Bangladesh Startup Summit 2023 was truly a remarkable event in terms of the value it delivered by shedding light on the present-day industries in Bangladesh. Considering the fact that Bangladesh wants to produce 5 unicorns by 2025, e-commerce is set to play a critical role in causing the fruition of such an ambition.
Furthermore, as we transition from a Digital Economy to a Smart Economy by 2041, e-commerce would allow us to tackle one of the key challenges of Bangladesh, which is infrastructure. If utilized effectively, e-commerce holds the potential to transform our existing infrastructure into a more sophisticated and efficient system in our drive to meet SDGs 8, 9, 11, 12 and 13. As per our plan of being a Smart Economy it is imperative to ensure that e-commerce is facilitated to become a significant contributor of GDP and economic growth.
The current market size of the e-commerce industry in Bangladesh is $1.3bn, processes approximately 300,000 orders a day and has investment worth only a mere $2bn per capita which is very insignificant when compared to similar and neighboring nations. It is crucial to realize that our penetration has not increased as well with the most phenomenal burst happening during the time of covid-19.
However, if we focus on the brighter side, e-commerce in Bangladesh exists as being very diverse and inclusive of categories. E-commerce would be a crucial fragment for the Smart Economy. There are multiple dimensions of offerings ranging from travel, food, consumer products and much more. The diversity which exists ensures the sustenance of customers from multiple walks of life as we strive to build a sustainable future to craft value for communities and the nation in general.
In addition, the 4 major components of e-commerce operations in Bangladesh are constantly working in full swing. These 4 components are independent brand platforms, f-commerce, ride sharing and other social media platforms. All of these mediums are responsible for generating vast order quantities, necessitating swift deliveries and are accountable for the satisfaction of large numbers of customers on a day-to-day basis.
While we are transitioning towards being a Smart Economy, there are certain trends in e-commerce which are already in favor. One of these trends is the rise of using MFS in the processing of payments, away from the usage of cards. An impactful objective within Vision 2041 is ensuring total financial inclusion and the creation of a cashless society. The rising number of payments through e-commerce is an example of how we are propelling towards our vision.
Yet, if we truly wish to initiate the next wave of e-commerce in Bangladesh, we need to ensure certain measures and reforms are taken when it comes to devising policies- to transform the ideal pillars to leverage the next wave of e-commerce.
Digital Literacy: In order to ensure the transition towards a Smart Economy and ensure widespread inclusion in e-commerce, there needs to the instillation of digital literacy amongst everyone. After all, a Smart Economy would call for everyone to have a holistic knowledge of how the digital realm functions.
Include digital education in schools: The next generation of smart citizens needs to be built from now. However, the focus here is to ensure that digital literacy is not a luxury anymore and instead is transformed into a basic lesson. The incorporation of using AI effectively would also act as a booster. That would ensure that diverse communities – be it rural or urban – are able to navigate through digital platforms, tools and mediums. Essentially, this knowledge would allow them to become native users of e-commerce irrespective of their backgrounds.
Prevent frauds and scams: Policies and measures need to be formed in ways which allow the monitoring of risk and fraud to protect the interest of consumers at all times. This would mean protection from illogical offers and pyramid schemes. On the other hand, customer-side risks and fraud need to be mitigated as well.
Devise progressive data policies: Data in Bangladesh tends to be expensive. To ensure the successful operation of e-commerce and inclusion, data needs to become more affordable and accessible. Because only that is when we would be able to propel towards a smart future and ensure that the dream of a trillion-dollar economy is ensured from all ends.
If we are truly able to ensure the instrumental development of e-commerce in Bangladesh, we would be able to ensure that we truly boost our growth in GDP with further products and services through e-commerce; consequently, cause the creation of jobs and deurbanize to gradually decrease economic externalities from our density clutter since goods and services would be widely available, deliverable and sustainable.
Sharmin Kabir, Founder, Wreetu Health and Well-being Foundation
Sharmin Kabir
Founder, Wreetu Health and Well-being Foundation
Sharmin Kabir was raised in Kishorganj. She completed her schooling in her village before studying English Linguistics as an undergraduate at BRAC and later studied TESOL at the Master’s level. Sharmin Kabir has enrolled in DU’s MPhil program, where she is studying Menstrual Hygiene Management. Her topic is about using technology to bridge the gap between resource availability and information.
