Bangladesh Garment Manufacturers and Exporters Association (BGMEA) teamed up with LightCastle Partners for conducting a feasibility study - "Establishing a Virtual Marketplace Platform for the RMG sector".
In this connection, the BGMEA and LightCastle signed an agreement at the trade-body's Gulshan office in the capital on Wednesday, according to a statement.
The study will analyse the gaps in policies, market potentials and readiness of the sector, and include a suitable business model and an action plan to implement operations.
The International Finance Corporation's (IFC) Partnership for Cleaner Textile (PaCT II) programme, supported by the government of Denmark through the Danish International Development Agency (DANIDA) and the Embassy of the Kingdom of the Netherlands will fund the study, added the statement.
At the signing ceremony, BGMEA President Faruque Hassan said, "Revolution in digital technologies has led to notable changes in business landscape, creating new trends and opportunities, especially rapid rise of online marketplaces."
Companies are increasingly going online with advancement of digital technologies, and the Covid-19 pandemic accelerated the pace of digital transformation, leading to a boom in the digital and e-commerce sectors.
The BGMEA president opined that adaption to the changing trade is the key to sustain and seize new opportunities.
The study would help to identify the challenges and opportunities of the sector to establish an online marketplace.
He also noted that developing a virtual market platform would boost sales of the RMG sector and help it rebound from the pandemic effects.
LightCastle Partners Co-founder and Director Zahedul Amin said, "Bangladesh's apparel sector must retain its competitive advantages by harnessing technology-driven market development to leapfrog ahead of its competitors."
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