E-commerce transactions through cards across the country saw a substantial increase in August, indicating a growing personal preference among consumers for online shopping.
This uptrend reflects people's passion for purchasing items online for its comfort, convenience and affordability as it saves time and offers competitive rates.
According to the data available with the Bangladesh Bank (BB), card-based online purchases marked a 17.46-per cent increase in August 2024 compared to that in the previous month.
In July, consumers spent more than Tk 14.48 billion on various products and services, up from more than Tk 16.88 billion in June.
The data also disclosed that consumers splurged more than Tk 16.57 billion on different products and services in May.
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.
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, a big young demographic 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.
The study based on a consistent 10-per cent exponential hike in e-commerce trade each quarter over the years forecasts a promising future for the industry.
Additionally, the UNCTAD B2C (business to consumers) E-Commerce Index 2016 shows Bangladesh is among top 10 economies in terms of the difference between the predicted and actual share of net users engaged in online buys.
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-Commerce Association of Bangladesh, said, "While cash on delivery is declining, card-based transactions are on the rise, as most brands are now selling their products through cards."
Card-based transactions are expected to grow further in the coming days, according to him.
However, Mr Shovan emphasised that the adoption of card payments and the overall penetration of cards were not advancing as quickly as anticipated.
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