business-analysis
Motorcycle Loans in Bangladesh: Turning Your Two-wheeler Dream into Reality
Whether riding as a hobby or as a daily commuter, motorcycles have long been popular in Bangladesh. But a proper two-wheeler will set you back a considerable amount of money which is often out of reach for many. But should that stop you from getting one? Not at all. In fact, several banks offer loans for your two-wheeler. So which banks in Bangladesh are the best for motorcycle loans? And what should you consider before getting one? Let's find out.
Factors to consider before taking a motorbike loan
Interest rate
Interest rate is the main universal factor to compare between loans. Almost all the banks of Bangladesh have a unified interest scheme against their motorcycle loans. However, some banks charge more for some added perks.
Loan security
Loan security is another important factor. Loans of significant amounts require some form of security before they are disbursed. While it generally doesn’t apply to motorcycle loans as the amount is significantly less. However, there might be exceptions and so you have to be careful before signing up.
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Loan inclusions
Most motorcycle loans don’t cover the entire cost of the bike. Usually, it’s a percentage of the price and associated costs. The percentage amount differs from bank to bank. As a loan seeker, you would want a loan that will cover the entire cost of the cycle or a close amount. However, that might come with higher interest rates.
Early termination
Check whether your loan offers an early termination policy. There might be situations where you would want to pay off extra or the remaining amount in a lump sum before the maturity period. While many banks allow an early termination policy, it may come with added costs. So, it's important to consider whether you’ll be paying off your loan before maturity.
Loan fees
Loan fees are charged as processing fees or loan maintenance fees. Most banks in Bangladesh don’t charge a loan maintenance fee. However, there are banks that charge loan processing fees. Typically, it’s a lump sum or a small percentage of the loan. But this is also something to keep in consideration before choosing a loan scheme.
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Best Banks for motorcycle loans in Bangladesh
Eastern Bank Two-Wheeler Loan
Eastern bank is one of the premier private banks of Bangladesh known for its competitive and exceptional customer service. The bank has a two-wheeler loan scheme which has several perks.
EBL offers loans ranging from 50000 BDT to 4 Lac BDT which is one of the highest in Bangladesh. However, you will get 70% of the actual price of the bike as a loan. The registration will be a joint one and you will need to have a minimum income of 25000 BDT to be eligible for this loan. There is a 0.5% processing fee and 0.5 % early settlement fee added to the loan.
The standard 9% interest rate is applicable for the two-wheeler loan. You will also need to have first-party insurance while registering the bike. EBL two-wheeler loan can be a great choice considering the low eligibility criteria as well as provision for early settlement. For more information, visit the official site here.
Read:Student Loans in Bangladesh: Banks Offering Education Loans for Higher Studies
Angel Investment 101: Is It the Right Track for Your Startup?
The startup scenario in Bangladesh first came into existence in the early 2010s. This was a time when Bangladesh was seeing steady growth and increased accessibility all around. There are over 1000 startups in Bangladesh as of 2021 and the number is expected to grow as the country and the economy becomes more digitized. But are there enough funding opportunities for these startups? This is where angel investors come in. Though Bangladesh is yet to achieve a healthy investment ecosystem, angel investment has been playing a key role at the micro-level. Now, what is an angel investment and how do startups stand to benefit from it? Read along to find out.
What is angel investment?
Angel investment happens through an angel investor, that is someone with a considerable chunk of wealth who’s willing to invest in the early phase of a startup. While it's mostly limited to the scope of a single-person investment, there are instances where an investment company acts as an angel investor in startups. The mechanism of angel investment is similar to other forms of investments. Here an angel investor invests a certain lump sum in the startup in exchange for ownership equity.
Read The Difference between a Startup and a Small Business
Angel investor faces a lot of risk in terms of the investment itself. A startup has several phases in its growth trajectory. It starts with an idea which then moves onto an MVP or market viable product. After that comes the growth, expansion, and maturity phase. While most venture investors, banks, and equity firms invest from the growth phase with IPO being exclusive to the maturity phase, the scope of an angel investor is limited up until MVP. The initial investment in the idea itself without any proof of product-market fit increases the investment risk exponentially. As a result, you might have to dish out larger equity for a lower investment.
The data regarding angel investment in Bangladesh might not be enough to give a glimpse into its implication in the startup sector. However, the lower limit of investment can be as low as 0.5 million BDT to upward of several million dollars.
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What should you look for in an angel investor?
Now you might be thinking what’s there to look for in an angel investor? They are literally investing money in your startup when it’s nothing more than an idea. Compared with the rate of startup growth in Bangladesh, the chance of scoring an angel investor is slim as it is. However, there are still some aspects to be considered to make sure you make the most out of the deal and your investor. Because there are more to angel investing than giving up equity for cash. Here are our top 4 picks to consider.
Industry knowledge
An angel investor should have sufficient knowledge of the investing industry. Think of angel investors as mentors. Someone who has worked in the industry before knows the ins and outs and things to avoid which you won't generally have access to in your starting phase. This will help any startup avoid potential pitfalls. A study conducted by Nesta showed that angel investor investing in a known industry sees a better return on their equity.
