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E-commerce in today's world

Published : Saturday, 10 November, 2018 at 12:00 AM Count : 833
Md Mazadul Hoque

Worldwide financial flow through the electronic channel is being popular day by day for providing few seconds financial solutions. And people's engagement with device-based transactions of money has been increasing only for secured and fast settlement.

Recently, a good volume of electronic-dependent transactions recorded higher than expectations to today's world people with the advent of technological development that helps global economy to be bolstered. The economy sees a sharp rise in trade areas which is being done with electronic devices invented by the experts having high technologic know-how. In the World Trade Report-2018 released by World Trade Organization (WTO) shows that total value of global e-commerce transaction reached USD25 trillion in 2015, up 56 per cent from USD16 trillion in 2013.

Truly speaking, the world's most developed and leading economies can't imagine passing a second let alone a day through absence of devices that are considered crucial partners of human being belonging to different work places situated across the globe. Apart from these, the people are always ready to settle any through electronic channels whatever they want. No wonder that inventions of settlement devices have made the daily life of people easier, faster and risk free. Once upon a time, huge economic damage had been incurred when advanced technological demand-driven devices were out of imagination. In present time, we have so far been gifted with numerous ways electronically to communicate one another as well as execute any financial transaction that are viewed a wide range.

E- Commerce is playing a significant role in re-shaping the global businesses exceptional in terms of payment system that takes few second for complete settlement with the concerned devices. I think E-commerce transaction in Bangladesh has not yet gained popularity where Asian economy-Japan has already achieved the lion's share of device- based transactions among other countries. But, Bangladesh is trying its level best to expand e-commerce business to keep pace with developed economies that already reached their peak. Specially, for growing economy like us business operations with using electronic devices is badly needed to be sustained economically and raise brand image worldwide.

By studying many it is said that electronically financial flow in the United States of America, one of leading economies observed very exceptional and eye-catching where other economies though being leading have not yet touched USA in terms of E-commerce transactions. World Trade Organization (WTO) in its study revealed that E-commerce transactions recorded 28 percent in USA, 10 percent in Japan, 8 percent in China, 4 percent in Republic of Korea, 4 percent in Germany, 3 percent  in UK, 3 percent  in France, 2 percent  in Canada, 1 percent  in Spain, 1 percent  in Australia. The rest of the world except above noted countries accounts for 36 percent E-commerce transactions. Still now, each country is contributing with little shares in respect of device-based transactions that need to be increased forced by state-level on-lookers. With a view to attend the race of above noted economies, many countries in the world are on the move to flourish electronic -based transactions and necessary steps are underway.

In Bangladesh, the volume of e-commerce transactions is not admirable at all since except leading business centres situated only in big cities, no outlets across the country welcomes the customers for settlement through electronic ways. Its improvement in the country might have been taken some years. But, we have to be cautious regarding moving electronically until we see full-fledged digitalization. Actually, in the field of Information Technology Bangladesh has gone a long way and was able to cover the required areas with only installing basic devices and nothing else. It is time to expand the facilities in order to run with competitive economies.

Why not follow the strategies of developed economies? How have they gone forward electronically?  The reason behind promoting the IT sector quickly has to be mastered by deputing experts there in developed countries. The concept might have been borrowed at the cost of a good volume of expenditure. To conclude, I want to opine that since E-commerce is mainly needed for a sustainable economy, we have to move right now with limited resources and whatever we have. It is informed that the present economy demands fast services from all sectors with a view to battle against dominant economies, there is no alternatives but gathering for E-commerce. The need for doing business globally, E-commerce is the one of main means of settlement in transparent way, so, the pace of E-commerce is a must to be upgraded economically.

The writer is a banker



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