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Bangladesh e-commerce market size to reach Tk 1.5t by 2026

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Speakers at a discussion have said that proper regulatory measures could help boost the e-commerce business in Bangladesh by creating a sustainable image of the sector already been wounded by some bad examples of fraud in the recent past.

They say the development of the sector is helping the economy in ways as the sector is set to expand further over the next few years, reports UNB.

Citing some research work, they say the business-to-customer e-commerce market in Bangladesh is expected to grow by 17.61 per cent on an annual basis, aimed at reaching Tk 659.66 billion in 2022.

The e-commerce market size in 2021 was about Tk 568.70 billion and will be around Tk 1.5 trillion by 2026, they said adding that the sector is gaining momentum through the country’s registered e-commerce companies, non-registered online platforms and social media-based trading pages where mostly young people are engaged as entrepreneurs.

The sector involves travel and hospitality, online food service, media and entertainment, healthcare and wellness, and technology products and services, they say.

The discussion was held at the Pan-Pacific Sonargaon Hotel on Monday night. Bangladesh Online Entrepreneurs Association (BOEA), a platform of more than 1,000 e-commerce entities from across the country, organised the discussion with Commerce Minister Tipu Munshi as Chief Guest.

Tipu Munshi said that the government was working with e-commerce platforms to help the sector grow in a healthy way so that it could overcome the image crisis.

He said that the ministry of commerce has been working with other business bodies such as the FBCCI to regulate the sector better.

“Such a discussion by the Bangladesh Online Entrepreneurs Association is very important to build consensus about the ways for moving forward. It has created an opportunity to bring the experts, market leaders, young entrepreneurs and leaders of other sectors together,” he said.

Mentioning that e-commerce has a prospect of being a billion-dollar business in the country, the minister said all involved in the sector should maintain their service quality for creating its good image.

"It has a great prospect to flourish more in the future. The people involved in e-commerce must ensure service honestly and maintain quality," he said.

Mostary Morshed Smriti, President of Bangladesh Online Entrepreneurs Association (BOEA), said she dreams of the association to bring in all the online-based young entrepreneurs to build stronger bonding among them to grow as a group.

“Challenges are there. This platform will continue to support the entrepreneurs so that they can face all the challenges and grow together,” she said.

The discussion was also attended by Sylhet-3 MP Habibur Rahman Habib, additional commerce secretary AHM Shafiquzzaman, Professor Aichi Healthcare Group Chairman Professor Dr. Moazzem Hossain, Associated Press (AP) Bureau Chief Julhas Alam, BOEA vice president Akhtaruzzman Sarker, India Importer Chamber of Commerce Vice President Nipa Jannatul, among others.

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