The retail business of Bangladesh is growing as fast as its population. In the past decade, the story of the Bangladesh retail business has been nothing less than a revolution shaped and developed by high-quality service provisions, world-class design, and sizeable local and international investment.
Tale of the retail business in Bangladesh
Did you know Bangladesh is one of the fastest-growing economies in the world, with an average growth rate of over 6.2 percent for the past decade? (source)
Bangladesh presents a great opportunity for its domestic market and as well as the global market. In the past 13-14 years, it has been witnessing a retail development and fast-changing retail landscape.
The organized retail industry is slowly inching its way forward to be the next most booming sector in Bangladesh like readymade garments; only if appropriate concerted strategies can be taken. The industry itself has expanded its growth over the past several years, and organized retailing is undergoing huge changes as expected, to scale up over the next decade.
The secret sauce of success for retail business
Thre are many factors that influence the success of a retail business in Bangladesh. However, in this digital era can you guess what can make your business reach the heights of success?
Technology it is.
Technology in many ways helps you make the final cut in your retail business. In the context of Bangladesh, it is quite evident that many people might not be able to recognize the wonders that technology can create for their businesses. That is the sad reality.
However, things are changing now for the better. Many people are now being more and more open towards embracing technology and getting it to a point where it takes most of the advantages of technology that it has to offer.
Here are a few ways in which technology can help get your retail business to the next level very soon:
Increase productivity: The biggest advantage of upping your retail business game through technology is that it increases your productivity to a great extent. Communication at the workplace has been the biggest factor in the success in business. And through solutions like EasyPOS, the communication in your business will be clearer than ever before. EasyPOS is the ultimate POS software of one of the leading CMMI level 5 software company of the Country Southtech, for serious retailers.
Through an interactive POS software, you can push sales by receiving alerts for suggested items at check out. From an offline sales system to an open discount provision, through a comprehensive POS software, the productivity of your retail business will be skyrocketed.
Improve flexibility: Technology allows businesses to speed up the production process and as a result of that, your systems become more efficient in the long run. Task management tools allow you to stay on top of your daily responsibilities and gives you the freedom to be flexible with your workflow too.
In a retail business, when there is direct communication with the end-user, having the liberty to make your day to day tasks flexible is one of the blessings of technology.
Long term investment: Investing in technology is not so critical as many people think it is. You can make this to be one of your best investments for your retail business if you just know which is the best solution for you. There are many solutions available in the market but don’t get fooled by companies who just know how to give you the best service and then you end up with a system that kills your time and energy more than it should be saving them.
Before investing in a POS solution always verify all the options available in the market. Look for the best of the best solution and then make a decision. If you have any queries about our EasyPOS software, contact us, we will be happy to help.
Better customer service: We all know that “customer is the king”, however, in a retail business, where there is a direct connection with the customer, there is no other way but to improve your customer experience. And the best way to ensure better customer experience is to implement technology in it.
Through a well-round POS software, you can give the best quality of customer service to your customers so they keep coming back to you. So don’t underestimate the power of a POS software solution when it comes to serving the best quality to your customer.
Safer data storage: In any business, your data is your hidden treasure. Everyone takes good care of it to ensure the safety of their business.
Through the ever-growing technological advancements that are available right now, your data is safer than ever before.
Are people exploiting the success of retail business in Bangladesh?
Bangladesh has a great depth of poverty but has been one of the biggest challenges of developing economies keeping industrial development as a priority. Modern ‘superstores’ are the next big thing in developing the industrialization of Bangladeshi cities.
Although Bangladesh consists of agriculture being its primary source of income for citizens, superstores are now a new source of income, and profit for the working-class, business owners, and the state, pushing the development of the country in the future.
The local retail environment in Bangladesh has been one in which people have been served by local traders and markets, where there is a lot of scope to scrutinize seasonal fruit and vegetables as well as purchase food goods commensurate with any budget.
Most food has been grown and packaged locally, with some being imported from neighboring countries such as India, to supplement the local stock.
Society has become more connected and fallen under the influence of concerted and often sophisticated advertising campaigns. A gradual shift has taken place in recent decades, which in some quarters at least has added an aspirational aspect to shopping. While most citizens are never able to leave the country, they are increasingly familiar with the goods and offerings from elsewhere.
The media in the form of television, print, radio, and social media for the younger generations at least has become a powerful tool for accessing potential customers as well as consolidating and developing a brand or raising awareness.
Besides, the extensive Bangladeshi diaspora has played its part in offering new experiences, which have proved especially attractive to the burgeoning middle class.
Challenges faced in the retail business in Bangladesh
Irrespective of its potential, the industry has many challenges. Some of these challenges include:
- Limited market intelligence
- Supply chain management system is still poor
- Shortages of skilled labor force including management
- Lack of available suitable retail space
- Very narrow urban customer base focusing on major 1-2 cities
- High taxation
- Inadequate power supply
- Access to finance due to corruption
- High cost of capital and finally there is no official machinery which regularly releases retail statistics
Opportunities for retail business in Bangladesh when these issues are solved
Bangladesh has developed immensely with the creation of superstores. Which give civilians deep insight into the convenience of industrialization. Bringing fresh ideas and a new source of income to boost the growth of its current economy.
The issues that the retail industry is facing now can be taken down if technology gets more priority. In the coming years, Bangladesh should not be undermined as economists see it as having a paramount amount of potential for foreign-investment-led growth if everyone opens up to the idea of technology.
The good news is, things are changing for the better now. In the last 10 years, the development of technology has been noticeable. Every sector be it RMG, telecommunication, food, steel has benefitted from technology and retail industry isn’t also far from it.
Therefore, it is time for the sector, retail owners, The government, and other interested stakeholders to become more proactive. And the best way to ensure this would be taking advantage of available software solutions for the retail business. This will address various challenges and make this sector another booming area in the future. This will bring investment, world-class services, knowledge, technology, and pride.