E-commerce industry projected to hit $2.5bn by 2021: Govt

Jarina Begum opened a Facebook page whimsically two years ago. She initially started selling female garments such as Sarees and Salwar Kameez with an insignificant amount.

Pandemic helped her business grow faster. She now earns Tk 3 lakh per month by selling her products online, as an increasing number of people preferred digital platforms to make purchases during the Covid-19 pandemic.

The e-commerce industry is projected to reach Tk 22,000 crore ( $2.5 billion) by 2021, which was Tk 16,000 crore last year, according to Md Hafizur Rahman, the additional secretary and head of the central digital commerce cell at the commerce ministry.
“The e-commerce business has been expanding faster since the outbreak of coronavirus in March last year in the country,” he told Business Insider Bangladesh.

The commerce ministry is now working to make a guideline on operating the e-commerce business to protect the interests of consumers, he said

The guideline will be finalised after taking opinions from the stakeholders after Eid vacation, he added.

The e-commerce industry saw a 50% spike in home deliveries amid the pandemic, employing thousands of people, according to industry insiders.

Commerce Secretary Md Jafar Uddin said it is time for an online business to grow during the pandemic.

“Online business is a great hope for new businesses worldwide. But local business confidence will not get a boost unless the government continues with the vaccination programs,” he added.

e-Commerce Association of Bangladesh (e-CAB) President Shomi Kaiser recently said the people are buying the essentials e-commerce firms as they stay at home during the pandemic situation. Now those firms are delivering essential goods from 6am to 12pm amid the pandemic situation, she also said.

The e-CAB has been working to reach the rural people, according to Shomi.

According to the data from Statista, the e-commerce market in Bangladesh in 2019 stood at $1,648 million which will increase to $3,077 million by 2023.

According to e-CAB, the annual transaction is now more than Tk 8,000 crore and over 1,200 organisations are associated with e-commerce in Bangladesh.