Importance of Customer Service in the E-commerce Sector

Importance of Customer Service in the E-Commerce Sector

Importance of Customer Service in the E-commerce Sector

Importance of Customer Service in the E-commerce Sector: Due to the Covid pandemic, e-commerce had a natural increase globally as nationwide or regional lockdowns were implemented. Companies have been innovative and gained further market share by providing consumers with what they desired. Meanwhile consumers have been able to order consumables, conventional and non-conventional goods and services from the safety and comfort of their own homes. Consumer behavior change is nothing new. It happens invariably. Previously, though, the adjustments were typically linked to the nature of where they were making a purchase. The client was always the king of offline hashtagretail , and people evolved to anticipate being handled in a specific way in shops. With hashtagbrickandmortar stores embracing digitalization, customer expectations have shifted dramatically in recent years.

Their expectations have risen well above acceptable cost and quality. They now want top-level service, individualized conversations, and linked, seamless digital experiences throughout all retail locations, touch points and platforms.

Electronic commerce,

sometimes known as e-commerce, refers to any business or commercial transaction that involves data transmission via the internet. It is one of the essential parts of the internet to exist in the present times.

Importance of Customer Service in the E-commerce Sector

E-commerce has expanded fast both globally and in Bangladesh. Internet access is already widely available in Bangladesh. It is used for e-commerce by Bangladeshi manufacturers to experts, besides access inputs will be determined by their desire and capacity to utilize this medium, as well as the willingness and skills of consumers of final products and suppliers of intermediate services and products. In Bangladesh, there is a limited application and use of hashtagb2c e-commerce among the parameters of e-commerce. However, a sizable proportion of overall e-commerce websites engage in hashtagc2ce-commerce, which is auction-based trade between customers. Other fields are still underdeveloped in Bangladesh.

What do hashtagconsumers in hashtagBangladesh want?

If recent industry missteps have taught us anything, it is that all is not well, and while there has been significant growth in this sector over the last decade due to infrastructural and technological advancement in the country, it is nowhere near that of our neighbors. In the period 2018-2020, India experienced approximately 40% year-on-year growth. Let us investigate why we have not been able to attain comparable growth despite the fact that our economy has been operating well and increasing at or above the rate of our neighbors for years. There are various variables that contribute to lower client penetration, including operational issues, culture, and overall inadequate digital literacy.

A reliable hashtagdelivery service: Although Bangladesh has a well-developed road and railway network, it is undeniable that we lack a well-developed delivery channel. We are a small country, therefore the distance between major hubs in Dhaka and smaller cities is much shorter than in many western countries, yet we need a strong and dependable delivery channel on which buyers and sellers can rely.

Strategic action plan:

Another area where Bangladesh falls short is sellers behavior. Many of the merchants or dealers listed on various e-commerce websites or even Facebook pages do not have their own inventory or business. These are essentially resellers who, upon receiving an order, source the goods from another wholesaler or local merchant and then resell them on websites for a profit. This is a fine business strategy in and of itself, but when a substantial section of the seller’s sources items upon purchasing, there is usually a longer turnaround time, which stretches the entire process, and because they are delaying sending their product to e-commerce hubs, there is a delivery delay.

Appropriate payment method:

Bangladeshi customers have always preferred cash transactions for their purchases; however, this pattern has shifted in recent years owing to the emergence of payment systems such as hashtagbkash , hashtagrocket , hashtagNexusPay, and iPay. bKash, a subsidiary of Brac Bank Limited, was launched in 2011 and since then become the preferred online payment channel among consumers.

Deals: Our customers are more concerned with pricing than with everything else. Although the brand name is crucial, the pricing of branded things must be advantageous to them. When it comes to shopping selections, some people favor rebates or hashtagBOGOdeals, while others prefer discounts.

What do consumers in developed countries want?

Online shoppers are becoming pickier. They have the freedom to choose, as well as access to the world of internet vendors. If one online business does not meet its demands, they simply switch to a rival.

High-performing website: Customers may browse elsewhere because your store loads slowly or your items are difficult to discover. This also implies that people can purchase their goods from an internet business in another country.

Dyn, a cloud-based Internet performance firm, polled over 1400 people in 11 countries throughout North America, Europe, the Middle East, and Asia and published the results in a study. At least 85% of survey participants anticipate making at least as many or more purchases online this year as they did last year, with 56% intending to make more online purchases.

In Germany, over 100% of customers do at least a quarter of their purchases online, but in the Netherlands, this figure is somewhat lower, at approximately 90%. Nonetheless, 40% of all customers prefer to buy in stores, where they make almost 75% of their purchases. So, what is preventing customers from purchasing more online?

Online businesses should work hard to enhance website performance and alleviate consumer concerns about security because those are the primary concerns of today’s internet customers. For over two-thirds of those polled internationally, these two considerations prevent them from making a purchase. Only 17% of Dutch shoppers would return to a sluggish website. In Germany, on the other hand, 48% of shoppers polled said they would return to the same site.