Student Loans in Bangladesh: Banks Offering Education Loans for Higher Studies
Many aspiring students of Bangladesh dreams of a better higher education opportunity. The reputed public Universities of Bangladesh can accommodate a limited number of new students every year. As the scope of international quality higher education is limited in Bangladesh, many students want to study abroad. Besides, some private universities of Bangladesh are also providing world-class education. However, the cost of studying abroad or in private institutions is out of reach for many. Education loans can be a great option for them. Let's take a deeper look into the student loan schemes of Bangladesh and what you should consider before opting for one.
What is an Education Loan?
Education loan or student loan works similarly like other loans. Depending on banks, you can get about 5 Lac to 20 Lac BDT in loans for your higher studies. Most banks offer a competitive interest rate on the loans which makes it easier to pay back once you settle down.
Education loans are a flexible and easy loan scheme that is offered by almost all the leading private, including some government banks of Bangladesh.
In Bangladesh, a good number of students fail to complete the higher education cycle due to a lack of funds. In that regard, student loans can act as a financial net for the students to complete their education and create a career for themselves.
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Things to Consider Before Getting a Student Loan
Eligibility for Loan
Every bank has a stipulated requirement for loans. The eligibility criteria are listed on the respective websites of each bank. Every bank has a minimum parental income requirement or security deposit. These minimum criteria grossly differ from bank to bank. The eligibility criteria will help you to deduce which scheme will work best for you.
Interest Rate and Repay Period
Another factor to consider is the interest rate and the repayment period of the loan. The interest rate differs from bank to bank and so does the repayment period. It generally hovers between 9% to 12%. The repayment tenure goes as high as 60 months. Based on your needs and ability, you can easily choose the best possible option for yourself.
Understand the Terms and Conditions Well
It's important to read the terms and conditions well before signing up for a loan scheme. There might be charges and rules that aren’t explicitly mentioned in the brief. So, it's important to be well informed about everything beforehand.
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Calculate Your EMI
Regardless of the duration of the repayment, you need to have a clear idea about the monthly EMI of your loan. It is granted that you won't have the means to pay a hefty premium monthly. Choose a repayment duration based on your ability to coincide with the EMI.
Best Banks for Education Loans in Bangladesh
Mercantile Bank Student Loan
Mercantile Bank was established in 1999 as one of the premier private banks of the country. The bank operates with a range of services in different sectors and industries of Bangladesh. The company started providing student loans in 2016 to eligible candidates.
The loan limit to study in Bangladesh is 5 Lac and for abroad, it's 20 Lac. The loan is issued for students who have completed their HSC or equivalent degree. The interest rate is 9% per annum which is added every year. The repayment tenure is 12 to 72 months. You are eligible to use the money for admission fees and accommodation. In addition to that, all expenses related to the completion of the degree are covered within the scope of the loan. You can learn more about the student loan scheme of Mercantile bank from here.
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One Bank Student Loan
One bank was founded in 1999. Since its inception, One bank has been a key player in the private banking sector of Bangladesh. This bank also offers an education loan scheme. However, there are certain differences.
The One bank education loan isn’t allocated to the student. Rather a parent or an eligible guardian has to apply for the loan on behalf of the student. The minimum eligibility for a salaried guardian is 25000 BDT to 50000 BDT monthly income depending on the profession of the guardian.
The loan ranges from 50000 BDT to 20 Lac BDT depending on the need of the student. The interest rate is set at 9% per annum. You will be given up to 60 months tenure to repay the loan. The loan is applicable for usage in education-related purposes both at home and abroad. However, the minimum salary cap for the guardian is an added constraint for many aspiring students with financial needs. To learn more about the loan and its criteria, you can refer here.
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The Emerging Logistics Tech Startups, Courier, Delivery Services in Bangladesh
Once upon a time, people understood courier service to be just exchanging letters or important documents. That idea has changed completely in the last decade. Now app-based logistic services have become more important in transporting goods due to the increase in e-commerce shopping. In the last six years, hundreds of online or app-based e-courier companies have entered the Bangladeshi market to provide service to emerging e-commerce and F-commerce.
In addition to documents and papers, these service providers are delivering clothes, fish, meat, and even cooked food anywhere. Using technology, this service has now become digital or app-based. Now the buyer or seller can track the product through the app. Tracking the product also reduces the chances of getting lost, as well as reaching the destination faster. Let's take a look at some of the emerging logistics tech startups in Bangladesh.
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Logistics Tech Startups vs Traditional Courier Services: What Are the Key Differences
The rapid advent of technologies has already transformed the logistic landscape. However, traditional courier services are still being used today. Due to the demand for quick delivery services, traditional 5-7 days service is losing appeal. Let's see how tech-enabled logistics have changed the industry.
Affordability
You may expect the traditional system is more affordable, but the manual process limits the capacity of the high delivery volume. As a result, diseconomies of scale may incur.
On the other hand, with the batching and chaining technology, real-time status update, and route optimization, there are many companies that offer last-mile quick delivery. These features increase the productivity for the tech-based logistics eliminating the idling and boost the cost-efficiency.
Read: The 7 Most Promising Tech Startups in Bangladesh
Supply Flexibility
Traditional couriers have full-time drivers to offer consistency if the drivers are reliable. But the companies may face difficulties if the volume rises suddenly.
