Status, Potential and Constraints of Digital Business in Bangladesh (Essay Sample)

Status, potential and constraints of Digital Business in Bangladesh
Introduction
Digital business is the use of technology to create new value in business models, customer experiences, and the internal capabilities that support their core operations. This assignment helps better understand the digital business and how it might influence a country's economy. Furthermore, the current status of digital business in Bangladesh has addressed whether the business is emerging and booming in this assignment. This paper has also discussed the prospects and obstacles of doing business online in Bangladesh, which are both discussed in detail. Upon completing this assignment, the learner will be able to generate fresh thoughts and insights into various aspects of digital business in Bangladesh, which will be helpful in the future.
Objectives of the study
Broad Objective:
The overarching objective is to explore the numerous facets of digital business and grasp the total impact on Bangladesh's online organization, which is the primary purpose.
Specific Objectives:
The following are some of the paper's more obvious objectives:
* To define the digital business.
* To determine the present status of digital business in Bangladesh.
* To recognize the prospects and benefits of digital business in Bangladesh.
* To identify the operation obstacles of digital business in Bangladesh.
* To find the promising area for the digital business, where should give the most concentration to explore digital business in Bangladesh.
Sources of collection data
Sourcing of Data:
In this study, secondary data was obtained from journals, books, Wikipedia, Google Scholar, Quora, and other websites to form the majority of the findings, as well as The Financial Express, The Daily Star, Prothom Alo, and Dinbodolbd. In addition to the primary data collecting source, observation-based data are also gathered.
Observation:
Students’ and teachers' attitudes, perceptions and responsiveness to digital business in Bangladesh were observed in the classroom in order to develop the notion of conducting the study. Then, the idea for the study was born, and it was done.
Current status of digital business in Bangladesh
As a contemporary platform, a "digital company" refers to one that is actively engaged in the process of transitioning from an old-school model to a digital one in order to better serve their clients by connecting their digital experiences with their physical ones. The majority of the time, technology plays a role in this process of change. On a daily basis, the whole company's activities are carried out in an automated fashion (Portal, 2021). E-commerce is only one of many sorts of companies that have turned to the internet for their operations. Rokimari.com, chal-dhal.com, large bazaar.com, bikory.com, and so on are only a few instances.
Digital Business different sector in Bangladesh
Digital business has become a prevalent platform day by day that sector accelerated from the mid-2000s in Bangladesh, backed by high internet speeds and the launch of different favorable smartphones. The digital conception has revolutionized many sectors; these are
* Housing
* Retail and transportation
* RMG sector
* Agriculture sector
* Online Banking
* Online education system
* Online shopping
* Pay bill, etc.
Digital platforms have enabled new transaction patterns, such as ride-sharing and home-sharing, as well as new ways of working, such as freelancing. Bangladesh has seen a surge in the number of sharing-based services, including those provided by domestic and global businesses such as Uber, Pathao, and Shohoz CITATION Fah21 \l 1033 (Fahmida Khatun, 2021).
Present Scenario from 2019-2021
Digital commerce is booming in Bangladesh as it is in other nations across the globe, and this is helping to modify old transaction behaviors and bring about a progressive shift in Bangladesh's economic landscape. In the 2020 B2C e-commerce index-2020, Bangladesh was found to be lagging behind other countries, according to a UNCTAD assessment. Bangladesh has fallen 12 steps behind the curve all at once, not just one. According to the 2019 global rankings, Bangladesh was at number 102, but is now down to number 115, down from number 102 in 2019. Since the beginning of 2019, the index has fallen by 5.6 points. Overall, four sub-indicators have been merged to create this indicator. They are;
1 How much of the population is using the internet?
2 The number of account holders on the e-commerce sites
3 The reliability of the internet server
4 The reliability of the supply.
Bangladesh got 33.3 points. Switzerland, the best country on the index, has a score of 96.9 out of 100 CITATION Des21 \l 1033 (Desk, 2021).
Shoppers who can't leave their homes during the public holiday in March 2020 go online to buy things. This is to stop the spread of Covid-19. Although, the online company in Bangladesh has emerged, bringing innovative services that have helped some online entrepreneurs in Bangladesh grow their businesses many times over. Nevertheless, Bangladesh fell behind in the global index CITATION Ban21 \l 1033 (Dinbodolbd, 2021).
Pandemic propelling Digital Business Transition in all sectors of Bangladesh
When it comes to consumer purchase behaviors, the COVID-19 pandemic has unquestionably changed the emphasis away from traditional shopping. Bangladesh is a good illustration of this shift, since the country's purchasing habits have been transformed owing to digital advances that will have long-term effects. Pharmaceuticals, agriculture, ICT/ITES, logistics, and digital financial services are the high-priority industries for development and digital transformation in the coming decade (Wing, 2021).
Prospects of Digital Business in Bangladesh
It's a hot topic in Bangladesh right now: information technology (IT). About a hundred software firms, 35 data input centers and a thousand government and informal IT training schools are distributed throughout India. Hundreds of computer repair shops also exist. The government has classified information technology as a high-priority topic and aims to construct computer training centers in each divisional and district office. It is no longer illegal to import computer hardware and software, and VSAT is no longer a prohibited technology. DDN is now also available at high speeds. It has already adopted one-fourth of the 45 JRC recommendations on exporting software. The others are still being implemented. electronic business and governance include anything from e-commerce to web surfing to online apps to multimedia creation and so on. These are all instances of e-commerce and e-government (Shaikh Mostak Ahammad, 2007).
If you look at Bangladesh's population, it's believed that there are 39 million individuals who use Facebook. This implies that Facebook has the greatest potential to grow the digital company in Bangladesh. Because of the widespread availability of the internet, many new businesses are opting to conduct their operations digitally. In contrast to credit cards, mobile payments and cash-on-delivery have become commonly accepted means of payment in the majority of countries (Fahmida Khatun, 2021).
Benefits of Digital Business in Bangladesh
Due to pursuit of digital business has been raising the benefits gradually and contributing to the country’s economy in different ways. I have highlighted some factors below;
* Sometimes, it may help to ensure the quality of the product results in a customizing facility.
* Timely delivery of the products and services.
* The evaluation and rating of items and services based on prior customers' feedback.
* Everything maintains electronically, which allows for efficient inventory management.
* Flexible return policy and overall transparency.
* It helps associate with many target audiences and brands concurrently.
* They are matching suppliers with prospective international buyers.
* The ease with which smaller vendors may enter the market and compete with bigger ones because of cheap entry costs
Constraints of Digital Business in Bangladesh
The 5.6 per cent of households use owned computers in Bangladesh, and access to the internet household is only 37.6 per cent stated by Bangladesh Multiple Indicator Cluster Survey (MICS) in 2019. Behind the developing and expanding the digital business has many setbacks in Bangladesh that are determined by the EGM, which are as follows;
* Access to computers and the internet is restricted
* Some of the things that could go wrong with your electricity.
* Slow internet connectivity speed.
* Inadequate technological abilities
* Poor English language skills
* Paying for goods and services online is more difficult because of a lack of available credit and debit cards and a general lack of proficiency in computer science.
* Getting paid from outside the country can be difficult.
* A lack of foreign investment in digital