Importance of Customer Service in the E-commerce Sector

Safer online services:

Spam (unsolicited e-mail), spyware, Web squatting, forgery, and intellectual property theft, as well as privacy infringement, bullying, denial of service, and illegal entry into business or personal computers and networks, are all examples of Internet security issues (and theft or manipulation of the information stored in them). Some of these issues have grown to be rather significant; spam is now spreading at an astonishing speed. An estimated 50% of all e-mails flowing on the Internet by the end of the year could be unsolicited. In terms of squandered IT resources or lost user productivity, the global cost might be as high as $20.5 billion. In order to combat this issue, an increasing number of nations are enacting anti-spam legislation.

Transactional confidence:

E-commerce is a revolutionary behavior that defies convention and society. Many basic assumptions about trust are being challenged by the shift to e-transactions. Confidence and trust are necessary for safe computerized trading. The issue of trust is more prevalent in the virtual world than in the physical world.

What is bad customer service?

Bad customer service occurs when a company fails to satisfy the expectations of its customers in the quality of services, turnaround time, or customer satisfaction. Inefficient support workers, a lack of real-time help, and an inability to comprehend your customers’ demands are all issues that have a detrimental impact on customer service.

Poor customer service not only ruins relationships with current customers, but also jeopardizes new prospects and, clearly, reduces your company’s bottom line. According to a study conducted by the Association for Psychological Science, we are more likely to remember negative experiences than positive ones, which means that one bad customer service story has the potential to undo all of our excellent work and outweigh any positive service received before or after.

Here are five examples of poor customer service:

– Not having a proper communication strategy

– Unhelpful and unfriendly chat

– Transferring customers from one agent to another agent

– Lack of empathy

– Making customers wait too long

A bad experience like this will lead the customers to drop negative reviews that can greatly affect your business.

How do bad customer services affect the ecommerce industry?

Here are the consequences of poor customer service:

Turnover rate: When you provide a wonderful experience, clients will return to you, however poor service will push them to churn. A single episode of poor customer service is a sufficient reason to transfer to a different firm.

Brand loyalty: Because loyal consumers are long-term, customer loyalty is a powerful indicator of a company’s long-term sustainability. Poor customer service reduces customer lifetime value (CLTV) because customers leave you after a bad customer service experience.

Customer service costs:Acquiring a new client might cost five times as much as keeping an old one. When customer service standards deteriorate, the number of touchpoints grows, resulting in a significant increase in customer service expenses.

How a bad review affects your business?

Consumers search online reviews first because they don’t want to waste their time or money on a company that isn’t up to standard given the diversity and global character of today’s industry.

The marketing firm Invesp put together a compendium of data on online reviews. Some of the significant figures are as follows

Everyone is checking into reviews: 90% of customers research a business online before going there.

Ratings are reliable: 88% of people trust online evaluations just as much as they do personal recommendations.

Positive reviews boost sales: Consumers are likely to spend 31% more at a business with outstanding recommendations.

Bad reviews lead to fewer leads: Negative reviews deter customers from doing business with a company 86% of the time.

Trust in reviews: Consumers estimate that favorable evaluations increase their trust in a company 72% more than negative reviews.

This demonstrates unequivocally that a business’s ability to expand and survive depends on its ability to monitor online reviews.

The mindset of Bangladeshi consumers

Discount vs Service? The rise and fall of Evaly The fastest growing Ecommerce in Bangladesh

On December 16, 2018, Mohammad Rassel, a former young banker with expertise in vigorously marketing the diaper brand Kidz in the market, launched the e-commerce website Evaly.

With free gifts for signing up as a customer and cashback of up to several hundred times, it didn’t take long for customers to choose Evaly’s offerings.

Unbelievably low prices on high-ticket items like appliances, gadgets, and motorbikes simply added to the number of buyers while bringing in more brands and retailers to help clear any inventory overnight. Everything up to that point seemed like a magnificent tale of e-commerce penetration in a highly promising area.

However, the business strategy that Evaly developed to scale up and compete with Alibaba’s Daraz caused concern among onlookers.

While bold e-commerce platforms throughout the world burn their money for subsidized growth, Evaly, with its small financial base and lack of outside investment, simply burned money from its customers. Millions of the general public paid for expensive things costing more than a few millions of BDT when Evaly used to advertise shipments in 45 days and 30–50% discounts. Millions of Evaly shoppers waiting for goods worth at least BDT311 crore and hundreds of vendors to whom the platform owes BDT206 crore. Because none of the investors came forward to help the company.

Better service is not only expected in the service sector but in the FMCG sector as well

Fast-moving consumer goods (hashtagFMCG) are items that are high in demand, readily available, and reasonably priced. Processed food, cosmetics, drinks, stationery, over-the-counter medications, laundry and sanitation supplies, plastic goods, personal care items, and less-priced consumer electronics like smartphones and earphones are some examples of fast-moving consumer products.

At USD 4-5 million, or roughly 0.03% of the nation’s total grocery market and 3-4% of the country’s overall ecommerce industry, Bangladesh’s e-grocery market is considerably smaller. Being the first of its kind in Bangladesh, Chaldal earned a name for itself in the online grocery market. They began in 2013, essentially at a period when selling fresh was uncommon in the worldwide grocery scene. Instacart (USA) and Bigbasket (India) were the only two businesses offering it. With the growing market of FMCG, it is absolutely crucial to maintain the standard quality of these goods for a powerful profit margin.

