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With increasing access to smart devices, computers, and laptops, doing business online is very popular. E-commerce is a huge business opportunity that you cannot miss. Starting an e-Commerce venture may seem quite unfamiliar initially, but read on to learn how to set up your own online business in Bangladesh. You can either take an existing business online or start something entirely new. Either way, e-Commerce is a great avenue to expand your reach and customer base. While a brick-and-mortar business may limit the clientele you are exposed to, an e-Commerce venture can make the world your marketplace.
E-commerce or electronic commerce is a business model where individuals and companies buy and sell goods and services online (on the internet). So e-commerce can be conducted through devices that can access the internet, such as smartphones, tablets, computers, and other devices. Today, almost any goods or services you can think of are available to browse and order through the internet. Investment activities and banking are also popular on the internet. While some businesses operate entirely online, others maintain both an online and offline presence.
In Bangladesh, the three most common types of online businesses are:
Despite being slower than the rest of the world to venture into e-commerce, Bangladesh has seen exponential growth. It is expected to be a significant economic driver. The e-Commerce Association of Bangladesh (e-CAB) is the trade body for e-commerce in Bangladesh. By e-CAB estimates, 700 e-commerce sites and approximately 8,000 e-commerce pages on Facebook are active in Bangladesh. But, overreliance on Facebook pages is a mistake that most companies make. While using social media as a great tool to reach out to potential customers, they must create their official pages.
However, many online businesses have web pages and use social media as a marketing strategy. A social media page alone does not give the complete picture of a business. The ability to showcase all aspects of the business and create a brand is better on a website. A presence on social media is essential to funnel interested customers through to the website. Social media may attract more individual buyers who fit the customer profile. A website is also useful when doing business with other organizations and bulk buyers in the long run.
The first step to creating a good online presence is to have an excellent website. A great website is a valuable marketing tool that is worth investing in. It is the online face of your business. Your website should attract the interest of potential customers and buyers and entice them to explore your offerings and services. A website that has complete information will help the buyer make quick decisions without having to ask you questions before deciding. A website will also make it easier to find when people search for your services on search engines. Mobile phones are popular as a means to shop. So, ensure that your website displays well on a mobile phone. M-Commerce makes your business most accessible to online shoppers.
The more platforms that you are accessible on, the better your chances of being seen by online shoppers. The fact that you are present on many platforms is a good branding exercise.
If you think you have insufficient skills to set up a website and social media accounts, you can enlist the services of an agency that will provide the service for you. A professional web design and online marketing agency will help you choose the most attractive website name, design, and online strategy. To be most effective, a website should rank high on search engines. A digital marketing agency will SEO optimize your website for the best results on search engines. Digital promotion is also essential to be seen by the maximum number of people looking for your products and services. If you intend to start an online shopping platform, you may also want to design an app.
Choose an agency that offers you a package of all the required services. It is best to work with an agency that understands your vision so that you can build a long-term partnership with them. Ideally, you and your digital marketing agency should be able to grow your business together. Shop around agencies till you find the one that offers you a combination of web development, app development, e-commerce, m-commerce, UI/UX design, digital marketing, and branding services.
You can make your online website more than just a way to market yourself. Adding the ability to buy and pay through the website is the ideal solution. Integration of an online payment gateway is essential for selling items through your website. A reputed vendor with high levels of security will inspire more confidence in the customer sharing credit card or other banking information. Negotiate with the vendor for the best payment options at reasonable commissions for your payments. It is always better to offer as many options as possible so your customer will have a wide range of payment choices. Your agency will be able to help you choose the online payment vendor that works best in Bangladesh.
You can either sensitize and train your existing team to work with the online ways of doing business or recruit a new team for your online business. Logistics can be managed in-house or outsourced to a third-party provider. It may be easier and more economical in the beginning to outsource it to a more experienced solutions provider. Low shipment fees are always attractive to customers.
An online business is an endeavor that takes a lot of planning and a reasonable investment. A complete branding and marketing plan is essential to make an online business work well for you. It is best to think the whole process through and make a marketing plan before you start out. This plan should be designed in collaboration with the agency to tailor your online presence to your online business plan. It is best to work with a professional consultant instead of trying to do all the steps alone. A digital consultant will help you get the most value out of the investment that you make in your online business. Once you have created a customer base, you will have to work at retaining them and enhancing customer satisfaction.
Selling products online is a process that eliminates the middleman. Ensure you showcase your product and give the customer all the information they need about it. Well-lit high-quality pictures that can be zoomed in are essential. Take pictures that detail all your product's most important selling points. The photos of your product’s labels should be legible and easy to zoom in. Write your product description to convince the customer to buy. All the technical details, as well as the selling points of the item, should be highlighted. Once you have caught the customer's attention, try to make the sale immediately.
High-quality products, speedy delivery, and good customer service will ensure repeat customers and good feedback. Encourage happy customers to leave you feedback on social media and other platforms. Use social media not only to display your products but also to interact with customers. The more conversations and interactions you have online, the more comfortable the customer will feel doing business with you.
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