June 17, 2024
Apparel, Fashion, Retail

Bangladesh Can Add $500mn Of Apparel Export Via Online Sales

According to a study, Bangladesh has the potential to add another US $500 million in garment exports to the US, the EU and the African region through a virtual marketplace by 2027.

This was the finding of a study titled ‘Establishing a Virtual Marketplace for Bangladeshi Apparels’ conducted by the International Finance Corporation (IFC) with LightCastle, a consulting firm.

“To tap this potential, the country may create a virtual market platform by this time,” Dipa Sultana, Senior Business Consultant at LightCastle said.

The study informed that around one-third of total clothing sales in the US and EU are estimated to shift to ecommerce channels by 2027.

The study added that Bangladesh has the potential to grab 0.20 percent of US online garment share, 0.10 percent of EU share and 0.75 percent of African share, which will total to $489 million by 2027.

Dipa Sultana stated that the marketplaces will reduce lead time and the cost of business as there will be international warehouses near the destinations.

“The number of middlemen in the trade will also be reduced, which will ultimately make the business more competitive,” she informed.

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