‘Online shopping on the rise’

    LightCastle Analytics Wing

    With stronger security protocols, easier transaction facilities achieved with assistance from banks and trusted logistic companies, the digital consumer class in Bangladesh is on the rise, revealed a recent study.

    The study “The Rise of Digital Consumer Class in Bangladesh” conducted by Lightcastle Partners (LCP) was revealed at a simple ceremony at EMK center at the capital.
    LCP conducted the online study over 450 respondents in Dhaka, Chittagong, and Sylhet–three developed e-commerce markets in the country. Coming from emerging middle, and the middle and affluent class (Monthly income within USD 251-650 range) households, around 64.4 per cent of those respondents are aged 20-40 with 35 per cent representation from 20-30 year age group.
    The study said that the consumers are becoming more conducive to online transactions these days. This has resulted into more frequent visits and transactions in online. As per the study, around 18 per cent respondent visits e-commerce sites once a day and 22 per cent once a week.
    Nearly 35 per cent purchases are concentrated on weekends, the study said. During the religious festivals like Eid, Puja, Christmas, 27 per cent of the respondents buy things online and during other festivals like Bengali and English New Year, 20 per cent of them do the same.
    The research found that the 28 per cent of digital consumers spend, on an average, BDT 1000 to 10,000 per visit. Fashion-wear comprises 22 per cent
    and fashion accessories comprise 18 per cent of all the transactions in e-commerce sites.
    Major portion of the respondents 67 per cent prefer the cash on delivery (COD) mechanisms. However, mobile payment gateways, if correctly leveraged, can be promising alternatives as the survey found that 32 per cent of the respondents would like to use mobile payment gateways with a more easy-to-use mobile wallet option.
    With the advent of 3G internet, coupled with the proliferation of smarter gadgets and availability of secured and flexible mobile financial services, e-commerce industry in Bangladesh is poised for exponential growth – the research also suggests that 38 per cent of the middle and affluent consumers would definitely like to increase their online purchases in the next year.
    Speaking on the occasion, Bijon Islam, CEO of LightCastle Partners, said, “Since consumers are on the digital space and interact with each other via online channels it is only natural that reaching out in that space would yield the best business results”.

    Source : www.theindependentbd.com

    LightCastle Analytics Wing is the research division of LightCastle Partners. It is tasked with producing periodic reports on the different sectors of the economy, analyzing trends in markets and making methodical, thorough and intelligent analysis to improve strategy and drive business growth.