What are Bangladesh consumers buying?

The World Wide Web has had a significant impact on people's attitudes and behaviors all around the world. As a result of this blessing, online shopping has flourished, influencing the lives of regular people. Bangladesh has also begun to offer internet shopping, but consumers are not yet accustomed to doing so on a regular basis. A self-constructed questionnaire comprising 160 respondents from Dhaka city was used in this study to better understand the behavior of internet shoppers. Consumers shop online to save time and to access a wider range of items and services, according to the report. Both men and women behave in the same way when it comes to like and disliking things; they prefer home delivery and dislike the inability to touch and feel the product the most.

They gather online purchasing information from websites, particularly social media sites, and purchase apparel and accessories mostly using the cash-on-delivery payment option. The majority of customers are concerned about the payment system's security, and their overall happiness with online buying is divided. 

In today's environment, online shopping is a convenient solution to a hectic lifestyle. Customers shopping habits have changed dramatically during the last decade. Despite the fact that people continue to buy from physical stores, users or buyers find online shopping to be incredibly handy. Modern individuals are so busy that they cannot or will not spend much time shopping, therefore online buying saves them time. When compared to mature markets such as the United States, the United Kingdom, Japan, and European countries, the Asia Pacific area is leading the way in terms of online shopping growth.

The Asia Pacific region, particularly China, experienced tremendous growth. In 2016, the Asia Pacific area generated almost $1 trillion in online sales, the majority of which came from China, accounting for $899 billion. Online shopping is growing more popular and preferred among a set of consumers seeking better value propositions in terms of knowledge, convenience, cost, and choice as more people become more aware with the Internet and its benefits. Bangladeshi youth, like those in other Asian countries, are experimenting with new forms of purchasing, which has resulted in the popularity and rise of online shopping Bangladesh. 

Unlike a conventional store, online stores describe all of their products using text, photographs, and multimedia materials. Many internet businesses will include links to a wealth of additional product information. On the other side, some online shoppers are adventurous explorers, pleasure seekers, and shoppers who enjoy shopping, while others are technology muddlers who despise waiting for their orders to arrive. As a result, online consumer behavior (user actions during product search, purchase, and use) has become a popular research topic for a growing number of researchers seeking to understand the unique nature of online purchasing. A company's main purpose is to provide products and services that best meet the needs of its customers. A company that provides excellent customer service is more successful than its competitors because delighted customers are more likely to make repeat purchases. Furthermore, as Internet access spreads widely throughout rural areas in Bangladesh, online shopping is rapidly growing and has the potential to grow enormously in the future. However, while Bangladeshis are traditionally cautious when it comes to shopping, their reliance on internet shopping will grow as a result of technology and a faster-paced lifestyle. As a result, the goal of this research is to better understand consumer attitudes toward online shopping, as well as their preferences, dislikes, and levels of satisfaction.

Bangladesh's online retailing landscape

The worldwide business community is being forced to transition towards e-business due to the increasing dispersion of ICTs, particularly the Internet. Consumers who shop online have access to the global market, allowing them to compare prices across regions and websites, determine whether prices vary according on order fragmentation, and learn about alternative products. As a result, the vendors make certain that they are represented in the cyber world via websites and portals. The increased and more efficient access to the worldwide market through the Internet benefits both vendors and customers. UNCTAD (United Nations Center for Trade and Development) has stressed the relevance of e-commerce, particularly online purchasing, for developing nations in recent years. UNCTAD offers unique programs to help poor nations move into all sectors of e-commerce. UNCTAD has also created guidelines and norms for all forms of international e-commerce transactions. Because of increased globalization, the private sector in Bangladesh should be well prepared to meet the needs and expectations of customers while also standing out in the competition against domestic and international competitors. In such an environment, firms must integrate ICTs into their internal processes in order to become more competitive and efficient on a global scale. Businesses must also have a strong presence and involvement in the cyber world. These two challenges, in particular, are becoming increasingly important for the Bangladeshi corporate sector.

The significant findings are the following for consumers: 

 The consumer class in Bangladesh is growing and dispersing. MAC Bangladeshis will account for roughly 17 percent of the population by 2025, despite the fact that just 7% of the country's current population is categorized as middle income or affluent, compared to 38 percent in Indonesia. Consumer affluence is also dispersing regionally: forecasts show that 63 cities will have MAC populations of at least 100,000 in the next decade, compared to 36 presently.

 Consumers want to spend, but they don't want to get into debt. Sixty percent of consumers expect their incomes to increase in the next 12 months, and 69 percent say they have more products they want to buy. They are, however, inhibited by fears that they will accumulate debt that they will be unable to repay, perhaps due to social taboos or a lack of expertise with loan instruments. Getting rid of this worry could open up a lot of doors for advancement.

 Brand loyalty is strong, but consumers are also cost-conscious and value-conscious. Most Bangladeshi consumers regard brand as a major influencing element in their purchasing decisions, with more than 80% citing it in the case of durables. These customers are on a tight budget, and price often takes a back seat to quality. Price discounts impact the judgments of far fewer Bangladeshis than those in Southeast Asian emerging markets.

Companies should concentrate their efforts over the next few years on expanding their operations to fulfill rising demand in Dhaka, Chittagong, and a few other cities. At the same time, as the population grows and purchasing power expands across the country, it should start preparing the framework for a larger expansion. Because Bangladeshi customers have a high level of brand awareness, companies that can establish themselves as trustworthy, gain market share, and develop a reputation for delivering high quality will reap the most benefits in what promises to be one of the world's next large growth markets.