refund if you want.
Read Top 7 Truck Rental Apps in Bangladesh
Availability of the Service
The stock is available almost all day. But sometimes, the company may run low on stock for a few hours as stocking constantly is not an easy task. Moreover, sometimes they end up with overstock and face some damages too. But Chaldal makes sure that the customer gets the delivery on time.
Relationship with the Supplier
As Chaldal directly works with the garden owners, the company maintains a good relationship to get the supply the whole season. However, Chaldal recently started a bidding system for the supplier when 20-25 garden owners attend the bids every day with their stock.
Nevertheless, the company works hard to make sure that the gardeners get the best possible price for supplying the best quality product.
Final Words
Every day 8-9 thousand customers are buying mangoes from Chaldal.com. The taste, smell and meaning of getting the best mango will no longer be limited to any particular area. Anyone who orders from Chaldal online can buy the best, juicy and chemical-free mangoes of Chapainawabganj selected from the garden.
Read Top 5 Mobile Apps for Farmers in Bangladesh
RFL introduces bubble flow technology in Shine Platinum series
RFL Plastics Saturday launched Shine Platinum Bathroom fittings, which use bubble flow technology.
RFL Group Managing Director RN Paul said: "After introducing Shine branded bathroom fitting, we received good response from the consumers due to its affordable price and high quality. We have used bubble flow technology in the Shine Platinum series which will save 30% to 40% of water."
Also read: PRAN-RFL donates safety equipment to health workers
Around 103 types of Shine Platinum Bathroom fittings are available at RFL exclusive and authorised dealer showrooms, read a press release.
Also read: Bidyanondo CHT orphanages get RFL 'icy water bottles'
WTO talks on Trips waiver from June 30
World Trade Organization (WTO) members will on June 30 begin talks on the scope and coverage of the waiver of provisions of the Trade-Related Aspects of Intellectual Property Rights (Trips) agreement proposed by India and South Africa for Covid-related medicines.
At the informal meeting of the Trips Council on Thursday, it was also decided that other issues such as duration and implementation of the waiver will be discussed at a later stage depending on the first stage of talks, officials said.
Read:WTO to start Covid-19 vaccine supply negotiations amid clash on patents
Differences remain on how to ensure rapid and equitable access to vaccines and Covid-related medical products for all as the European Union and a few others are still opposing a revised proposal by India and South Africa seeking patent waivers on Covid-related medical products for three years, with a provision to review the duration annually.
“There was agreement on regular Trips Council sessions to push negotiations,” said an official.
The meeting was the first after the WTO members agreed to engage in text-based discussions on the proposal for waiver of intellectual protection rights for Covid medication.
At the Thursday meeting, the US expressed doubts about starting a discussion on the scope of the waiver instead of focusing on common objectives and said some proposals could be very expensive as they unfold over the next 5-10 years.
Read:WTO panel considers easing protections on COVID-19 vaccines
The discussions on the proposal will continue on July 6, 14 and 20 between which meetings among small groups would be held. The first consultation period will start soon, leading up to the first open-ended session and stock taking meeting on June 30.
The General Council of the WTO will check the progress of the negotiations on July 27-28, instead of July 21-22 as planned earlier, the official said.
EU seeks parity
The European Union, which has backed the use of flexibilities within existing frameworks such as compulsory licences instead of new ones, sought its submission to be treated on a par with the waiver proposal though India and South Africa argued that the two be discussed separately in parallel tracks.
“While the India and South Africa proposal is based on Article 9 of the WTO Agreement, what the EU has made is not a formal proposal. They can’t be treated equally,” said an expert on WTO issues.
Read:World trade primed for strong but uneven recovery after Covid-19 shock: WTO
South Africa argued that from the legal point of view of the discussions, the waiver proposal and the communication by the EU should be addressed on different tracks.
This article was first published on The Economic Times
Want to start freelancing from Bangladesh? These are the best platforms for you
Working online through different freelancing websites is currently a very popular line of work because you can match the opportunities on offer to almost any skills-set that you may possess. It can denote both white-collar and blue-collar work. It is possible to earn thousands of dollars by using your own skills through different freelancing platforms - these web-based apps or websites can be essential to match you with the right opportunities, from the ones that abound in the global gig economy.