Are the people well-trained in ecommerce?

Consumers:The inadequate digital literacy and education level of the bulk consumers is a significant barrier to progress. Although using an app or website to place an order or operate it doesn’t require a solid command of the English language, there is nevertheless an increasing concern for digital literacy. Outside of urban regions, it’s frequently a big problem, especially in less affluent or rural areas. In order to access and use information digitally and to benefit from various programs, websites, and social media platforms, people need to have the knowledge and abilities known as “digital literacy.”

Service providers:Finding the right people for the appropriate jobs is challenging, and it’s even harder to find someone with the entrepreneurial mindset required for a start-up. Finding this ideal balance is difficult, and much more difficult is finding someone with the requisite skill sets who is from the same business.

How are these platforms performing in Bangladesh?

 Some of these platforms have made significant investments in technology and human resource development rather than product discounts or subsidies in order to ensure customer happiness.

With a staggering 99.25% complaint handling rate, Pathao topped the list of domestic and international e-commerce enterprises. “We have continually invested in technology as well as in building a strong team to improve our services in the region. For every complaint raised, we follow a structured process where we first confirm the veracity of the complaint, gather relevant information from all parties, and then take appropriate action,” said Pathao President Fahim Ahmed.

With an 88.95% success rate in resolving customer concerns, hashtagChaldalalso topped the list of domestic companies. Additionally, it had made technology investments with an effort to grow the company through customer pleasure rather than product subsidies, particularly in the competitive perishable goods market. “Assuring customers of our service quality takes a lot of effort. We had to invest a huge amount in just the supply chain to ensure customer satisfaction.

While in an interview hashtagDarazsaid, “We have an efficient issue resolution team dedicated to resolving customer complaints to give them an incredible experience in online shopping. Which in turn enriched customers’ experience and assisted us to resolve customer complaints swiftly. This, in turn, established Daraz as a reliable e-commerce organization.”

Government policies

The government released the long-awaited National Digital Commerce Policy in an effort to attract domestic investment.

–       To safeguard and support local investors, the new regulation prohibits foreign investors from owning more than 49% of any e-commerce business in Bangladesh.

–       In order to avoid fraud and safeguard customer rights, the regulation also required that the e-commerce organizations. Prominently display information about the products they sell online, such as the product’s quality and return policy.

–       To ensure that customers’ rights are properly safeguarded, e-commerce businesses will also need to sign agreements. With the items’ suppliers, delivery services, and payment gateways. This is an effort to make the supply chain visible.

All of the above measures have been implemented to ensure the long-term sustainability of the business and protect the rights of consumers.

By Ahmed Shoyeb Iqbal

One Step Ahead, Two Step Back

One Step Ahead, Two Step Back

 

One Step Ahead, Two Step Back: If you visit the official website of the Bangladesh Government, you will see a few apps listed as
“necessary apps” including Bangladesh Directory (for Android and iOS), Bangladesh Tourist Spot, Uttoradhikar, and Ogrojatra (Election Manifesto). But how many of these apps fulfill their true purposes is a real question.
If you browse through the Bangladesh Directory app, you will notice different sections that hold supposed contact information of important personnels. After using the app for only a little while,
you will be able to see what is wrong with it. Many of the information are incorrect while some are quite vague.

For example, if you scroll through the BGB section, you will see a person named Rob pops up who supposedly has a contact number that is surprisingly presumptuous. His phone number is: 1234567. Most of these apps were developed with technical help from the ICT division, a2i, Cabinet Division, or the UNDP. Another Government app developed by a2i, named EkPay is claimed to serve the purpose of digital payments, like bill payments through cards, or bank transactions. It has a download number of 10K+ with an average rating of 2.8 stars. The problem with the app is that the billing information doesn’t get updated even once you pay the bill. A similar problem was faced by a reviewer, who wrote, “Poor performance. DESCO meter was not recharged but amount was deducted from account.”

Do any of these apps work?

The general idea behind a successful app is the proper implementation of its purpose. From this perspective, the most successful Government app is undoubtedly the Surokkha app. The app has a 5M+ number of downloads with a 4.3 star rating. Romana Khan, a housewife from Dhaka, said, “The Surokkha app is very easy to use. The app produced my data and I could successfully register for the vaccine.”
Although questions can be raised about how the app was failing multiple times whenever it got overflowed with traffic. Some people even complained that they noticed glitches in the app. One Step Ahead, Two Step Back

How many unsuccessful apps are still there?

Did you know that BD Sugar and Food Industries is an app? It was developed in 2015, and has not received an update since 2016. If you open the app, you will notice a homepage that is supposed to lead you to information on this field. But if you click on the avatars, it doesn’t work anymore.
The Hospital Finder app is an application to find nearby hospitals around the user. If you open the app, a Google map of the streets pops up. But due to its incorrect location detector, it won’t be able to produce

results of nearby hospitals, failing in its only purpose. The NBR Tax Calculator is another app that calculates total amount of taxes based on user input. Unfortunately, the app is stuck in the year 2016-17, and cannot be used to calculate the tax anymore. It could prove useful if only it was updated with time.
There were a total of 600 apps developed in the time period between 2013 to 2015, which took an estimated budget of 18.35 crores. All of these apps fall under these two projects. Only 44 of them are still available online.
Around 300 of the 600 apps created by two projects were designed to allow people to directly access the services of specific government offices or agencies. Although most of them have since become obsolete, some apps have been developed on the agencies’ own initiative.

