E-commerce transactions through cards in the country have continued to increase in recent months, indicating a growing preference among consumers for online shopping.
This trend reflects people's inclination towards purchasing items online due to its convenience and affordability as it saves time and offers competitive prices.
According to the data released by the Bangladesh Bank, card-based online purchases marked a 2.29-percent increase in November 2023 compared to that in the previous month.
In November, consumers spent more than Tk 16.22 billion on various products and services, up from over Tk 15.85 billion in October.
The data also reveals that consumers spent over Tk 14.48 billion on different products and services in September.
In August, they spent Tk 14.80 billion on products and services, surpassing July's spending of Tk 14.26 billion.
Stakeholders were expecting further growth in both 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, 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 the unprecedented rise in internet usage.
The study based on a consistent 10-percent exponential growth in e-commerce transactions each quarter in recent years forecasts a promising future for the industry.
Additionally, the UNCTAD B2C (business to consumers) 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 purchases.
The statistics further underscore the country's position as a significant player in the global e-commerce landscape.
Jahangir Alam Shovan, executive director of E-Cab, said that increasing familiarity among regular customers with online shopping is driving the uptick in online purchases.
He emphasised that the expansion of product offerings by various entrepreneurs is fostering a favourable trend for card-based online transactions.
However, Shovan highlighted that the adoption of card payments and the penetration of cards are not progressing as anticipated.
He pointed out that mobile financial services (MFS) are offering distinct facilities to customers compared to bank cardholders.
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