After completing her Master’s degree, She joined BRAC IED for a full-time project, and her field of work mainly focused on adolescent girls. During that time, she realised that these girls don’t have adequate resources or information on period or puberty health. Furthermore, the change in mindset and general appearance during adolescence left these girls with a lack of self-confidence. They lacked knowledge about menstruation health since they were never told about it. Using her personal experience and some internet search, Sharmin Kabir decided to break the stigma to make sure Bangladeshi girls can talk freely about menstruation health without hesitance. In 2016, she left BRAC to found Wreetu, an organisation aiming to remove the period taboo once and for all. From her field experience, she found that period hygiene is a neglected topic in Bangladesh.
The main challenge was the hesitance of people not talking about the period, which could be a problem. According to Ms. Kabir, the gap needs to be identified by parents or schools. But there is much scope to talk about it. Wreetu had to eradicate the mentality of not talking about menstruation. Another challenge was to create the necessary awareness in both genders regarding the topic. Wreetu has completed a movement under the guidance of Ms. Sharmin. Her sisters and relatives felt skeptical about her work, thus getting little support from the family. Many schools felt negligent about menstruation, but now they are speaking out. Ms. Sharmin had a difficult time assembling a team.
There is a knowledge gap everywhere regarding the period. A common effort is given during the ice-breaking sessions, making them aware that the period is something to discuss. Another challenge faced during these times was that young adults are more negative than teenagers. The vision of Ms. Sharmin regarding Wreetu is to eradicate the taboo regarding periods once and for all by 2030.
Maleena Gomez, Creative Director, Aneemal Studios
Maleena Gomez
Creative Director, Aneemal Studios
“I started my career in advertising in 2013 — just imagine a 19-year-old juggling art school and crazy work hours and the image is pretty much what I was 10 years ago!” quoted Ms. Maleena.
Being a young recruit, she always had to work extra hours and had no scope for slip-ups, but it instilled in her a constant drive to prove her skills and talents to show that she was fit for the role she was given.
There was a point in her career as an Art Director where she was assigned to lead a team of assets — who were much older than she was, and all men to boot. Needless to say, it really was quite a struggle to get the team to accept her authority, in fact, it was fairly intimidating at some points as well. But she had full faith in herself and what she was doing, also with all respect to the leaders who thought she would be fit for that role, she pushed through. Soon enough her team recognized that as well and they accepted her with love and admiration.
Today, she is managing her own design studio (Aneemal Studios) as Creative Director and Project Lead, while also operating as the Creative Head for Monno Ceramics, a company with a significant stage presence in the Bangladeshi ceramics industry. It’s worth noting that the designers and marketers, in both teams, that I’m working with are all younger than me.
As a female entrepreneur and professional handling all these titles and leadership roles, she still often faces difficulty being taken seriously and having people following her instructions. She never stopped believing in herself and her abilities for a day, and doesn’t plan on doing so anytime soon. She thinks hard work, confidence, and knowing how to hold her ground strongly can help her grow.
Shomy Hasan Chowdhury, Co-Founder, Awareness 360
Shomy Hasan Chowdhury
Co-Founder, Awareness 360
Ms. Shomy was privileged to grow up in an open-minded family. However, as she was trying to establish herself as a social impact entrepreneur, requiring her to interact with the broader society, the gender imbalance that still exists today became increasingly apparent to her. She experienced similar hardships as other Bangladeshi women, including getting unsolicited advice on every facet of life and being protected at the expense of her freedom. Others didn’t have much confidence in her, and she often needed to prove herself. People questioned her intentions, actions, and outcomes. When people hear her success story, they appear surprised, as though it’s difficult to believe a young woman can do remarkable things.
She is often invited to high-level events around the world to speak about her work; at this point, she is used to immigration officers’ raised eyebrows. In 2018, she was invited by the Government of Pakistan to be an International Election Observer of Pakistan’s General Elections, appointed by the Commonwealth Secretary-General Rt. Hon. Patricia Scotland. She struggled to persuade certain officials that she had been assigned such a significant responsibility. Aside from these personal struggles, she also noted the disproportionate impact of women in her line of work. Women founders continue to struggle with access to funding. In the Water, Sanitation, and Hygiene (WASH) sector, girls and women shoulder the burden in most communities. For instance, it is them who are tasked to walk mile after mile to fetch water, skipping out on prospects for employment and education. This even puts them at risk of sexual assault.