 

 

Exploring the Future of AI

Exploring the Future of AI

Exploring the Future of AI:

In today’s world, technology has become an integral part of our lives, transforming how we live, work, and communicate. From smartphones to social media, technology has revolutionized the way we interact with the world around us, making our lives easier, more efficient, and more connected than ever before. Automation has given us more time than ever before to pursue our hobbies and interests.

Despite not always feeling like it, we have more free time now than ever before, allowing individuals more leisure time to socialize, create, and unwind. In recent years, the advancement of automation has been largely driven by the emergence of artificial intelligence (AI). The rise of AI has led to significant improvements in efficiency and productivity across various industries. With the ability to automate mundane tasks that people would rather not do, AI has become an increasingly popular tool for people around the world.

In recent years, there has been a great deal of interest in the field of AI. However, people’s views on AI differ according to their familiarity and knowledge. In this article, we will examine how different people’s familiarity with AI leads to varying interpretations of this field. This article compares and contrasts popular beliefs about AI with the truth about this emerging technology. The future of AI in the workplace is also discussed, along with its potential in Bangladesh.

Perception vs reality

AI is a tool that has the potential to enhance human capabilities and boost productivity. AI is a term used to describe the ability of a computer system to perform tasks that typically require human intelligence. These tasks can include decision-making, problem-solving, and learning new information. AI relies on various techniques, such as machine learning methods, neural networks, and natural language processing, to analyze data and generate predictions.

If the general public had the impression that the technology was unreliable, they would be less inclined to trust it.

AI’s future is a mystery. “One can imagine such technology outsmarting financial markets, out-inventing human researchers, out-manipulating human leaders, and developing weapons we cannot even understand,” stated renowned scientist Stephen Hawking. Is robot control a real threat? How much should we worry?

Let’s examine many prevalent AI danger beliefs and see if they’re accurate.

  • Robots will rule

  • The idea dates from 1965 through 2023 to 2045. We’re not there yet. AI  has been used in a narrow range so far, and while we’ll continue to improve technology, robots taking over in 50 years seem doubtful. The New York Times states: “You won’t be obsolete for a long time, if ever”
  • We’ll be replaced by robots

  • AI will change work. How firms and governments react to AI’s growing ability to manage human occupations will determine the impact. Two-thirds of Americans expect robots to do most human work in 50 years, according to Pew Research. But technology’s expected impact on jobs is different, comparing studies on how many jobs technology will kill (and create) shows that no one knows. Technology Review states: “Predictions range from optimistic to devastating, differing by tens of millions of jobs even when comparing similar time frames.” According to Gartner, AI will eliminate 1.8 million jobs by 2020 but create 2.3 million
  • AI will invade privacy and cause persistent surveillance

  • Video algorithms can detect and track humans and objects. Google, MIT, IBM, and DeepMind are constructing video databases for facial recognition and behavior analysis. Current AI technology can replicate human voice and alter video with outcomes indistinguishable from real life, threatening privacy, safety, and honest news reporting.
  • AI is great at spying and invading personal data, but scientists argue computers can’t understand media like humans. We’re getting closer to programmers that can watch and participate in surveillance and data systems.

AI technology can be scary, yet it’s easy to trust sophisticated tech that can surpass human abilities. Better tech that solves human problems requires transparency.

The impact of AI on the work domain

One of the fastest-growing industries today is AI. The ultimate goal of this field is to create systems as sophisticated as the human brain.

  • Financial Services: AI was early adopted in this industry. Data and difficult use cases are the reasons. The history of banking and finance shows that this sector is vital to human development and takes a lot of effort to avoid fraud and failure. Avoiding this requires a well-trained computer, AI algorithms and initiatives to protect the system and generate big profits. Designing digital payment channels with AI agents
  • Health care: AI has a big impact on health care. We can see that AI is used in various kinds of health care procedures, from daily ones to high-level ones that require accuracy. The fit band or iWatch, which collects data from body sensors, is a simple example of AI in health care.
  • Education: AI has expanded education’s potential. AI can grade instructional content faster and easier than humans. AI may also automate processes, personalize learning, universally access, create smart content, teach, optimize class performance, and provide 24/7 assistance. Online classes are one of the best instances of AI in education.
  • E-Commerce: AI works well in e-commerce. AI currently attracts and boards customers safely through E-commerce. AI can forecast demand and supply, assist customers, recommend products, personalize chatbots, and more in e-commerce. Amazon, the largest e-commerce site, develops AI to stay profitable.
  • Agriculture: AI is now employed for crop monitoring, predictive analysis, and robot tasking in agriculture. Soil, seed, and atmospheric characteristics are measured using various systems. Drones can distribute water, fertilizer, and detect crop defects using AI

AI is improving every field daily. As we mentioned the market potential, every organization would invest time and money in the industry to improve their work and earnings.

