May 17, 2021

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Entrepreneurs hoping for revenge purchases

Shopping mall has been opened. Entrepreneurs in the local fashion industry of Bangladesh have survived this decision of the government. For now, they are getting at least 20 days before Eid. Entrepreneurs in this sector want to make up for this time.

Due to Corona, there was no business on Boishakh and Eid last year. This time each brand had the necessary preparation to make up for that loss. Every organization has been investing extra since December, hoping to improve the situation. But when the lockdown starts anew, they get lost. Earlier, the sale of Zameni Boishakh was dragged down by the loose lockdown. In this situation, everyone is relying on online sales to grab the straw. Despite the increase in the scope and amount of virtual shopping, it is in no way comparable to physical shopping. Instead, Tamara Abed, managing director of BRAC Enterprises, calls it a ‘dew point in the desert’.

At present, the annual purchase of the fashion industry is around Tk 10,000 crore. At least 50 percent of it comes on Eid. Many companies have reduced their branches to meet the financial crisis due to lack of business. At least 30 percent of the workers in this industry have been laid off. Some companies have reduced their salaries without cutting them. Again, despite the crisis, some brands have not made any pay cuts or cuts. But this time, if there is no business on Eid, they will be forced to follow that path.

Congratulating the government for opening the shops in the end, Tamara Abed said the decision would save the industry from huge losses. However, most of the entrepreneurs are requesting to consider whether it is possible to consider the time to keep the organization open. Because, if the deadline is not compressed, the crowd can be avoided. Rezaul Kabir, chief operating officer of Sailor, said in this regard, people do not go out shopping in the morning. Up to two bucks in the relaxed lockdown were only 15 percent. But it was 75 percent till 3-5 o’clock. So when more time is available, it is possible to manage the buyer by following the hygiene rules properly.

Last time, when everything was opened for a few days before Eid, every organization has tried its best to follow the hygiene rules. Khalid Mahmood Khan, the director of K Craft, believes that everyone will do the same again.

But whether it is a strike or a strike, the first blow in our country falls on retail or transport. A lot of people depend on these two sectors, said Shaheen Ahmed, CEO of Anjan’s. However, he also said that he is feeling some relief as the lockdown has been relaxed.

 

Entrepreneurs hoping for revenge purchases
Buying out of curiosity: the gap is wide
Due to the lockdown, everyone was under house arrest like last time. However, many people are waiting for the store to open again, some of the shopping is done through digital. In addition to specific customers of various brands, irregular customers have also shown interest in buying. But they have bought 15 to 40 percent of the brand.

It is learned that a large number of buyers are interested in discounts or offers. Because, they want to get less expensive products. Many have been able to confirm the order by contacting the curious buyers directly and explaining about their desired product. However, most of the buyers are waiting for the store to open by searching online.

Physical vs. digital
Online shopping has increased in the last few years. Last year this increase was significant. Online Arang’s income was double compared to 2019. The experience of other brands is also positive. But this sale is in no way equivalent to an outlet sale. It is rather only 2 to 5 percent of the total turnover in the brand.

‘This example shows that it is not possible to run an organization with an online cell. Because, the amount that is sold in one day is not equal to the sale of a medium branch of mine, ‘said Shaheen Ahmed.

SM Saiful Kabir, Senior Executive, Sales and Marketing, Red Origin, said that the progress of e-commerce is not promising due to economic imbalances.

However, this time the significant thing in online shopping is the increase in the number of expatriate Bengalis. Arang has been expanding its market in the United States for some time. The United Kingdom and Australia have been added to that list for a month. Their response from all three countries is promising, said Tamara Abed.

But those who do not have it, their metabolism is unlimited. Only one or two outlets. The year passed with a definite plan. Still depends on the store. No virtual system. KB Al Azad, the leader of the fashion house of the century on this list, is counting the mistakes of the future uncertainty.

Entrepreneurs hoping for revenge purchases
Who is buying, what is buying
At this time, it is natural to ask who is buying and what they are buying. Most say buyers are younger than they are today. 18 to 35 years old. There are also insignificant middle-aged people in the number. But there is caution in everyone.

Almost everyone says that at this time, with the exception of some large sums of shopping, most of them have made purchases between Rs 2,000 and Rs 5,000. Not festive clothes, they have basic clothes on their shopping list. Such as shirts or pants. Parents always buy children’s clothes first. Whether it is a festival or not, they are buying in advance so that their joy does not fade, said Syed Helal Hossain, senior marketing officer of Rise.

Buyers usually go for Punjabi after 15 days of fasting. Because, after the kids, the girls are bought by the men. But here it is

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