Last year brought about an unprecedented number of changes in the retail industry, none more so than the acceleration towards electronic commerce. Tech-savvy consumers are looking for quick, seamless purchasing methods and will continue to lean on e-commerce throughout the next few years as more consumers will jump on the bandwagon. 2021 looks to build on this incredible impetus, leveraging the tools and trends that defined a monumental year for online shopping. Businesses that adapt will not just survive a rapidly changing retail landscape but set themselves up to thrive for years to come.
E-commerce continues to grow globally, providing a consumer-friendly experience with innovative features. E-commerce platforms worldwide had witnessed several frequently occurring trends that drive the industry. For instance, several websites offer customer reviews — a way for people to assess the goods and services independently before purchasing. It is a way for customers to ensure quality control by talking to each other about what is and is not worth their hard-earned money.
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Additionally, e-commerce also depends on the users’ convenience. People will often happily put down extra shipping fees if it means they will not need to leave the comfort of their own home to purchase necessary products. It provides a personalized and convenient experience while reaching more people than physical stores ever could. Another major trend seen globally is that e-commerce is trackable. Businesses largely benefit from this by providing consumers with exciting content and advertising that speaks to their needs.
In today’s Covid stricken world,
packaging must meet both
product requirements and
environmental objectives
The e-commerce sector has been gaining momentum all over the word. However, the trend has become more popular in Bangladesh during recent times due to the pandemic. So far, the country has seen a very prospective outcome regarding its flourishing e-commerce sector and the peoples’ involvement in it. People gradually realize the efficiency of online buying and digital transactions. Moreover, we have seen the increasing popularity of Business-to-Consumer (B2C) in the urban areas owing to the growth of online food delivery platforms. Business-to-Business (B2B) websites are also growing as many of them are engaged in providing manufacturing and supply-chain solutions.
Likewise, cross-border e-commerce is also becoming an essential element to growing and scaling an e-commerce business. Since the past years, cross-border sales have skyrocketed due to an increased demand for foreign goods. After spending years establishing e-commerce business in a regional or national market, it may be time for companies to consider expanding into different countries.
Nowadays, young consumers love following trends and bring changes to the business from an e-commerce point of view. Social media and the internet combined remains a key driver of consumer purchases for Gen Z and millennials. Gaining inspiration, learning about new trends, and being exposed to engaging, fun content is among the reasons why young consumers are so drawn towards e-commerce. On the other hand, packaging is one of the most crucial parts of a product because a well-packed product projects the items inside it and ensures customer satisfaction. As a result of the new directions for environmental protection, it not only has to protect the products but must also be environmentally friendly. In today’s Covid stricken world, packaging must meet both product requirements and environmental objectives.
It is essential that companies recognize these trends and implement proper strategies using digital means of running operations or quickly adopted solutions. Daraz, for instance, has been a forerunner for continuous modernization and digital transformation in this sector. From initiating major campaigns, providing transparent communication mediums with customers to building warehouses, and increasing the number of collection points, the country’s largest online marketplace always prioritized innovation and adaptation. Daraz aims to contribute to a sustainable digital ecosystem with proper investments in the e-commerce infrastructure, technological innovation, and human resources.
Bearing this in mind, many companies and business entities in the country have started taking sustainable measures to support the growth of the e-commerce industry. The future of e-commerce is inspiring, especially in emerging markets like Bangladesh, where businesses are gradually branching into the online world to reach more customers.
Abrar Hasnain is Head of Marketing, Daraz
Bangladesh Limited
