With a market value of BDT 20,000 crore, the consumer electronics sector is one of Bangladesh’s fastest-growing industries, with the majority of the product categories entirely import-dependent, although local companies are on the rise.With consumer preference for these foreign brands ever-increasing due to their ability to provide more reliable services, only a handful of local companies are able to cater to these needs. Despite the dependency on foreign brands, increased domestic production sparked a boom, as companies like Walton started exporting thanks to government initiatives. However, some policy contradictions require consistency in implementation. A big success factor of local companies is their ability to embrace innovation through the adoption of technology and integrate existing processes to deliver to customers a greater value proposition through a personalised experience. The result is that customers benefit from brand atomisation, which means relying less on foreign brands as well as greater availability of consumer data flow through various interaction points.With consumers demanding more convenience and innovative technologies, this will be the biggest challenge for local brands’ survival in the days to come, along with rising dollar prices and inflation, as they compete for these features with foreign brands as well.
Md. Shah Jalal
Assistant Manager
IDLC Finance Limited
More Print Editions Subscribe