When outsourcing a lot of their business processes, organisations often engage specialist firms and even freelancers. Bangladesh is also keeping pace with the transformation underway in how human beings view and understand the concept of 'work'. Our large population, which is also youthful, makes it a very attractive pool for recruitment agencies that are often engaged to hire their freelancers.
A 2019 report by Payoneer, the Global Gig Economy Index, put Bangladesh at number 8 for countries with the highest year-on-year revenue growth in the freelance sector - earnings had grown 28 percent from what it was in 2018. Almost all successful freelancers have started their careers through different websites, also known as platforms. This article will discuss freelancing websites where you can get a job faster, matching your skills.
Read Work from Home, Earn and Be Your Own Boss
Top Freelancing Websites for the Beginners
If you research based on your skill, you will find multiple freelancing websites, and those are good enough to confuse your kickoff. Therefore, we have made a list of freelancing websites for beginners from Bangladesh. The following websites are great for newbies.
Fiverr
Founded in 2010, Fiverr is well ahead of other freelancing sites. As a newbie, anyone can open an account in Fiverr. Because it is much more effective and easier for beginners. If you are quite new to outsourcing and do not know which website to start, then feel free to open an account with Fiber and start working.
Jobs at Fiverr start from $5. Further, there is a huge demand for jobs like digital marketing, logo design, content writing, translation, audio, and video editing in Fiverr. Unlike other platforms, no hourly work has been launched here yet; only fixed-rate work will be available. You can withdraw Fiverr's income via Payoneer and Bank Transfer in Bangladesh.
Read Passive Income Ideas in Bangladesh in 2021
Upwork
Getting a job in Upwork is a bit difficult as you will need to bid on the jobs to get hired. However, if you are a skilled candidate and can show your potentiality to the clients, you can get the job easily.
Currently, Upwork is one of the most popular freelancing websites. The job posting feed here is updated very quickly. From small businesses to large multinational organizations, hire their freelancers from Upwork. In 2015, Upwork changed its name from oDesk. Well-known freelancing website Elance and oDesk teamed up to launch a new and expanded platform called Upwork.
Although you will find job opportunities for every sector, jobs like web development, graphics design, customer support, freelance writing, and WordPress management have relatively more in demand in Upwork. Upwork offers both fixed and hourly rates. Payment methods here are PayPal, Payoneer, and bank transfer centric.
Read Taxation of Bangladeshi Freelancers in 2021
Freelancer.com
Freelancer is quite old and popular compared to other freelancing platforms. It has about 16 million users. With more users here, both job opportunities and competition are proportionately higher, and it can make it difficult for newbies to get a job. However, Jobs are available at both hourly and fixed price rates. Earnings from Freelancer.com can be withdrawn through PayPal, Skrill, Pioneer, and bank transfers.
Guru.com
Guru is another popular freelancing marketplace with 1.5 million members. Both fixed price and hourly jobs are available here. Usually, job prices at Guru.com range from $100 to $200. However, after completing each task, the platform deducts Tk 4.95% to Tk 8.95%, which is relatively lower than other platforms. So, working on this site is a little more profitable than other sites, but getting a job is difficult. The payment receiving process can be done through PayPal, Payoneer, and bank transfer.
Read How to Earn Money from Mobile Photography?
PeoplePerHour.com
People Per Hour is a popular outsourcing marketplace based in London and the United Kingdom. As you can see from the name, you can find work here on an hourly basis. However, at present, in addition to the hourly system, fixed-rate job opportunities have also been created here.
This platform has huge competition. The minimum income for each project is $20 to $200. However, the platform charges 15% to 20% on the earned money. Freelancers can withdraw money from PeoplePerHour through PayPal, Bank Transfer, and Payoneer.
Read Quarantine Income Opportunities: How to Earn Money during lockdown period
Choose the Freelancing Sites Based on Your Skill
As we have mentioned earlier, you need to have the skill to start a freelancing career. Clients will not offer you a job out of anywhere. So, it is mandatory to know your category of skill. After that, you can assess yourself and apply for the right job. Randomly applying will not land you a job. Hence, opening an account on the right platform is highly essential. Let's see the best freelancing platform based on specific skills.
