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Thursday, February 2, 2023

E-commerce market size to be $3b by 2023: DCCI

BSS

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In 2020, the e-commerce business experienced a significant 166 percent growth and by the year 2023, the market size of this sector will reach US $3 billion, observed speakers at a webinar here yesterday.

They mentioned that at present the size of e-commerce market in Bangladesh is of about USD 2 billion and it is increasing at a rate of 50 percent every year.

Dhaka Chamber of Commerce and Industry (DCCI) organized the webinar on `e-Commerce and Consumer Rights in the time of Covid 19: Challenges and Way Forward’, said a press release.

Commerce Secretary Dr Jafar Uddin joined the webinar as the chief guest while President of the Consumers Association of Bangladesh (CAB) Ghulam Rahman joined it as the special guest.

DCCI President Shams Mahmud moderated the webinar.

Jafar Uddin said in spite of having dissatisfaction among the consumers, e-commerce and f-commerce are growing manifold for their incremental demand.

“In order to utilize its huge potentials, a ‘Digital Cell’ has been established in the Ministry of Commerce. An Advisory Committee is also working under WTO cell of Ministry of Commerce to ensure consumer-friendly digital commerce eco-system,” he added.

Through the Digital Cell and e-support centre, he said they will be able to face the existing challenges of this sector.

Shams Mahmud in his welcome address said that at present the size of e-commerce market in Bangladesh is of about $2 billion and it is increasing at a rate of 50 percent every year.

Though the general trading in COVId-19-led pandemic situation reduced in the country, the e-commerce trading has increased remarkably, he added.

He said protection of consumer rights is a key factor for a sustainable e-commerce ecosystem in Bangladesh.

“Quality, conformity, liability, distribution, secured payment system and price of products are very much linked with consumer rights,” he added.

Ghulam Rahman said that they need to address the problems of e-commerce to facilitate its success. “F-commerce is also flourishing in the country. Registration system for f-commerce is needed to bring them under monitoring and accountability,” he added.

Along with the advancement of e-commerce, he said, adequate rules and regulations should be in place, he observed.

Fintech

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