The tech-based startups offer their service via flexible delivery agents. Further, they have continuous communication and locate the agent at any time. Therefore, it ensures meeting the demand even in the high peak season and prevents idle manpower during the low season.
Delivery Options
The delivery window is unpredictable for the traditional services, and it all depends on the courier's schedule. Taking 5-7 days or even more, time is the norm. In contrast, the tech courier works on a short lead time that supports on-demand, next day or even same-day delivery.
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Reliability and Visibility
Lack of tracking technology and manual dispatching without real-time monitoring is the biggest drawback. As a result, a limited view of the parcel's safety and delivery time.
Real-time GPS tracking ensures the delivery agent's location, and the company also knows the delivery time. Hence, this process meets the modern customer's expectations.
Delivery Process & Accuracy
The traditional system still uses paper and pen to keep the records, while the tech courier uses the software and apps, which ultimately reduces the risk of human error.
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Fastest Growing Logistics Tech Startups in Bangladesh
Bangladesh's e-commerce is growing exponentially, and it has seen a 166% growth in 2020 alone, and then it is expected to see a $3 billion market size by 2023. Therefore, logistic techs have immense opportunities in this sector, and they are trying to offer top-notch services to the customers. Following are the top logistic startups in Bangladesh that are driving the market.
e-Courier
It is a bicycle-based product delivery service. Initially, the company worked with the selected eCommerce business and the e-commerce merchant to deliver their official various documents and parcels to the desired place. However, the company also provides such services to those who are not eCommerce traders.
The specific features of e Courier's customer service include android apps, its own website, SMS facility through which the customer can know the location of his product at any time. It also offers services such as taking orders twice a day and delivering goods on the same day. In addition, to deliver products to the customer's doorstep, they have a Door to Door facility.
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Initially, the company started its operation in Dhaka in 2014. But currently, the company operates all over the country. So far, e Courier works with more than 25,000 retailers and has distributed 4.5+ million parcels through 1000 delivery agents.
Paperfly
Paperfly, the country's fastest-growing e-commerce logistics company, is providing door-to-door delivery services and cash-on-delivery services in 64 districts, 491 Upazillas, and 4500+ Unions of the country through its own staff and vehicles. In addition, they provide warehousing and fulfillment facilities. Since launching its operations in February 2016, the company is currently providing the most cash on delivery and e-commerce services as third-party logistics support.
Its entire operation has been made with the latest technology. Paperfly scans and tracks the movement of the packages through 25 steps, and that is why their supply chain is close to paperless. Adding to these, Paperfly assures real-time updates via 100% field force tracking apps.
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Digital Healthcare Startups in Bangladesh: An Overview
If the healthcare system is not functioning properly, the citizens have to suffer the consequences, and it is true for any country in the world. Hence, Bangladesh is not different either. Fortunately, Bangladesh is heading towards digitization. In this wake, many digital healthcare startups have been showing prospects. Over the last decade, some online healthcare startups have boomed with the aim of providing improved healthcare service, with better access to healthcare. We have compiled a list of top digital healthcare startups in Bangladesh. Let's get to know them.
Best digital healthcare startups in Bangladesh
Maya
Maya was founded by Ivy Huq Russell in 2011 as a content-based platform focusing on women's health care. But over the past years, it has been redesigned as a health care platform to offer anonymous messaging services about physical, psychological, and mental health questions. Maya Expert, an in-house built AI, answers about 30% of the incoming question with an accuracy rate of 90%.
Maya has their own app on Google Play, and so far, the Maya bot has served around 7.5 million people. They also offer B2B premium service where companies can take care of their employees' mental healthcare. However, Maya has introduced premium services that included video consultation and medicine delivery. Moreover, the company has a Maya Shop that sells lifestyle and healthcare-related products.
Read Top health apps for online doctor consultation services in Bangladesh
Jeeon
Jeeon is a social business registered in the US and based in Bangladesh. Jeeon has been working in Bangladesh since 2015. Jeeon's mission is to improve the health care of rural people in Bangladesh. And with that goal, they work with village doctors and pharmacists.
Jeeon creates supply systems for quality medicines and other health products and prevents counterfeiting. Furthermore, they work on increasing skills and competencies by providing various training to village doctors and pharmacists. Besides these, they also introduce and support new business ideas and new technologies in healthcare to the rural people. To highlight the important role of village doctors and pharmacists in the health sector of Bangladesh, Jeeon tries to contact the policymakers.
Now Jeeon has 4330 pharmacies in their network in different locations of the country, including Dhaka, Mymensingh, Khulna, Jessore, and other places.
Read The 7 Most Promising Tech Startups in Bangladesh
Moner Bondhu
In 2016, Moner Bondhu started its journey with a unique idea. It aims to offer professional counseling at an affordable and accessible cost online. Currently, Moner Bondhu has engagement in three sectors. Firstly, they provide care and support to mentally disturbed people through its helpline – both online and offline.
Secondly, they organize different training sessions, workshops on stress management and create awareness on mental healthcare. Thirdly, Moner Bondhu endorses mental healthcare issues through a weekly radio program on Color's FM 101.6.
According to the organization, they have reached 20,00,000 people so far online and 1,10,000 people through in-person and offline events. Moreover, Moner Bondhu has been working with the RMG sector in partnership with the UNDP to counter the mental health adversities of the RMG workers.