Dismantling patriarchy in all of its manifestations, in order to establish gender equality and equity, is a long process. Even if the seed they are planting today might not bear fruit right away, we shouldn’t give up. This is why she feels motivated to continue her work despite the challenges, to lead by example, and to celebrate small wins, in hope of leaving a collective lasting legacy that will benefit present and future generations.
Sarah Zita, National Consultant at UNDP, Consultant at Joyeeta Foundation
Sarah Zita
National Consultant at UNDP, Consultant at Joyeeta Foundation
After studying at BAF Shaheen Jessore, she came to Dhaka with a dream. Without any knowledge of the level of competition in the outside world, she gave it her all and eventually received a degree in finance and banking. She recalls her school days, when she wrote an essay about dreaming of being an entrepreneur one day. Her dream was shunned by the teacher, who suggested that she change her aim, as a doctor or an engineer would suit a woman better. She was the only female taking up commerce subjects in her college, even when she was an ace student and was expected to take up science by her peers. She took a leap of faith and expressed her desire to go ahead with commerce.
Her work life was not easy either. Inspired by a woman in a senior management role at her workplace, she desired to fly high like her. As a female working in a male-centric role, she had to face a lot of challenges because of her vocal personality. Her realisation came when she saw that a female working in any similar position as a man struggles harder to make a place for herself. This was also when the dream of being an entrepreneur became deeper when she understood the significance of having female entrepreneurs in the country. She was courageous and was not afraid to speak her heart out. She was also under additional pressure to care for her home as a wife and daughter-in-law. Even though she had to leave her job when she became a mother, she could not leave her passion for starting a business. This is when destiny took an interesting turn.
In early 2012, she was inspired by her childhood friend who worked in eCommerce and started Monihari, which was one of the first businesses to do customised products such as T-shirts. She was invited by eCAB to gather with similar eCommerce entrepreneurs, where she was the only woman. There she expressed her desire to work with women entrepreneurs, and Women & eCommerce was started with her involvement. From then on, she went on to work with Anondomela, UNDP, and the Joyeeta Foundation, all guided by her passion to work as an entrepreneur and her zeal to do something for women entrepreneurs in Bangladesh who go through similar challenges.
Jasmine Jui, Chief Executive Officer, Bijoy Digital
Jasmine Jui
Ms. Jasmine studied at Azimpur Girls’ High School and was always keen to read. She noticed that she was good at recitation. At that adolescent age, she did not know what to do with her life but coming from a very conservative family in Old Dhaka, she grew up in a traditional environment. She knew that she did not want to be recognised as someone’s wife or daughter. She needs to have her own identity. Her career started when she took up tuition during her SSC. She realised that she has a good potential in the teaching field. She went ahead with a teaching career and luckily faced no restrictions as her peers felt that teaching is a secured career for females. She completed her Honours in English at Eden Mohila College.
She taught at Holy Cross School and College but she had to leave after two years as she was blessed with a daughter. She later joined Raihan School as an English teacher and spent 9 years teaching. She later felt stuck and realised that there was not much space to grow. She wanted to explore something new, still she was afraid to take a step forward. However through a circle of networking, she was hired to work at, which would later be named as Bijoy Digital. She had Mustafa Jabbar as her mentor to guide her. Mustafa Jabbar saw her sincerity, work ethic and honesty. She recalls her personal journey throughout her 14 years of career at Bijoy Digital which not only helped her grow professionally but personally as well. She got to explore her creative side and used her experience as an English teacher to work behind the production process of Bijoy Digital.
She had a big role in building the character “Bijoy” as she wanted to have the essence of Bangladeshi root in the character. Bijoy Digital works to digitise the primary books for kids from preschool to class five. She had a vision and she lived up to it. Today, everyone recognises her as the woman behind Bijoy Digital.
In the early 70s, Sanjida Kasem started her school life. She started her education at Little Jewels School and then continued to Agrani Girls School which had 4 disciplines to study, unlike many other schools of that time. When she was in class 8, she chose to be a Chartered Accountant following her father becoming ill. Previously she dreamt of becoming a doctor just like any other girl back then. The trouble with becoming a CA was, there was no proper female CAs to talk about the challenges.