Getting ready for the next generation of AI

In order to maintain a competitive edge in the employment market, it is necessary to acquire these abilities.

Placing an emphasis on creative thinking and emotional intelligence: As was said previously, AI is unable to reproduce the abilities associated with creative thinking and emotional intelligence. To complement AI and maintain a competitive edge in the workplace, it is imperative to place a strong emphasis on the development of these talents.

Investing in AI Research: Both private companies and public administrations need to put money into AI research if they want to remain at the forefront of AI development and adoption. In order to accomplish this, investments will need to be made in AI startup companies, research institutions, and cooperation with other nations.

Developing Ethical and Legal Frameworks: As AI becomes more pervasive in society, there is a need to build ethical and legal frameworks to guide the development and use of the technology.

ChatGPT and its Future

The use of chatbots by businesses to communicate with their customers has increased dramatically in recent years. Using natural language processing, ChatGPT may provide responses to text inputs that sound disturbingly human.

Textual communication predominates in the realm of extension and operations for ChatGPT. Thanks to its modular design, the product works with numerous messaging apps. These include Facebook Messenger, Slack, and Telegram. Using ChatGPT, you can provide assistance, address frequently asked questions, and carry on discussions with clients across many channels. The speech-generating models developed by OpenAI have made it possible to integrate ChatGPT with other voice-based communication methods in addition to text. The availability of speech-generating models paved the way for this.

OpenAI regularly releases updates to the model, which contribute to ChatGPT’s ever increasing accuracy. But it has limitations and can make mistakes, the same as any other machine learning system. One of ChatGPT’s limitations is how reliant it is on the quality of the training data provided. Therefore, it is crucial to curate and monitor the training data to ensure ChatGPT produces correct and ethical replies.

The potential for ChatGPT to transform the way humans interact with machines is enormous. Because of its ability to understand and respond to natural language, it can provide clients with fast, efficient, and personalized service.

AI in Bangladesh

Bangladesh is still in the early stages of AI research, with only a handful of uses for the technology across a wide range of industries. However, businesses and the government are increasingly showing an interest in AI, and there are initiatives underway to increase AI use across the country.

Bangladesh is not as advanced in its AI preparations as more developed nations like the United States, Japan, or China. However, businesses and the government are increasingly showing an interest in AI, and there are initiatives underway to increase AI use across the country. The government of Bangladesh has established the Bangladesh High-Tech Park Authority and taken other measures to foster the growth of the country’s technological sector.

In terms of AI implementation, Bangladesh lags far behind India. India has become a leading hub for AI thanks to its growing number of AI-related firms and active AI research community. The Indian government has also taken initiatives to expand the country’s AI industry.

By Ahmed Shoyeb Iqbal

An Opportunity Worth Milking

An Opportunity Worth Milking

An Opportunity Worth Milking:

There is no doubt that the dairy sector is one of the most important economic contributors in Bangladesh. From a very humble beginning to growing into a sizable market, the rise of the dairy industry in the country is certainly commendable. However, even after increasing supply and trying to keep pace with the world dairy market, Bangladesh is still incapable of fulfilling the dairy demands of the whole nation. With a few gaps here and there, there is still scope for improvement in this sector.

From implementing innovative and modern technologies to improving farming practices and allocating more budget, there are more than a few factors which can be put into practice for Bangladesh to become a leader in the world market.

Size matters

The dairy market is one of the most important sectors in Bangladesh. Even though there have been several economic shocks in recent years, this sector still maintains constant growth and adds more to the overall economy. According to the Department of Livestock Services, the dairy market size in Bangladesh is estimated at $2.47 billion, as per IDLC. This market is expected to increase by over 5% every year.

Even though the market size is quite big and has a lot of potential, the demand and supply of dairy products aren’t proportional. While the market imposed a demand of 152.02 lakh metric tons of milk in the financial year 2020–21, the produce was just 119.85 lakh metric tons against the demand. The gap was almost 32.7 lakh metric tons in the year, which is fulfilled by importing dairy from the rest of the world.

Deman & Supply of Milk

Fig: Demand and supply curve of dairy in Bangladesh

Even though milking production in the country has grown significantly, a gap between the demand and supply always remains because of the increasing demand by the nation.

Filling the gap

Bangladesh was ranked the 23rd top milk producer country in the world. With a production of 130.74 lakh tons of milk in 2022, the country meets the majority of demand by its people.  However, as it can’t fulfill the complete demand for dairy, Bangladesh needs to import a significant amount of powdered milk and other dairy products from all over the world, namely Australia, New Zealand, Holland, Denmark, and Poland.

From powdered milk to butter, cheese, yogurt, and other dairy products, the country imports a variety of dairy items to meet the nation’s requirements completely.

How much does Bangladesh spend on dairy imports? 

Bangladesh has a growing demand in the dairy market. However, local producers cannot completely meet the demand of the nation. And therefore, the government needs to import dairy from all over the world to fulfill the daily dairy needs of the people.

Milk importsMilk imports – Bangladesh Bank

According to a Bangladesh Bank report, the country spent nearly $37bn (Tk4,000 crore) in 2023 to buy powdered milk and other dairy products from other countries.