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BanglaMeds
Founded in 2017 by Gazi Raffan, BanglaMeds is one of the first online pharmacies in Bangladesh. They offer OTC drugs and prescription medicines delivery around the country. BanglaMeds aims to provide medicine delivery within one to three hours after the confirmation of the order. However, sometimes the delivery time may take two days depending on the customer's location.
The medicine ordering process is simple. You can take a picture or scan your prescription and upload it. Then the pharmacist will contact you to select the meds you want and for the verification. After that, you can get the medicines at your doorsteps. However, you will need to show the prescriptions to receive the delivery.
Apart from medicines, you can order accessories, diabetic kits, baby and mother care products, hygiene products, and more. The order can be done via various methods such as apps, websites, or even the social media platform.
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CMED
Started in 2017, CMED is an AI-driven cloud base healthcare service provider. Dr. Khondaker Abdullah Al Mamun designed the CMED system that can monitor the vital organs of a human body.
CMED app is available on smartphones or tablets via Bluetooth. It can measure some important health vitalities such as oxygen saturation, blood pressure, blood sugar, pulse rate, height, weight, body mass index, and temperature. Based on these data, the app can provide instant feedback and also notify if there is a health risk.
They offer a health kit that comes with a digital height scale, weight scale, a blood glucose monitor, blood oxygen monitor, blood pressure monitors, and a thermometer. Further, the kit can be connected with the CMED app. So, you can complete the primary health checkup at home without visiting any doctor. Currently, they have more than 3314K+ registered users.
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Olwel
Olwel is a Finland-based startup founded in 2017. They mainly offer doctor consultation services via online video calls, medicine delivery, lab testing, and ambulance service. Initially, the service was started with the access of 16 doctors of different specialties. Currently, Olwel operates throughout Dhaka city.
The goal of Olwel is to connect the patients with nearby doctors through a website, app, or hotline. The company aims to provide home service within 30 minutes of the call. You will find the consultant's name and specialty in the app or website. The service charge for an online video consultation service is Tk. 600. The doctor will give you the consultation based on your history within those 30 minutes.
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Saving vs. Investing Money: Know the Pros and Cons
Saving and investing money both make up a huge part of financial planning. Both strategies offer resolute financial security for the future. Yet there are some major differences between the two. While savings offers a safe enclosure for immediate monetary needs, investment is a process of increasing the existing wealth. Therefore what are the pros and cons of savings and investment? And which one should you choose? Let's find out.
What is Saving?
Savings is typically the act of storing away the money. It offers a safety net for sudden or immediate needs. Banks offer long term fixed deposits and short-term savings account as per the need of the client. Depending on your need, you can start saving on a long-term and/or short-term basis.
READ: Best Sites to Sell Used Electronics in Bangladesh
From another perspective, savings are associated with low risk and low return. The cash is readily available at hand but the growth opportunity is very low.
Pros of Savings
Access and Availability
Nowadays, it is quite easy to open a savings account. You have 24/7 access to your deposited money through ATM or debit card. In addition to that, you can also transfer funds from one account to another instantly.
Security
In Bangladesh, the savings accounts can be opened in Bangladesh Bank authorized banks only. As per the regulation of the constitution, Bangladesh Bank acts as the superintendent of all the existing government and private banks of the country. Due to high regulatory monitoring, your money is safe and secured beyond any reasonable doubt.
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Accrue Interest
A savings account accrues interest over your deposited money. The interest rate differs from bank to bank and it also depends on the amount of money deposited. There is also the factor of the type of deposition. For example, a fixed deposit will accrue more interest compared to a current savings account. However, the rate, in general, is quite low so you shouldn’t be expecting much to be added to your savings.
No lock-in period
Unless you are opting for the fixed deposit scheme, there is no lock-in period with your account. That is you can switch your account status as well as the minimum amount any time you want. This allows an added flexibility which can be useful in the long run.
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Cons of Savings
Inflation
The economy is susceptible to inflation. The worth of money 10 years ago grossly differs from the worth it has today. So if your bank is not providing you with a competitive interest rate, the savings might be subjected to inflation. That is to say, the worth of your deposit right now might be less in a year.
Minimum balance requirement
Most banks have a provision for minimum balance requirements. You need to maintain a threshold amount all year round. This can be problematic if you are saving a little. However, the threshold amount is very low in the case of current savings. But it can go up if you opt for a fixed deposit scheme.
READ: Renowned online payment gateways in Bangladesh for domestic, international transactions
Best Sites to Sell Used Electronics in Bangladesh
We live in an age of tech innovation where every day something new is being invented or introduced. Unlike most household items, electronic items tend to become outdated quite easily, and with that comes the need to replace them. But it’s often difficult to sell the used electronics at a fair price. Sometimes the seller is scammed as well. However, in retrospect, there are several sites where you can easily sell your used electronics without much hassle. Let’s look at the 5 best sites to sell used electronics in Bangladesh.
Top Bangladeshi platforms to sell your used electronics
SWAP
SWAP is one of the most revolutionizing platforms for selling electronic goods online. SWAP allows you to sell your product easily at the best possible rate in the market. Instead of wasting time through haggling with the customers, you can sell your product smartly via SWAP.
