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E-com dealings thru cards rise in months

SAJIBUR RAHMAN | February 09, 2025 00:00:00


E-commerce transactions through cards in Bangladesh have witnessed an uptrend in recent months, thereby indicating a growing preference among consumers for online shopping.

This rising trend reflects people's inclination to purchase items online, thanks to convenience and affordability as it saves time and offers competitive prices.

Card-based online buys witnessed a significant year-on-year increase in November 2024, despite a slight decline compared to the previous month, according to the Bangladesh Bank.

Central bank statistics show e-commerce transactions through cards grew by 24.5 per cent year on year, reaching Tk 19.46 billion in November 2024, up from Tk 15.63 billion in November 2023.

However, spending dipped slightly from October 2024, when consumers spent more than Tk 19.73 billion through cards.

In January 2024, total card-based online spending stood at more than Tk 16.50 billion on various products and services.

According to the central bank data, consumers spent over Tk 18.68 billion in September, Tk 17.01 billion in August, Tk 14.48 billion in July and Tk 16.88 billion in June through card-based transactions.

Stakeholders were expecting further growth both in the number and volume of transactions, especially considering the recent boom in the e-commerce industry following a string of scams.

Bangladesh has emerged as a promising market for global e-commerce giants due to its thriving online shopping community, a large youthful population and widespread internet access.

A recent study has highlighted the country's potential for substantial growth in e-commerce transactions, attributing this trend to an unprecedented rise in internet usage.

Based on 10-per cent consistent growth in e-commerce transactions each quarter in recent years, the study forecasts a promising future for the industry.

Additionally, the UNCTAD B2C E-Commerce Index 2016 revealed that Bangladesh ranks among top 10 economies in terms of the difference between the predicted and actual share of internet users engaging in online buys.

The statistics further underscore the country's position as a significant player in the global e-commerce landscape.

E-Cab executive director Jahangir Alam Shovan said, "Branded and high-value items such as refrigerator and mobile phone, and subscriptions like Netflix are contributing to a rise in card-based e-commerce transactions."

Nevertheless, according to him, the overall growth of e-commerce has not met expectations in recent times due to galloping inflation and the cost of living crisis.

Additionally, Mr Shovan pointed out, some entrepreneurs are encountering difficulties importing certain products because of a dearth of US dollar.

sajibur@gmail.com


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