Programmers
For the programmers and developers, Toptal.com is the first choice. Besides, Gun.io, Turing, Hired, Upwork, and Freelancer.com are also good choices for programmers.
Graphic Designers
Graphic designing is the most common and popular job category. That is why there are some specific websites where only graphic designers can get a job. Upwork, Freelancer, Fiverr, 99designs, Toptal, Guru, and PeoplePerHour, are well-known platforms for graphic designers.
Read Free Online Graphic Design Courses to Enhance Your Skill
Educator and Trainers
Since this category might not have enough freelancers, most of the platform doesn't focus on that. But Guru.com, Upwork, Fiverr, and Freelancer.com have a huge load of jobs for educators and trainers.
Writers
There are some specific freelancing websites focusing on the writers, such as textbroker, iWriter, WriterAccess, etc. Further other popular platforms are Upwork, FlexJobs, Fiverr, and Freelancer.com.
Read How to Get Hired for Online Writing Jobs
Business and Finance
Almost all the popular platform has plenty of job for business and finance experts. Especially, Upwork and Fiverr have more jobs related to this expertise. So, if you have experience in a company's business and finance department, you can think of a freelancing career as full-time or part-time.
The global pandemic situation has increased the demand for remote freelance work. So, if you intend to start a freelance career, you can work with any of the websites we have mentioned here.
Digital Marketers
As people are living in the internet culture, the job of digital marketers is increasing. To meet the demand, different organizations tend to find experienced freelancers. Therefore, if you are a digital marketing expert, you can open an account on Upwork, Fiverr, and Frelancer.com. If you are an experienced marketer, you can find a job at Hubstaff Talent.
Read Top 10 Free Online Digital Marketing Courses in 2021
Upay, Falcon sign agreement on salary disbursement
Mobile financial service provider upay has signed an agreement with Falcon Group to facilitate the monthly salary disbursement of the group.
Sydul H Khandker, managing director and CEO of upay, and Mahtab Uddin Ahmed Chowdhury, chairman and managing director of Falcon Group, signed the agreement in the capital, read a press release issued Wednesday.
Upay, a subsidiary of United Commercial Bank, launched its operation in March 2021 to provide mobile financial services to people from all walks of life.
Read Digital Currency: Benefits and Risks of the Cashless Economy in Bangladesh.
Australia says it’s reached a free trade deal with Britain
Britain and Australia had agreed on a free trade deal that will be released later Tuesday, Australian Trade Minister Dan Tehan said.
The agreement is the first for Britain since it left the European Union.
British Prime Minister Boris Johnson and his Australian counterpart Scott Morrison had reached agreement on the deal during negotiations in London, Tehan said.
Read:Odds of settling US-EU trade rifts? Hope may outrun progress
“Both prime ministers have held a positive meeting in London overnight and have resolved outstanding issues in relation to the FTA,” Tehan said in a statement, referring to the Free Trade Agreement.
“Their agreement is a win for jobs, businesses, free trade and highlights what two liberal democracies can achieve while working together,” Tehan added.
Both prime ministers would make a formal announcement on Tuesday morning in London and release further information, he said.
Tehan said he spoke to Morrison on Tuesday. Australian Agriculture Minister David Littleproud described the deal as a “in-principle agreement.”
Read:OPEC to boost oil output as economies recover, prices rise
“The details are being nutted out from the in-principle agreement that our two prime ministers were able to get to last night over dinner,” Littleproud told Australian Broadcasting Corp.
“Our departments and the Trade Department are working through feverishly to make sure that an announcement can be made at our time tonight so that Australians will see exactly what is in that in-principle agreement,” he added.
The agreement is Australia’s 15th free trade agreement.
RMIT University international business expert Gabriele Suder said the deal was good news for both Britain and Australia.