Read The SWAP story of Bangladesh's first reCommerce startup
The company was founded in 2020 amid the pandemic. The reputation of SWAP is increasing day by day for its exceptional service and innovative model.
The best aspect of SWAP platform is its exceptional security features. SWAP easily allows you to maintain anonymity and hold direct transactions with the platform itself. This secured platform focuses on electronics and automobile related products for the time being. Therefore, SWAP is one of the best places to sale your used electronic gadgets.
Read 8 Mistakes to Avoid in a New Ecommerce Startup in Bangladesh in 2021
Bikroy.com
Bikroy.com is one of the oldest buying and selling marketplace of Bangladesh. This platform was founded in 2012. Owned by a Swedish company called Saltside Technologies, the website has steadily built its customer base through a secure C2C platform.
bikroy.com has been organized with more than 80 product-categories for selling different types of goods. Not to mention, this is an exclusive marketplace for buying and selling second-hand goods.
To sell any item, you will be required to sign up with the platform as a user. During the sign up process, you have to provide contact details. After verification, the system will allow you to post a sell order along with your contact and expected price.
Read: Renowned online payment gateways in Bangladesh for domestic, international transactions
Moreover, bikroy.com offers an option of taking membership that comes with its own unique perks. For instance, you can have a separate verified page of your own with several advertisement opportunities. The advertisements come in different packages and help to highlight your product precisely. Overall, bikroy.com is an amazing marketplace to sell your electronic items safely and at a good rate.
Cellbazaar.com
Cellbazar was one of the first e-commerce platforms in Bangladesh. The platform was founded by Kamal Quadir, a serial tech entrepreneur who also introduced mobile banking in Bangladesh through bKash.
The platform is unique considering that it was one of the first of its kind in Bangladesh. In addition to being a C2C platform, Cellbazar also offers B2C transactions. The site is divided into different categories and you can easily choose the electronics category from the list. Besides being available in all the metropolitan areas of Bangladesh, Cellbazaar is also offering its service in all the divisional cities.
Read Visa’s Fintech Initiative for Bangladesh: New Opportunities for Start-ups?
The sign-up process is somewhat similar to that of bikroy.com. You also get the chance to promote your product through advertisement. They have different plans for direct clients as well as businesses. Cellbazar’s website is also compatible with all the leading payment gateways of Bangladesh. Therefore, transactions are usually secured and hassle-free.
Clickbd
Another well-known e-commerce platform of Bangladesh is clickbd. Often hailed as the first e-commerce platform of Bangladesh, the site popularized the concept of classified advertisements in Bangladesh. In its initial days back in 2005, the company was solely dependent on classified ads, and in 2011, they launched their website. However, over time the company has been able to grab a significant market share and is now one of the largest e-commerce platforms in the country.
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In addition to having classified ads, Clickbd mainly focuses on electronics and gadgets. The site has different classifications for different types of electronics items. You can choose an appropriate category based on the type of product you are trying to sell.
The signing up process of Clickbd is super easy as the system will guide you through the entire process. We may found the website to be quite intuitive. This site provides options to modify and promote the ads. By virtue of its good traffic volume, this platform can be considered as one of the best platforms to sell your used electronics products.
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Fastbikri.com
The last marketplace on our list is Fastbikri. Founded in 2017, this platform has acquired its position among the largest marketplaces for classified ads in Bangladesh. Interestingly, Fastbikri has a separate segment for electronics where you can easily sell your product.
One of the common features of any online marketplace is that the platform tends to charge a percentage from the sales. Sometimes, the marketplaces offer special ads schemes for displaying products on the trending page. If you want to avoid this process go for fastbikri.
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This website came around with a unique concept and provided a platform where clients can really sell their products without any charges. The policy of the site is simple. It aims to provide a platform where people can buy and sell products easily without facing any hassle or monetary inflictions.
The sign-up process is pretty intuitive and you can easily sell any goods here.
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Bottom Line
The concept of building C2C platforms to sell used goods is not new in Bangladesh. As the number of online marketplaces has increased, the options for selling products have extended too. You can consider our discussed platforms to sell your used electronics products through safe and secure transactions.
However, risks are often associated while doing business transactions with a third party and/or exposure of personal information. So, it behooves upon you to review the associated rules properly before choosing any platform to sell products.
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Renowned online payment gateways in Bangladesh for domestic, international transactions
In Bangladesh, the digital payment methods are getting enhanced popularity day by day. As the country is moving towards a high internet penetration rate, now-a-days a good number of people prefer the internet banking to traditional offline banking system. This process has been accelerated by the rapid adoption of digital transfer and payment gateways in most of the leading stores and businesses in Bangladesh. The popularity of digital payment can be attributed to its user-friendly application, fast transaction, security, etc. In this article, we have discussed some of the best online payment gateways in Bangladesh.
Top 10 online payment gateways in Bangladesh
SSLCOMMERZ
Founded in 2010, SSLCOMMERZ is the oldest and also the largest digital payment gateway of Bangladesh. The initial plan of the company was drafted back in 2008 and it officially started its journey with DBBL in 2010 and BRAC Bank in 2011. Since then, the company has provided payment solutions for a range of businesses including banks and corporates.
