Successfully running an e-commerce company is truly all about how persistent one is with his/her business and how easily one can adapt to the changing market scenario while using technology to ensure an unparallel user experience, said speakers at Bangladesh E-Commerce Summit 2022.
Organized by Bangladesh Brand Forum, the Summit saw leading e-Commerce founders, related stakeholders, and experts attending. In the highlighted 'Insights Session', Zeeshan Kingshuk Huq, Managing Director of RTS Enterprise broke down myths and shared real-life mentoring with the attendees.
Answering a question from the audience, Zeeshan, who also co-founded sindabad, said that Bangladesh is a very tech-adaptive nation. Citing examples and learnings from bKash and Pathao, he mentioned that technology deployment does not necessarily mean an app or augmented reality. He said, even a USSD solution can create monthly 200 crore taka transactions, or simple Facebook Live can be deemed a solution in absence of augmented reality.
During his speech, Zeeshan Kingshuk Huq stressed the importance of possessing a never-give-up attitude to successfully run a startup. "Closing off a venture is not a solution – rather finding a way out, pivot if needed, and rise again", he said. For current and upcoming entrepreneurs, he suggested networking with other founders who can give precious insights to stay headstrong and strive to make their startups a success.
Zeeshan also mentioned that while revenue and customer numbers are important, the e-Commerce leaders need to keep an eye on the bottom line, repeat purchases and run away, too.
When questioned about the role of the trade-body e-Commerce Association of Bangladesh (e-CAB) during the fraudulent activities of companies like evaly, Mr. Zeeshan regretted commenting, mentioning that he is not part of the current e-CAB executive committee, and invited everyone to learn from the past and rather work towards a brighter future.
The e-Commerce market size is estimated at Taka 9,000 crore with a year-on-year growth of 30% in the last 3 years, as presented in the Summit. However, only 2% of the population is enlisted as online customers. The Bangladesh E-Commerce Summit is designed to start bringing policymakers, founders and relevant stakeholders together to make the eco-system stronger, and larger.