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    Study: Well-off consumers opt for online shopping

    LightCastle Analytics Wing
    LightCastle Analytics Wing

    Online transaction is gaining momentum as consumers are becoming more focused on it with the blessings of information technology.

    Stronger security protocols and easier transaction facilities provided by banks and trusted logistic companies are driving the online buyers to rely on such transactions, said a report.

    The trend to purchase via e-commerce platforms all the year round accounts for 37% while during religious festivals like Eid, Puja and Christmas 27% and other cultural occasions like Pahela Boishakh and English New Year 20%.

    Most middle-class and affluent consumers enjoying an access to internet prefer shopping online.

    LightCastle Partners (LCP) – a business management consulting firm –  unearthed the findings in its report titled “The Rise of Digital Consumer Class in Bangladesh”.

    The report – which was based on an online study over 450 respondents in Dhaka, Chittagong and Sylhet – was launched at a press conference held at EMK Centre in the capital yesterday.

    The respondents with monthly income between $251 and $650 represent an emerging middle, middle and affluent class backgrounds.

    The study focuses on technology users and the rise of digital consumer in the country.

    It picked up respondents from four major categories representing early Start-ups, Digital Aspirants, Traditionalists and Connected maestro.

    The report mentioned that 51% of the respondents are early start-ups while 26% from Chittagong and the rest from established areas in Dhaka.

    It said 23% respondents seek product information online and opt to evaluate products in black and white before making purchase.

    Living in the port city, Sylhet and the capital neighborhoods, consumers mostly visit online for communication purposes.

    The report also said with the advent of 3G internet coupled with 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% of middle and affluent consumers would definitely like to increase their online purchases in the next year.

    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.

    “So, it is time you start interacting with the digital side of your target market as with time that is where they will make their purchases.”

    The importance of having a digital strategy for the future has become apparent from the study that exhibits business categories ripe for moving into electronic space.

    – See more at: http://www.dhakatribune.com/business/2016/jan/22/study-well-consumers-opt-online-shopping#sthash.kvdUcdg4.dpuf

    LightCastle Analytics Wing

    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.

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