The initial setup cost of SSLCOMMERZ is 15000 BDT. The internet banking commission rate stands at 2.5% for Visa and Mastercard and ranges from 2%-4% for various types of internet and mobile banking transactions. The platform is fully compliant with PCI and DSS and doesn’t collect any information that the customer doesn't give explicit access to.
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PortWallet
The PortWallet gateway is one of the fastest and smoothest payment gateways in Bangladesh. The platform is one of the only to have an inbuilt API system and different internal process channels.
They have 2 different services, Starter and Business which costs an initial fee of 5000 BDT and 20,000 BDT. Other than that, the annual fee for a business solution is 24,000 BDT. However, the commission rate is on the high side with 3.5 % t0 3.8% on credit and debit cards and 2.5% to 3% for net banking. But the upside here is that there is no charge if you need to issue a refund. Due to its secure API integration, the platform offers the most secured system that is compliant with the PCI and DSS system.
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Aamarpay
Another local company in the payment gateway of Bangladesh, Aamarpay has been leading the platform due to its low commission rates and high-performance service.
The company has four different plans – aamar SME, aamar B2b, aamar Enterprise and aamar Corporate. Depending on the plan you choose, the initial setup fee ranges from 4000 BDT to 15,000 BDT. In addition to that, Aamarpay has a host of API that makes your transactions secure with proper safety measures.
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Shurjapay
Shurjapay is one of the first PSO license recipients by Bangladesh Bank. The company operates with both customers and merchants to provide a secure transaction gateway.
Shurjapay has a sign-up fee and integration fee which totals to 20,000 BDT for corporate and 15,000 BDT for the education platforms. The charge is a bit high compared to the other players in the market but, there is no annual maintenance fee involved. They charge a flat 2.5% for corporate cards and 1.5% for education. The net banking charge for corporate is 3.5% and 2% for education. They also have a multi-level verification process which makes the transaction more secure than ever.
Read Visa’s Fintech Initiative for Bangladesh: New Opportunities for Start-ups?
Paddle
Another prominent payment gateway that operates globally is Paddle. They work with both B2B and B2C. They work exclusively on SaaS making them a comprehensive player in the global transaction market.
The best thing about Paddle is that there is no sign-up fee and neither are there any monthly charges. A certain percentage of the transaction is deducted as commission and other than that, there are no additional fees. You will however need a VAT and sales tax document to sign up with the platform.
Read The SWAP story of Bangladesh's first reCommerce startup
Easy Pay Way
Easy Pay Way is the most flexible plan when it comes to pricing for different businesses. To start, they have 4 different plans for Basic, Starter, Professional, and Corporate. The setup charge ranges from 5,000 BDT to 20,000 BDT. For the corporate package, the commission is on quote meaning you will be able to get a flexible rate depending on your transaction.
Easy Pay Way also incorporates several features that are otherwise not seen in other ventures. They have dedicated risk validation, auto verification, payment validation as well as courier API to make your transaction more secure driving away any kind of fraudulent activity.
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2Checkout
2Checkout offers multiple solutions for businesses. Not only are they one of the leading payment gateway, but they also offer a seamless global transaction with high revenue generation. You do not need any sign-up or annual fee to use this platform.
The commission rate on the platform is also moderate with a 3.9% charge and a cross-country fee of 1.5%. You will need to have a valid trade license along with VAT certification to sign up with the platform. They use all the established shield framework and refund requests are honored for up to 30 days.
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Fast Spring
Fast Spring is one of the most reliable payment gateways when it comes to international transactions. If your business receives money from a foreign country, you can easily set up this gateway.
The best thing about Fast Spring is that there is no long-term contract involved with it. There is no signup fee as well as no commitment involved. The commission rate is determined based on the transaction limit with an 8.9% commission plus 0.75$ as a minimum and 5.9% and 0.95$ as max. The refund fee is stated at 5$.
You will need a host of verification documents like GST, Driving License, and VAT registration number to sign up with them.
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Stripe
Though you can operate on this platform for Bangladesh, you will need to have a foreign company registration to qualify to use this platform. They offer both, a payment gateway and payment processing.
Unlike other foreign transaction and remit platforms, they do not have a singular commission rate. You can expect a 2.9% on credit and debit cards. 1% on currency conve4rsiona and instant payments with 3.9% for international sales.
You will need to have documents complying with the country of origin of the business to be compliant with the platform.
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Paypal
One of the most notable platforms for B2C transactions across the globe is Paypal. Unfortunately, the service is not available in Bangladesh unless you have a foreign company registration. The unique aspect of Paypal is that they offer peer-to-peer transactions that are not available on other platforms.
There are several commission-structure based on the type of transaction. You can expect around 2.9% plus 30 cents on the online transaction, 2% on border cross, and 5.0% (domestic) to 5.50% (Cross-border) on micro pricing. To sign up with Paypal, all you will need is a valid address identification. The company is fully PCI compliant so you don’t have to worry about your data.
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Bottom Line
The payment gateway platform in Bangladesh is diverse with many key players across the board. Some of them are fully focused on domestic transactions, while others focus on foreign transactions as well. Regardless of the field of operations, the companies we mentioned here are some of most popular online payment gateways in Bangladesh. The stated commission rates are subjected to change depending upon respective company policies.
