Picking up the growth momentum of e-commerce

Even a few years back, the e-commerce industry in Bangladesh was not in a state of witnessing the meteoric growth that is expected and forecasted now. Things were different then. Back then, different international e-commerce businesses were already on the roll and doing good business. The only difference was global companies reaped benefits of digital transformation and tapped into the potentials of technological innovations to streamline their operations management, which has paid off very aptly. With more and more people getting reliant on e-commerce marketplaces and an unprecedented situation created by the pandemic has also resulted in positive outcomes for the e-commerce industry in Bangladesh. With other players trying their best as well, Daraz has redefined their whole operations management system counting on the power of technology. However, many more could be done to keep the growth momentum going.  

After the coronavirus hit the world, businesses are going over their functional capabilities and mapping out their operational plan in an invigorated way. Technology has shown us the path in this regard. As the country's largest online marketplace, Daraz has already taken an integrative approach to decide their operations management so that the highest satisfaction of the customers and suppliers/sellers as well can be ensured with a view to creating a perfect digital ecosystem where everyone will be in a win-win situation.  
There are usually three components when it comes to ensuring seamless operational management – inventory management, buying-selling experience and logistics support. If the right approaches are not taken, it could cost the business a lot. According to a global report, different issues related to modernizing and digitizing their operations and processes are costing businesses between $250,000 and $500,000 annually.  In this age of digitalization, it is imperative that the right strategies be adopted relying on technological innovations for the smooth functioning of e-commerce activities. It is important to maintain digitally-controlled inventory management to make sure that everything is in place and there is enough stock so that the operations do not get hampered. It is helpful in many ways. An omnichannel inventory management system is a prerequisite for e-commerce companies to keep complete control over their whole supply chain and avoid any untoward situation created due to stock-out situations or supply crunch. It is also necessary to track the whole process of delivering products to the customer in real-time so that no confusion or mishap happens.  
   
Then, businesses must have control over the buying-selling process so that the best experience can be offered. Tapping into technological advancement, Daraz has been working with the sellers/suppliers to make sure that they can sell their products to the target customers. And there are several convenient digital transaction options on Daraz so that everything can be done with precision and there is no room for defrauding someone. Technology has played a significant role during the pandemic as well. When the SME industry was struggling to survive because of the heavy blow dealt by the pandemic, reputed e-commerces has enabled many small and medium businesses through the B2B business model to digitize their services and put their products on display. 

Next comes the most important element of this whole operational management system – the customers/consumers. This is the trickiest part as well. As long as you will be able to serve the customers in the best ways possible, your operations management will be on track and can be considered a successful one. So, basically, all the elements of operation management connect and lead to this part. For ensuring that the products are being delivered to the customers properly, any e-commerce business needs the right logistics support. For example – Daraz has developed its own logistics company specifically designed for e-commerce operations - Daraz Express (known as DEX) – to make sure that deliveries are completed in time. 

Meanwhile, giving more easeful options to the customers with the help of technological amenities to enhance their experience should always be in the priority list of the e-commerce businesses. Daraz has recently introduced a new feature called 'in-app shoppable livestream, which will give the freedom of exploring products on video-live on its app to the customers. Additions like this have the potentiality of changing the whole face of operational management. In the meantime, customer service is a critical aspect for developing brand value. Complaints and queries must be solved promptly to derive long-term benefits for any business. Daraz has got a dedicated team who promptly respond to the customers' complaints, thus has been able to cut down the rate of errors to below 0.5 per cent. We also score the sellers from time to time to ensure quality and a smooth operational process. 
Apart from these, managing promotional activities or campaigns designed for the customers plays a vital role in deciding the operational efficiency of an e-commerce site. For example – Daraz has been hosting the 11:11 sale in an efficient way for the past few years. A well-meditated action plan while carrying out campaigns of such scale always results in the best experience for both the customers and the sellers. 
Combining all the aforementioned elements and taking an integrated approach to operation management taking cues from technological innovations are the keys to driving the future growth of our e-commerce industry. e-commerce businesses must remember that the only trick to gain trust and ensure the satisfaction of the customers lies in ensuring seamless operations. According to a report by IDG, 89 per cent of enterprises worldwide are mapping out plans or already have adopted a digital-first strategy by incorporating technology into their operations. Now, it's time for us to go the extra mile. 

The writer is the COO of Daraz Bangladesh