E-commerce development in Bangladesh: marketing improvement based personalized recommendation service

Abstract

E-commerce has profoundly changed the corporate environment, and companies now consider the internet a vital tool. Bangladeshi e-commerce is experiencing rapid growth, leading to a significant shift in the country's retail e-dealings. Along with a questionnaire-based survey to better understand online customer attitudes and purchase experiences, this study analyzes the Bangladeshi capabilities of electronic elements, including its history and present expansion. The study highlights challenges and potential growth areas for the e-commerce industry and offers suggestions for marketing initiatives for Bangladeshi online merchants. E-commerce is predicted to have an influence on people's social and professional lives in the future, with 62% of people utilizing the internet. Global online shopping for electronic commerce is anticipated to be worth USD 6.33 trillion, or 20.1%. Bangladesh ranks 36th internationally in terms of the largest eCommerce market, with projected eCommerce sales of USD 7,896 million by 2023. By 2028, earnings are estimated to exhibit an average yearly increase worth 22.3%, giving rise to an anticipated market value worth $17,647.3 million. With predicted 6.1% growth, the Bangladeshi eCommerce industry helped contribute to the 8.7% worldwide growth rate in 2023. The largest market in Bangladesh is for hobbies and leisure, then comes electronics, clothing, food, furniture, home goods, personal care products, and DIY. Even though it is still in its early stages, e-commerce has grown in Bangladesh thanks to the launch of websites like Daraz, Akhoni, and Ajkerdeal.