Although the amount Bangladesh spent on dairy imports was quite high due to inflation and the increasing dollar rate, the volume was lower than in the previous years. During the fiscal year of 2022-23, our country imported 118,000 tons of milk, which was nearly 16% lower than the volume imported the previous year.

The drop in imports isn’t only for an increase in the production level but also for a decrease in demand. Because of increasing costs, household’s consumption of powdered milking has decreased significantly.

Becoming self sufficient

Bangladesh has shown commendable growth in the dairy sector in the past couple of years. However, even after consistent growth, the nation is still not self-sufficient and, hence, has to import dairy items from the rest of the world.The government should allocate more budget in the field to accelerate growth. Even though the estimated investment in the local dairy sector now is over Tk 90,000cr, the government is launching a TK4,280cr project to improve the dairy sector. Funded by the World Bank, this project (the Livestock and Dairy Development Project) will merge traditional methods with modern technologies to ensure it is not only self-sufficient but can also export dairy products

  • An increase in milk production is the key. Bangladeshi farmers and dairy producers often face a lack of farming resources, like land, feed, and freshwater for dairy animals. All these factors lower milking production significantly, creating a gap between demand and supply. The concerned parties and government must take the initiative to provide all the necessary resources to increase milk production quickly
  • Maintain a consistent tariff rather than increasing it every year — increasing tariffs in the dairy sector has become a concern for the farmers and the stakeholders alike. Because of high tariffs, they seem less interested in investing in the farms rather than not. The government should, therefore, take necessary actions to maintain an affordable tariff

By 2030, the demand for milk will increase to 17.22 million tons (172.2 lakh metric tons) in Bangladesh. With the current production rate of 119.85 lakh metric tonnes, the nation must adopt effective solutions to increase milk production to meet the ever-growing milk demand.

How Amul fulfilled India’s dairy demands while also exporting

The Indian dairy market is huge. Contributing 24.64% of global milk production in the year 2021-22, India has a market size of $26.11bn and holds the first position in the world. From producing milk (both fresh and powdered) to making butter, cheese, yogurt, and many others, the dairy sector in India is big and diverse. And because of such diversity and capability, this sector is expected to reach $35.96bn by 2029.

Even though there are thousands of small, medium, and large farms all over the nation, Amul has been one of the largest and most prominent companies in the Indian dairy sector. In fact, Amul plays the most vital role in fulfilling the country’s dairy demand while also exporting all over the world. This company exports milk, cheese, butter, and many other dairy products to major and minor countries in the world to help them meet their dairy demand.

How did Amul achieve such success?

Well, this company introduced a cooperative model of dairy farming in India to improve production significantly. The model involves a group of small farmers who work together with all their resources to maximize milk production as much as possible. This model not only showed a substantial rise in milk production but also increased the incomes of small farmers.

Besides influencing small farmers, Amul also introduced various training programs and provided improved veterinary services and animal feed to improve the quality of milk while also raising production. In addition to fresh milk, Amul also prepares processed milk products (powdered milk, cheese, butter, and yogurt) to add versatility to India’s dairy market.

The need for government and non-government initiatives 

There is no doubt the dairy sector in Bangladesh is slowly but surely growing and making a mark in the economy. However, it’s not growing as fast as it should and that’s mainly because of a lack of knowledge, finances, and better farming practices. Both government and non-government bodies in the country should take up and implement more than a few efficient actions to benefit this ever-emerging sector of the economy:

  • For instance, the government and related parties should implement initiatives to prevent livestock illness successfully. Diseases like foot and mouth diseases and worms hamper hygienic practices and reduce milk production considerably
  • Government and non-government parties must also invest in breeding technology. A mixed breed cattle gives 5 liters more milk than any local breed. Increasing the number of mixed-breed livestock would definitely increase the milk production rate
  • Attention needs to be paid to building and improving processing facilities. The absence of processing facilities keeps the nation from producing powdered milking and many other dairy products. With modern manufacturing units, Bangladesh could process dairy products and reduce the need for import
  • The government should help establish a better communication channel between farmers and buyers. This will allow the farmers to get better access to the market and get a better price for their products

 

Connecting producer and buyer

Technologies and innovation play an important part in helping the dairy industry in Bangladesh grow. From helping to grow mixed breeds and enhancing safety and production to market access and sustainability, technology and newer innovation can help the dairy sector flourish like never before.

Here are a few ways technological innovations can help the dairy industry in Bangladesh grow:

IoT and Sensors:

Farmers can use Internet of Things (IoT) devices and sensors to monitor various aspects of their dairy farm and make informed decisions. From finding out about milk production to enquiring about cow health and the overall environment, the data collected through these technologies can be used for better-quality products

Automated Milking System:

Manual milking takes a lot of time and labor hours. If the farmers in the country introduced advanced milking systems in their farms, the machine would automatically milking the cow and save a lot of money and hard work

Better Feeding:

Robotic feeding system has shown revolutionary improvement in the dairy sector. The government of Bangladesh should introduce this technology in the farms to feed the livestock better and quicker and also to cut feed waste significantly

Maintaining Sustainability:

Modern technologies and innovations allow farms to reduce their environmental footprint and manage better farming practices. With better farming practices, farms can not only contribute to a more sustainable environment but also improve production and reduce costs

Better Communication:

Phones, smartphones, and other devices made communication easier than ever. Farmers can use these devices to establish contact with buyers and other interested parties and increase sales in no time. From making direct calls to exploring social media platforms and other e-commerce sites, the contact channels are ever versatile and convenient

The dairy sector in Bangladesh is ever-expanding and emerging as a force to be reckoned with as far as industries go. Even though the industry has yet many hurdles to overcome, with their determination and an urge to meet the nation’s demand, the dairy market is slowly but surely improving. While the farmers and associated parties are implementing better farming practices, the government of the nation is allocating more resources to become self-sufficient in the dairy sector.