Inspired by her SSC results, she finally thought of becoming the CA she always dreamed of. She completed her graduation in 1988 from a comprehensive course and enrolled in CA. She passed her CA and then CMA in 1991 with one go. After her completion, she joined her father’s firm and worked for a while. Later she moved to work in Singapore. And then, came back to Bangladesh to work full-time at her father’s firm. “On the contrary to what people think that I don’t have to go to the office since it belonged to my father, I worked like any other employee would do,” said Ms. Sanjida.
According to Ms. Kasem, in the field of CA, the given allowance is not enough to survive compared to the effort invested towards the job. Academically, DU now offers 11 subjects, up from four previously. This makes it easier for women to obtain leadership positions. As well as, if these prospects are missed, this will be a massive mistake. Even if a woman does not advance to a higher level of management, there is always room for middle-level management roles because young women can multitask without losing focus. Women prefer to work in a cleaner environment which is why they are less likely to be associated with any criminal activity such as corruption. However, females stay in the labour force for a shorter period of time because there is no adequate infrastructure or logistical support to encourage them.
Another problem faced by women is the lack of a childcare system in this country. If we address these then soon we can see female employment rising higher. According to Ms. Sanjida, you can’t have everything. As a woman, Sanjida had to sacrifice some things from her life that her family is now used to. Sometimes, some opportunities are missed to give time to family as she loves to give time to her family and her colleagues too.
People are taking CA more seriously than they used to before and it is reflected by the numbers.
Certain initiatives from the institutes and firms have popularised the CA culture to more females and women are now in a more strategic position playing an important role by encouraging young girls which is making the companies more enthusiastic to hire females in designated positions.
President Biden announced tough new sanctions on Thursday aimed at crippling Russian banks such as Russian banks and financial institutions, freezing assets of some elite businessmen of Russia, cutting off the Russian economy from much of the global financial system and preventing the country from importing technology critical to its defense, aerospace, and maritime industries.
John Tully/Getty Images
The new US sanctions include Russia’s two major financial institutions, which account for more than half of the country’s total assets. The Biden administration pledged to impose harsher economic sanctions on Russia over its invasion of Ukraine, which began on Thursday morning. The US government’s package is expected to echo throughout Russian businesses and households, whereas the financial consequences of Mr. Putin’s full-scale invasion of Ukraine has already begun to show with the Russian currency hitting record lows and stock prices to crash.
List of the US sanctions:
• Severing Russia’s global financial transactionsby adopting measures that cut off Sberbank’s access to dollar transactions, the US financial system has denied access to Russia’s largest financial bank, Sberbank, and its 25 subsidiaries. Sberbank controls approximately a third of the banking sector’s assets in Russia.
• Sanctions on Russia’s VTB Bank (VTB) and its subsidiaries, the world’s second-largest financial institution, have their assets frozen which are connected to the US financial system and barred US citizens from conducting business with them. VTB has almost one-fifth of Russia’s banking sector assets and is heavily exposed to the US and western financial systems.
• Similar full-blocking sanctions on assets from Bank Otkritie, Sovcombank OJSC, and Novikombank and dozens of its subsidiaries, with measures blocking any of these institutions as well as the assets that encounters the US financial system and forbidding Americans from doing business with them.
• New debt and equity restrictions on all transactions that are incoming, provision of financing, and other dealings in new debt and new equity issued by 13 Russian state-owned enterprises, including restrictions on all transactions in, provision of financing for, and other dealings in new debt and new equity issued by 13 Russian state-owned enterprises. On the list are Sberbank, AlfaBank, Moscow Credit Bank, Gazprombank, Russian Agricultural Bank, Gazprom, Gazprom Neft, Transneft, Rostelecom, RusHydro, Alrosa, Sovcomflot, and Russian Railways. These businesses will be unable to raise money on the US market due to their projected assets of $1.4 trillion (about $4,300 per person in the US).
• Additional full-blocking sanctions against Russian leaders, Elites and their families, as well as people “who have profited at the expense of the Russian state.” The heads of Russia’s main financial institutions, as well as those in charge of supplying the funds required to finance the invasion of Ukraine, are among those targeted.
