I am pleased to present to you the report, "F-Trade Processes in Bangladesh: A Practical Practice through the SMART BUY BD Platform". The report provides insight into how the F-commerce business, SMART BUY BD has emerged and operates its business through Facebook, at the same time, the report will show the prospects of F-commerce with all possible areas that can change the traditional business . system of the country. I hope this information is useful for the reader to know about F-commerce and F-commerce operation of SMART BUY BD with all possible areas.
This paper examines the prospects of F-commerce in Bangladesh, with a specific focus on the SMART BUY BD platform. The purpose of this study is to explore the current status, challenges and opportunities of F-commerce in Bangladesh and provide insights on the role of SMART BUY BD platform in promoting F-commerce. The primary data for the report was collected via surveys on the customers of Smart Buy BD.
The Smart Buy BD platform has become a major competitor in the F-commerce market in Bangladesh.
Background of the study
Statement of the Problem
Objective of the study
Methodology of the study
Limitations of the study
Methodology of the Study
Definition of key terms
Introduction
The company's main products include giftware, kitchenware, tableware, centerpieces and feminine cleaning organizers. SMART BUY BD has served thousands of their customers with the fastest and safest delivery to their customers' doorsteps. The company's competitive strategy is to serve customers with the highest quality products.
Company Insight
- Company Products
- Delivery Method
- Pricing Strategy
- Target Customers
- Promotional Strategy
- Customers Satisfaction
The customers in Dhaka can expect to receive their orders directly from SMART BUY BD's delivery staff. For other cities in the country: SMART BUY BD delivers goods in other cities via third-party courier companies. In both cases, SMART BUY BD guarantees that the goods will be safely packaged and delivered in good condition.
Customers can track their orders through the operator's website or its SMART BUY BD customer support center. SMART BUY BD adopts a pricing strategy that combines premium and economy pricing depending on the type of product. A premium pricing strategy helps SMART BUY BD position these products as luxury goods and differentiate them from their competitors.
For the competitive products: Business Smart Buy BD adopts economical pricing strategies for all the competitive products which are easily available through many competitors. The strategy gives Smart Buy BD a competitive advantage to acquire new customers and to gain a larger market share. This strategy also helps Smart Buy BD to enjoy brand loyalty of the price sensitive customers.
By profession, Smart Buy BD's target customers are mainly students, working women and housewives. Smart Buy BD offers its customers a variety of products based on specific customer needs. Smart Buy BD provides its customers with hassle-free online shopping with a reliable payment method.
The promotional strategy of Smart Buy BD includes Facebook ads, occasional discounts and BOGO offers. So, for the price sensitive customers, Smart Buy BD regularly offers free shipping campaigns to get it.
Industry Analysis
- Specification of the industry
- External Economical Factor
- Size, Trend and the Maturity of F-Commerce Industry
- Rivalry of F-commerce Industry
According to a report by the Bangladesh Association of Software and Information Services (BASIS), the F-commerce market in Bangladesh was worth around BDT 300 crore in 2020, with an estimated growth rate of 25% per year. The majority of F-commerce buyers in Bangladesh are women, accounting for 60% of the total buyer base. In order to carry out daily business operations, Smart Buy BD has to deal with various aspects of the economy.
All business strategies must comply with government regulations, Facebook codes of conduct, and the economic situation such as inflation, exchange rates, etc. When the inflation of the country is relatively higher than 5%, the business uses to reduce the volume of their import. So the source product of Smart Buy BD is highly dependent on the inflation rate of the country.
Political issues: The abnormal political situations in Bangladesh disrupted the supply chain of the F-trade business. A report by the Bangladesh Brand Forum has estimated the value of the country's F-trade market. Gradually the people of the country began to adopt the F trade business structure as a convenient means of purchasing products from home.
In the age of technology, competition from the F-commerce industry has increased significantly worldwide. They are active on their Facebook page platform to serve their customers in solving various queries. They use the F-commerce industry to attract their famous e-commerce industry to their website.
According to the company owner, 60% of their monthly sales come from their live sessions. They always keep a huge stock on their Facebook platform and their own website.