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Mango Mania: The Fastest on Demand Mango Delivery Network by Chaldal.com
The Mango is the king of fruits. It is difficult to find people who do not like to eat mango. Not only is it incomparable in taste and smell, but both ripe and raw mangoes have many nutritional properties. But many people face confusion while buying mango from the store, as it is difficult to know the mango varieties. Also, buying from the store is time-consuming and risky, especially during this covid-19 pandemic. Besides, the controversy about chemically modified mangoes is there too. With these in mind, the e-commerce site chaldal.com has started a unique mango delivery service called Mango Mania.
Here we will give you an in-depth idea of Mango Mania and the current situation of Bangladesh’s Mango business.
Mango Business in Bangladesh
According to the Bangladesh Bureau of Statistics, the country produces about 12 lakh tons of mangoes a year. Further, this production is increasing every year. M Asaduzzaman, a former research director at the Bangladesh Institute of Development Studies (BIDS), said the mango production has increased due to the increased demand. Besides, the health awareness among the people also increased at the same time as their increased purchasing power.
Also read: Mango desserts: Some mouthwatering recipes for trying at home
Mango business is nothing new in the context of Bangladesh. However, before the advent of digital media, a mango seller had to collect mangoes from the orchard and sell them to distant warehouse keepers. In most cases, sellers do not receive a fair price. Again, the money would have been left for many days, and many times sellers could not even withdraw the money.
However, the current picture of mango sales is very different. The use of the internet and social media has opened the door to a new possibility. Many are now creating pages on social media and reaching out directly to buyers through e-commerce. And since there are no middlemen, sellers are getting better prices through digital and are able to sell in cash.
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Chaldal’s Business Structure
Chaldal.com is an online shop for home food items, health and beauty products, but it is mainly popular for grocery items. Since we don’t get much time to do grocery shopping every day. At Chaldal.com, you can buy products like rice, lentils, curry, vegetables, fish, meat, frozen food, soap, toothpaste, shampoo, baby cosmetics, stationery, and all kinds of daily necessities. Their main goal is to save their customer’s valuable time. That’s why they deliver the necessities to their customers as quickly as possible at their doorsteps every day. The world-famous magazine Forbes selected the top 10 startups among the top 500 new ventures in the world in 2019. Chaldal was at number 9 in the only top 10 from Bangladesh.
Using digital technology, Chaldal.com is delivering daily necessities to more than 6 lakh customers in more than 230 areas of the country, including Dhaka, Narayanganj, Chittagong and Jessore, at a delivery charge of just Tk 9. And more than 2500 employees of Chaldal.com are doing this task very efficiently and regularly.
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Mango Mania by Chaldal
Mango Mania is an initiative by e-commerce chaldal.com. It is basically an on-demand 1-hour mango delivery service. It is available in all four areas Chaldal operates in Dhaka, Chittagong, Narayanganj and Jessore.
The service was launched in 2019 for a test purpose but has seen significant growth this year. The company claimed it as one of the biggest on-demand mango delivery networks. Chaldal currently delivers tens of tons of mangoes per day. This season it has already delivered over 450 tons so far.
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How does Mango Mania Work?
The procedure is very simple; Chaldal has a contract with mango producers across the country to find out the chemical-free and high-quality mangoes from the garden. After sourcing, the mangoes then arrive at Chaldal’s vegetable network to check the quality and do the packaging. After that, the packages are sent to 25 warehouses within the four-coverage area.
Each package comes in 3 Kg, and the price starts from BDT 179 per package. Customers can order as many packages as they want, which depends on availability. After ordering, the customer will get delivered within one hour at their doorsteps.
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Packaging and Returning Policy
For the packaging, Chaldal uses an environment-friendly brown paper box hooked with carrying ropes. The packaging ensures that the mangoes won’t get damaged. However, if you still get the damaged and low-quality products delivered, they offer a no-questions-asked return policy. Which means you can return your product.
Through this customer-friendly returning policy, customers can get a replacement for any partial or full damaged products or even if the quality is compromised. However, the returning process is simple. The customer can simply contact Chaldal through customer service or Facebook and file a complaint. Usually, the company sends a new fresh box on the same day or sometimes the next day. Further, they also provide an equivalent refund if you want.
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Availability of the Service
The stock is available almost all day. But sometimes, the company may run low on stock for a few hours as stocking constantly is not an easy task. Moreover, sometimes they end up with overstock and face some damages too. But Chaldal makes sure that the customer gets the delivery on time.
Relationship with the Supplier
As Chaldal directly works with the garden owners, the company maintains a good relationship to get the supply the whole season. However, Chaldal recently started a bidding system for the supplier when 20-25 garden owners attend the bids every day with their stock.
Nevertheless, the company works hard to make sure that the gardeners get the best possible price for supplying the best quality product.
Final Words
Every day 8-9 thousand customers are buying mangoes from Chaldal.com. The taste, smell and meaning of getting the best mango will no longer be limited to any particular area. Anyone who orders from Chaldal online can buy the best, juicy and chemical-free mangoes of Chapainawabganj selected from the garden.
