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.
Prepared by: Wahab Talukder & Nazifa Tabassum