• Two dozen Belarusian individuals and entitieswere also sanctioned for supporting the attack on Ukraine. Two prominent Belarusian state-owned banks, nine defense firms, and seven individuals are among those affected.
• Russia’s military and Defense ministry restricted from buying nearly all US items and items produced in foreign nations using certain US-origin software, technology, or equipment.
• Defense, aviation, and maritime technology subject to Russia-wide restrictions aimed at choking off Moscow’s import of tech goods. That also includes a Russia-wide denial of exports of some technology. The US sanctions will also impose Russia-wide restrictions on some US technologies produced in other countries including semiconductors, encryption security, lasers, sensors, navigation, avionics, and maritime technologies.
• Licensing exemptions for countries that adopt export restrictions on Russia will be implemented, eliminating US licensing requirements for items produced in their countries. The EU, Australia, Japan, Canada, New Zealand and the UK have already communicated their plans for parallel actions.
The global economy remains precarious at the start of the third year of the pandemic, and many governments are grappling with the highest inflation rates in decades. At the same time, Ukrainian leaders and some US lawmakers urged Biden to go even further to punish Moscow and Putin for the attack on Ukraine.
There was disappointment that the round of sanctions unveiled by the US and Europe following the Russian invasion did not remove Russia from the SWIFT financial messaging system. Removal from the secure messaging system, which serves as the backbone of global banking payments, trades and currency exchanges, has long been viewed as the equivalent of a financial nuclear weapon — the harshest penalty that could be imposed on a country integrated in global markets.
Evaly is one of the most progressive online e-commerce marketplaces to exist in Bangladesh. Its rapid growth in popularity has steely changed the way e-commerce markets are viewed today.
Evaly ensures to be an online platform under which general consumers can buy and sell products with highly discounted price tags. Discounted entities were a notable deal that appealed to many, setting off Evaly’s profit records. By selling products way below the market price, Evaly has been operating at a net loss of 316.4 crores as of 14th March.
For the past two years, Evaly has faced immense backlash for its product delivery issues. Many customers had to pay for the product without receiving it, in months. Enraged, they sought out Evaly’s customer care, where they were ghosted from time to time. Several complaints were issued, even on Facebook pages, with no proper response from the e-commerce site.
Evaly’s cashback policy (100% to 150% cashback), gift cards, vouchers along with mind-boggling discounts, were placed on items for half the market value. Manufacturers provide a maximum input of 15% discount for their dealers. Evaly enlists inflated discount rates on products, luring consumers to easily fall victim to damaged goods. CEO, Mohammad Rassel directs the blame on systematic limitations.
Even after noticeable outrage, none of the customers filed an official case against Evaly, in hopes of eventually getting their product(s) or the ‘tantalizing’ cashback offer back.
A prolonged investigation was then commenced by the DNCRP, the Ministry of Commerce, the anti-corruption commission and the Bangladesh Bank where evidence of at least eight types of irregularities was found, with provisions for the imprisonment of seven years for such offence.
After receiving countless complaints from unsatisfied customers, BRAC Bank, Bank Asia and Dhaka Bank Ltd proceeded to temporarily suspend card transactions made with 10 e-commerce sites, including Evaly.
The Ministry of Commerce decided to introduce legislation regarding e-commerce market policies. Advanced payments made to the e-commerce merchants will be kept in the Bangladesh Bank, which will only be provided to the merchants or platforms after the customers receive their products. This protects buyer-seller contracts, ensuring satisfactory customer service and the overall wellbeing of the e-commerce market.
In a world filled with creativity and productivity, freelancing has opened up a wide window for enthusiasts who want to lead a life out of the box. In Bangladesh where the job market is so saturated, freelancing has raised numerous opportunities for the youths of the country. The top future-proof freelancing skills are apprehended in the following.
Website development: This freelance skill will surf up the waves of demand, both in the present and in the future. As organisations and entrepreneurs are shifting their paradigm towards online-oriented business strategies, website development is at the top of freelancing skills. Not to mention the aspects uprising of COVID-19 which initiated e-commerce more than ever in Bangladesh.
Data engineering: Data engineers focus on the applications and harvesting of big data. Creating mechanisms for collecting and validating data is the responsibility of a data engineer. They are hands-on information processing professionals with tasks that range from data storage to data manipulation. Data engineering has been the leading factor behind the growth of many ventures that have found success in recent years and sooner or later Bangladesh will have to walk the same path.