It’s only a matter of time before Bangladesh makes a name for itself in the world dairy sector.

Meena-Bazar-now-at-Hirajheel-in-Siddhirganj

Meena Bazar now at Hirajheel in Siddhirganj

The outlet was inaugurated by the councilor of Narayanganj City Corporation Anwar Islam and Meena Bazar’s Expansion, Brand and Online COO Ahmed Shoyeb Iqbal.

Besides, the investor of the outlet Masud Khan, Meena Bazar’s Operations and Supply Chain COO Shameem Ahmed Jaigirder, Head of Expansion and Corporate Sales of Meena Bazaar Md Razibul Hasan and other officials were also present in the opening ceremony.

Meena Bazaar’s mission is to ensure international standards of customer service and quality products and services at affordable prices.

Meena Bazar started its journey in 2002 and is currently serving customers through 37 outlets across Dhaka, Chittagong, Narayanganj, Tangail and Mymensingh.

This outlet of Hirajheel will be no exception. Apart from grocery products, customers can get various products including household essentials under the same roof.

There are also attractive offers including buy one get one free.

Due to rising commodity prices, this new outlet of Meena Bazar has taken steps to ensure market-best prices on daily necessities to maintain a seamless relationship with customers.

Besides, to bring relief in the busy civic life, residents of Hirajheel can enjoy the home delivery facility by ordering on Meena Bazar hotline number 01933117755.

Apart from Meena Bazar outlets, customers can shop online through meenabazaronline.com.

Customers have access to the super shop’s call center to address their queries and feedback.

Meena-Bazar-now-at-Rayerbag

Meena Bazar now at Rayerbag

Meena Bazar now at Rayerbag:

Meena Bazar’s Expansion, Brand and Online COO Ahmed Shoyeb Iqbal and Operations and Supply Chain COO Shameem Ahmed Jaigirder inaugurated the outlet. The country’s renowned supershop brand Meena Bazaar launched its 38th outlet on Tuesday at Mannan Tower, Kadamatoli Thana Road, Rayerbag with a space of 3,100 square feet.

The outlet was inaugurated by Meena Bazar’s Expansion, Brand and Online COO Ahmed Shoyeb Iqbal and Operations and Supply Chain COO Shameem Ahmed Jaigirder.

This new outlet of Meena Bazar has taken steps to ensure market-best prices on daily necessities. To maintain a seamless relationship with customers. To bring relief in the busy civic life, residents of Rayerbag can enjoy the home delivery facility. By ordering on Meena Bazar hotline number 01933117755.

Apart from Meena Bazar outlets, customers can shop online through meenabazaronline.com. Customers have access to supershop’s call center to address their queries and feedback. Meena Bazaar’s mission is to ensure international standards of customer service and quality products and services at affordable prices.

It started its journey in 2002 and is currently serving customers through 38 outlets. Across Dhaka, Chittagong, Narayanganj, Tangail and Mymensingh in Bangladesh. The Rayerbag outlet will be no exception. Apart from grocery products, customers can get various products including household essentials under the same roof.

Meena Bazar opens three more outlets in city

Meena Bazar opens three more outlets in City

Meena Bazar, one of the leading retail chains in Bangladesh, has launched three new outlets at Uttara-3, Uttara-4 and Nazimuddin Road, according to a statement.

The Uttara-3 and Uttara-4 are its 24th and 25th outlets whereas Nazimuddin Road (26th outlet) is the 8th franchise outlet.

Meena Bazar aims to provide quality products and services to its customers at affordable prices with a convenient shopping experience, easy parking and friendly customer service.

The company has been operating in Bangladesh since 2002 and has 23 outlets across Dhaka and Chattogram.

Both Uttara outlets are the flagship stores of Meena Bazar with a space of 7,000 sq ft and 5,500 sq ft respectively.

Nazimuddin Road outlet has a space of 1,300 sq ft with everyday grocery products with the best prices and lucrative deals.

The new outlets will offer a wide range of products, including fresh fruits and vegetables, bakery items, dairy products, frozen foods, household essentials and also feature watches and optics, clothes, jewelry sections, a beauty corner, and many more food & juice corners. The customers were able to enjoy special discounts and offers on the opening day.

Both flagship stores of Uttara were inaugurated by the Director of Gemcon Group Kazi Inam Ahmed.