Read:Australian court upholds ban on most international travel
“It’s wonderful news for the U.K. ... in particular because this is the first post-Brexit deal that has been really constructed from scratch, negotiated from scratch, and in addition has been negotiated in a record time of just one year, which is very, very unusual for free trade agreement negotiations,” Suder said.
Britain is Australia’s fifth-largest trading partner. Suder said she expected the deal would add 1.3 billion Australian dollars ($1 billion) a year to the Australian economy.
8 Mistakes to Avoid in a New Ecommerce Startup in Bangladesh in 2021
A recent study showed that almost 40% of the eCommerce transactions in the world happen through Amazon and more than half of all the startups in any category fail. The truth is, it's never easy to run a successful eCommerce startup considering the risk involved.
Amazon doesn’t operate in Bangladesh and even though there are successful eCommerce sites in town so it’s possible here. In this article, we will look at some of the beginner's mistakes that one should avoid in new eCommerce platforms.
Not getting things Down to a Niche
Unless you have an angel investor to back you till it reaches a break-even point, it’s almost impossible to succeed with a broad range of products. Narrowing it down to a specific niche product/consumer group is critical. Broadening the niche requires higher volume of communication to the client base which is never easy. It means one is competing with the existing and often established market players. The best course would be to focus on a specific niche to build customer loyalty as well as brand image.
Also read: Potential of e-commerce hemmed in by bottlenecks
Poor UI/UX design and Navigation
Before assessing the product of the platform, a client first interacts with the website itself. if the design of the website is not of quality and the navigation complicated, visitors would be discouraged to be there. The best thing is to hire a professional web developer to ensure a quality, responsive and sales facilitating site.
Lack of Product Research
Let's say you are passionate about skiing. You love everything about skiing and would like to sell skiing products on your website. However, given the climate of Bangladesh, it is pointless to sell skiing materials as there is virtually no demand for snow gears. A lack of demand means your product won't sell, no matter how good it might be. So it's better to conduct proper market research on your niche before listing products on your website. Understand what the customer wants and then act on it.
Read Visa’s Fintech Initiative for Bangladesh: New Opportunities for Start-ups?
No Marketing Strategy
An eCommerce platform isn’t like a normal business where you open an offline shop and wait for customers to arrive. You need to promote your platform so that people get to know about it and the product. One problem with eCommerce startups is that they focus on the product and the platform, but not enough on the marketing strategy. You need to create a concrete marketing strategy to attract customers and convert them to sales.
Undercutting or Overdoing
The key to a successful eCommerce platform is its simplicity. As long as a user feels at home on your platform, they will end up making purchases. But keeping things simple doesn’t mean you will underserve your customer. This might often happen with a lack of product description or poor product photography as well as a lack of customer engagement mechanism.
There are also instances of overdoing with too much information that confuses the customer or overselling a product. Focus should be to create an amicable environment for the customers.
Read The SWAP story of Bangladesh's first reCommerce startup
Failing to Add Value
If your business strategy only revolves around selling products and not creating value for your customer base, there's a high chance that you won't be able to retain these customers, ultimately depleting your business potential. Focus on personal interactions and relations with the customers to better understand what they require and sell products that will bring value for them.
Failing Back-Up Product Claims
Your product is only as good as its reviews. You can make bold claims on your platform regarding a certain product but if it's not backed up by sufficient reviews, it's not much good. You should incentivize your customers to write reviews on the platform to make the purchasing process easier for the next customer. A unified review scale across product denominations will help to better certify your platform and increase its reliability.
Read Top 10 Co-working Spaces in Dhaka
Not Defining Correct Metrics
A common mistake of beginners in the eCommerce platform is that they may tend to look at the wrong metrics to define the success of the platform. For example, an eCommerce platform might exclusively focus on driving more and more traffic to the platform but that isn’t a success unless the traffic is converted to sales. The best way would be to reduce acquisition costs and convert the sales to profit.
Bottom Line
As a startup eCommerce platform, the margin of error is very small. You need to make sure everything that you do, aligns with the overall business goal of the startup. It's very easy to make these rookie mistakes. Make sure that you follow the best practices to ensure the success of your eCommerce platform.
Read 20 Most Promising Education Start-Ups in Bangladesh