Literature Survey
4) "Determinants of Customer Trust and Loyalty in F-commerce: Evidence from Bangladesh" By Md. Minirul Islam et al, International Journal of E-Services and Mobile Applications, 2020. This paper shows the main factors that indicate customer trust and loyalty towards the F-commerce platforms of the industry in Bangladesh. The industry identifies that trust on the part of the seller and perceived value are the most important factors influencing customer loyalty.
5) “F-Commerce in Bangladesh: An Empirical Study on Customer Perception and Attitude” by Kazi Abdul Azad, Journal on Asia Business studies, 2021. Describing the F-Commerce business industry in Bangladesh, the author identifies some key areas and factors that directly affect customer satisfaction. 6) “E-Commerce and F-Commerce in Bangladesh: Trends, Opportunities and Challenges” by Mohammad Al-Amin, Asia Pacific Journal of Marketing and Logistics, 2022.
In the paper, the author first discusses about the industry scenario both F-commerce and e-commerce and contrasts them. Furthermore, the author identifies the significantly growing trend in the F-commerce industry with the growth of social media platforms.
Facebook Marketing
Facebook Marketing of Smart Buy BD
Content Creation
Audience Targeting
Influencer Marketing
Internal & External analysis of Smart Buy BD
SWOT analysis of Smart Buy BD
Unique Products: Smart Buy BD business offers a unique range of products in their offering to the Bangladeshi market. From display items to kitchenware, they promise to import the latest and unique products for their target customers. Fastest Home Delivery: In Dhaka city, Smart Buy BD does their home delivery within a single working day.
Moreover, the company works for delivery outside Dhaka with the shipping company Steadfast Courier and ensures the delivery duration within 48 hours. Cluttered Market: The F-commerce market in Bangladesh is now very competitive and cluttered, so sometimes it seems difficult for Smart Buy BD to stand out from the crowded market. Limited Brand Recognition: Smart Buy BD is growing at a pace in the F-commerce industry in Bangladesh.
The company has a huge opportunity to introduce brand new products in various categories for their target customers. Facebook Marketing: Since the company's target is young and knowledgeable ladies, Smart Buy BD can utilize the potential of Facebook marketing. This will help them reach their target audience and build strict brand awareness.
Numerous Competitors: Smart Buy BD operates their business in a cluttered market where there are numerous players with established brands and a strong customer base. This therefore makes it difficult for Smart Buy BD to gain market share and establish themselves as a major market player in the industry. Both the challenge can make a big problem in the inbound and outbound logistics of the business.
PEST analysis of Smart Buy BD
In Bangladesh, the potential customers of F-commerce come from a young and tech-savvy population, which represents a significant market for F-commerce businesses like Smart Buy BD. Additionally, consumers in Bangladesh have unique cultural preferences and buying habits, which Smart Buy BD must consider when developing marketing and advertising strategies. For example, DARAZ and CHALDAL.COM are developing in the digital market and serving a large number of customers daily and people are taking a trend to buy goods from home.
Due to technological advancements, there are now new marketing methods, such as Facebook marketing, which Smart Buy BD uses very heavily.
Outcome of the Survey
Smart Buy BD customers have a great experience with the Business product. As the business always focuses on introducing the new product, the customers become more satisfied with their desired product. With faster delivery and damage, damage-free delivery has an impact on customer satisfaction.
Moreover, the proper communication of the business makes the customer feel comfortable buying from the business. And the company is doing this successfully by establishing a critical import channel from China. The customer service of the business is an essential element to improve customer satisfaction of the business.
In this particular question, 80% of respondents give a positive answer. have claimed about the company's failure to meet their expectations. Price sensitive customers sometimes share their negative reviews only for the higher price of the product. The response from the respondent representing most of the customers are satisfied and will happily buy from Smart Buy BD again.
It is a major reason why the company always has a good percentage of customer retention and WOM as well. A customer will get a free home delivery if he/she refers any customer with the link to the Facebook page. www.facebook.com/smartbuybd.onlinestore). To ensure the fastest delivery, the company a personal delivery agent that uses to deliver orders through bicycle among Dhaka city.
The strong relationship with the shipping company has ensured the shortest delivery time for any goods to be delivered outside dhaka. They shared some of their opinions on the product quality and customer service of the business.
Survey Questionnaire for Smart Buy BD’s Followers
Do you have anything else to say about your SMART BUY BD experience?
Recommendation
Conclusion