Social media specialisation: Social media is the best place to grow and extend the consumer base for digital businesses. A specialist who can correspond to the growth of the business in social platforms can build up an infrastructure for the new ventures.
Creative writing: Every business in Bangladesh thrives to have some qualifiedindividuals who can back up the digital contents, website, and articles that are publishedfrom the organisation to be top-notched. That’s when a creative writer comes to play.Writing articles, blogs, news and contents about the products and services in an appealing way is the goal of every creative writer.
Expertise in Cybersecurity: As businesses are emerging from left and right in the digital platform,like the traditional form of businesses, digital businesses also need a wall of protectionfrom extremities. That’s why cyber-security planted a stronghold in the freelancingmarket.
Amazon, one of the world’s most influential tech giants recently acquired Business Identification Number (BIN) from the National Board of Revenue (NBR) in Bangladesh.
Around the same time, Google obtained BIN as well. This is the first-time non-residential companies registered for BIN in this country.
This news was met with a lot of excitement, especially when people thought Amazon was bringing their e-commerce services. Much to their dismay, no such thing is happening. The move was just to ensure business continuity of their AWS (Amazon Web Services).
AWS is a secure cloud services platform of Amazon offering multiple services including compute power, data processing. It is trusted by many firms, as it saves their time, money and potential. The use of AWS is not only limited to firms, people using subscriptions of google drive and google cloud also use this.
Amazon and other tech giants earn around Tk3000 crore in Bangladesh from these services of AWS. Until now, payment for this by Bangladeshi customers used to be done by international credit cards.
However, there are allegations that many use illegal channels for this, which is not compliant with NBR regulations.
Getting BIN means, now the payment of the services can be done by cards of any Bangladeshi bank or Mobile Bank, without any need of currency exchange. However, with every payment 15% VAT will be charged and the money from the VAT will go to the government reserve.
Upon asking on whether this move will change the way in which Amazon works in Bangladesh, the VAT online project director said “Amazon will continue in the same way as before, but the process will now be compliant with regulations “
According to industry experts, in the near future Amazon doesn’t have any plans of bringing their e-commerce services to Bangladesh. The registration was done to ensure business continuity of their AWS.
More commonly recognized as Black Fungus, Mucormycosis is a rare condition of fungal infection, surfacing among recovered or recovering COVID-19 patients. Originally caused by moulds formed in decaying organic compounds, it is labelled as a non-contagious infection but is potentially fatal.
How does it spread?
The infection spreads from airways to body tissues, causing necrosis of skin cells (blackening). Coronavirus, Diabetes, poor immune system, liver or cardiac defects, excessive use of steroids amplifies chances of being infected. Dirty oxygen cylinders, humidifiers and unsanitary conditions contribute to the accelerated growth of the number of cases, experts say.
India is currently facing the worst phase of COVID-19 as the second wave circulated. The given circumstances of diabetic patients, unhygienic medical equipment and lower oxygen concentrations create an ideal habitat to be infected by the fatal disease. 900,000 cases of Black Fungus have been recorded in India, with an alarming 50% fatality rate.
QUAD (The Quadrilateral Security Dialogue) is an informal strategic dialogue between the USA, Japan, Australia and India.
The idea for the QUAD Group is attributed to former Japanese Prime Minister Shinzo Abe who mooted it in 2007.
However, its origins can be traced back to the 2004 Tsunami when Japan, the US and Australia conducted the relief operation in India and its neighbouring countries.
It came into being presumably as an indirect response to China’s growing economic and military might in the South China Sea. Thus China issued formal diplomatic protests to the members of the QUAD
Due to which Australia backed out from the QUAD followed by an intermission of QUAD.
Currently, QUAD members see the informal alliance as a vision for a Free and Open Indo-Pacific maritime navigation.QUAD aims for a maritime goal of upholding international maritime laws in China’s maritime borders.
However, the QUAD was reinstated in 2017 by the Trump administration and Prime Minister Abe which was regarded as a response to China’s belt and road initiative.
It also has economic cooperation goals, especially during natural disasters and handling the current Covid-19 pandemic by producing the vaccine.
On the other hand, China has responded diplomatically warning other nation’s not to join the QUAD alliance as QUAD plus one member.
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