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Renowned Ice cream brands, companies in Bangladesh
Unlike the old days, it is not uncommon to see a three-wheeled van carrying ice cream. However, the unavailability of local ice cream did not reduce the attraction of young and old, attraction towards ice cream has not decreased at all, but has increased. Because, in the last decade, several local and foreign brands of ice cream parlors have started their journey in Bangladesh.
Although there is a joy in eating ice cream from local brands such as Igloo and Polar, many people also go to the ice cream parlors. However, we are not going to focus on the fancy ice-cream parlors, we will discuss the renowned ice-cream brands in Bangladesh.
Top Ice-cream Brands and Companies in Bangladesh
Igloo
Igloo is a popular Ice cream brand in Bangladesh. As a subsidiary of Abdul Monem Limited, Igloo is a different company. Started in 1964, Igloo has been the top ice cream brand in Bangladesh. Currently, they are holding 38% of the market share. Over the years, the company has always experienced growth. Now, they offer more than 100 flavors, shapes, forms of ice cream.
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The company aims to be innovative through its endless varieties. However, the same ingredients are used in igloo as in other countries of the world. About 90% of the ingredients are imported from Europe. Packaging is manufactured in Bangladesh, but some packaging also comes from outside the country. But the recipe is different.
With their strong supply chain, Igloo is now available in more than 20,000 retail stores, hypermarkets and supermarkets in Bangladesh. Besides, they also have a large corporate customer base. They won the no. 1 ice cream brand award in Bangladesh by the Bangladesh Brand Forum.
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Polar
Polar is another favorite brand of the Bangladeshi ice cream consumers. Owned by Dhaka Ice Cream Industries Limited, Polar holds a 28% market share. Polar started their journey in 1987 and for more than 30 years the company has been providing quality ice cream. Polar started its journey through visionary businessman Mr Amanullah Miah. But the brand got to see its real value in 2009 when Mr. Nazim Uddin Ahmed was included as a new partner. With the quality of the products, Polar became the 1st ISO 22000:2005 certified dairy category in Bangladesh. They offer a variety of ice cream cake, cone, container, liter container and stick ice-cream.
Bellissimo and Za ‘n Zee
Both Bellissimo and Za ‘n Zee are owned by the Kazi Food Industry. Both brands combinedly hold the 13% market share. The company introduced Bellissimo as the premium ice cream brand in 2013. Bellissimo aims to offer the taste of international quality ice cream to Bangladeshi consumers. It is made with 10% milkfat and natural flavors that provide texture, creaminess and unmatched taste. Bellissimo is considered to be the first premium ice cream brand in Bangladesh. Bellissimo is rich, dense, rich, flavorful, creamy, and made with real ingredients. With their taste and quality, it has become one of ten top choices of the superstore consumers.
Following the introduction of Bellissimo, Kazi Food Industry brought out another brand Za 'n Zee in 2014 for the general customers to meet the mass demand of people in Bangladesh. For the new brand, the target market was the young generation and kids. Although the brand is only 6 years old, it already got quite popular among young people as Sakib Al Hasan is the brand ambassador of Za 'n Zee. However, the quality of the ice cream is highly addictive and the prices are reasonable too. Both Bellissimo and Za 'n Zee are on their way to grab more market share.
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Bloop
Bloop from Golden Harvest Ice-Cream Ltd. started its operation in 2015. However, in a very short span of time, it has grabbed a considerable market share. According to 2018 data from LankaBangla Investment Ltd, Bloop is holding an 11 percent market share. Over the last 4 years, Bloop has introduced more than 40 variations in the ice creams including cups, cones, sticks, sorbets, calippo, cakes, tubs and more.
Kwality
Kwality is a concern of the Sanowara group. Started in 1997, Kwality has been producing yearly 24000 ml of ice cream. It was co-founded by Dr. Kanti Parekh Ph.D. who is a Food Scientist, a Food Technologist, QA specialist, and a Flavorist with the aim to offer safe products for all. Further, the Kwality ice cream resembles a super premium ethnic quality. This brand is reputed for its all-natural ice-cream, rich pure flavors, and smooth creamy texture. Nevertheless, the brand is specialized in Kulfi, Cassta, and Eggless Ice Cream Cakes. Kwality now offers more than 56 flavored ice creams and they also cater for restaurants, weddings, and banquets.
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Lovello
Ice cream brand Lavello is not old enough in the country's market. But, market statistics say that although new, it has a steady growth compared to others. It has grabbed a good market share already. Lovello was incorporated in 2016 by Taufika Foods and Agro Industries Ltd. The company has a substantial plant that can produce 50,000 liters per day.
According to Lavello, it is different from others in the quality of the product. They don’t compromise on quality. Milk for Lavello ice cream comes from Australia, while chocolate comes from Singapore, premium quality chocolate comes from Europe, and vegetable fat comes from Malaysia. It offers small size ice cream at a low price which has attracted the young generation and that’s why they have become popular in a short time.
Savoy
Savoy’s ultimate goal is to produce delicious ice cream that satisfies the general consumers by maintaining international food quality and hygiene. Besides, Savoy premium ice cream offers the best natural ingredients. They made both local and western flavored ice cream. However, the company has not experienced steady growth. As a result, it cost them changing ownership. In 2015 the brand was acquired by Golden Group to expand the production as well as to grab more markets in the country.
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