The respected investors, Md Kamruzzaman and Md Mokhlasur Rahman, inaugurated the Nazimuddin outlet. And the COO of Expansion, Brand & Online of Meena Bazar, Ahmed Shoyeb Iqbal.

Also, Meena Bazar Expansion and Corporate Sales General Manager Md Razibul Hasan, COO of Operations Shameem Ahmed were also present at the opening ceremony.

Meena Bazar inaugurates 2 new outlets in Savar, Khilkhet

Meena Bazar inaugurates 2 new outlets in Savar, Khilkhet

Trusted and renowned superstore brand Meena Bazar took another step forward by opening its 19th and 20th outlets.

These two outlets started their journey in Savar and Khilkhet.

Customers and owners hope at a time of high commodity prices, these two new outlets will ensure best prices of daily necessities to maintain a seamless relationship with customers to improve the quality of their livelihoods.

The new Savar outlet is located at Thana Road with a 4,800 square feet area right next to Enam Medical College and Hospital. Meanwhile, the new outlet in Khilkhet Lake City is 2,500 square feet.

The Khilkhet Lake City outlet is the fourth franchise outlet of Meena Bazar.

On December 30, 2022, Meena Bazar opened its third franchise outlet at Savar.

One of the SBUs of Gemcon Group, has been ensuring excellent customer service by providing thousands of quality products for a long period of 20 years.

Meena Bazar always ensures a hygienic and well-maintained air-conditioned environment to provide the best service to its customers.

Meena Bazar inaugurates 2 new outlets in Savar, Khilkhet:

At present, millions of customers in Dhaka and Chittagong are enjoying the uninterrupted service.

These two outlets will be no exception. Starting from fresh vegetables, fish and meat, all kinds of ingredients from the wet market and daily grocery products will be easily available under one roof at affordable prices in Savar and Khilkhet.

The Khilkhet outlet was inaugurated by Advocate Nurul Islam, general secretary of Khilkhet Lake City Concord. Franchise Owners Harun or Rashid and Md Kamal Uddin and Head of Expansion, Brand and Online of Meena Bazar Ahmed Shoaib Iqbal.

Besides, Expansion and Corporate Sales Head Md Razibul Hasan, Operations Head Shameem Ahmed and other officials of both parties were also present in the opening ceremony.

Rowshan Akter Chowdhury, chairman of Enam Medical College and Hospital, and Mohammad Masud Khan. The franchise owner of the Savar outlet, inaugurated the fourth franchise outlet in Savar.

Meena Bazar delivers all household essentials to the customer’s doorstep of Savar, Khilkhet and its surrounding areas within 90 minutes. Customers can also enjoy Home Delivery by ordering through Meena Bazar’s hotline number 01933117755.

Meena Bazar is now at Rupnagar

Meena Bazar is now at Rupnagar

The country’s renowned super shop Meena Bazar launched its 35th outlet on January 25 at 27 (ka), Plot 9, Rupnagar C/A, Mirpur,  with a space of ​​4255 sq. ft.

Meena Bazaar’s mission is to ensure international standards of customer service and quality products and services at affordable prices. Started its journey in 2002 and is currently serving customers through 35 outlets across Dhaka,  Chittagong, Narayanganj, Tangail and Mymensingh. Apart from grocery products, customers can get various products including household essentials under the same roof. There are also attractive offers including buy one get one free.

The outlet was inaugurated by Meena Bazar’s Expansion, Brand and Online COO; Ahmed Shoyeb Iqbal and Operations and Supply Chain COO; Shameem Ahmed Jaigirder. Md Razibul Hasan- head of Expansion and Corporate Sales of Meena Bazar and other officials were also present at the ceremony.

Due to rising commodity prices, this new outlet has taken steps to ensure market-best prices on daily necessities to maintain a seamless relationship with customers.

Besides, to bring relief in the busy civic life, residents of Rupnagar can enjoy the home delivery facility by ordering on Meena Bazar hotline number 01933117755. Apart from Meena Bazar outlets, customers can shop online through meenabazaronline.com. Customers have access to supershop’s call centre to address their queries and feedback.

Meena Bazar now at Konapara

Meena Bazar now at Konapara

The outlet was inaugurated by Konapara outlet investor Masud Khan and Meena Bazar Expansion, Brand and Online COO Ahmed Shoyeb Iqbal.

Shameem Ahmed Jaigirder; COO of operations and supply chain, Md. Razibul Hasan, head of expansion and corporate sales, and other officials of both parties were also present at the ceremony.

Due to rising commodity prices, this new outlet of Meena Bazar has taken steps to ensure market-best prices on daily necessities to maintain a seamless relationship with customers.

Besides, to bring relief in the busy civic life, residents of Konapara can enjoy the home delivery facility by ordering on Meena Bazar hotline number 01933117755.

Apart from outlets, customers can shop online through meenabazaronline.com.

Customers have access to supershop’s call center to address their queries and feedback.

Meena Bazaar’s mission is to ensure international standards of customer service and quality products and services at affordable prices.

Meena Bazar started its journey in 2002 and is currently serving customers through 34 outlets across Dhaka, Chittagong, Narayanganj and Mymensingh.

Apart from grocery products, customers can get various products including household essentials under the same roof.

There are also attractive offers including buy one get one free.