Local apparel maker Sayem Group has launched online market place Merchant Bay to create a bridge between global fashion buyers and Bangladeshi suppliers to make business easy in the changed global situation.
Posts, telecommunications and information technology minister Mustafa Jabbar on Saturday launched the business-to-business platform at a virtual event.
Bangladesh Garment Manufacturers and Exporters Association president Rubana Huq and former BGMEA president and Awami League lawmaker Shafiul Islam Mohiuddin attended the online event.
Merchant Bay managing director Abrar Hossain Sayem, in his introductory remarks, said that the platform would help buyers to connect with suppliers fast and stay updated with their order processing, assured of high transparency and convenience.
Using the same platform, suppliers can manage their orders more easily and gain efficiency with access to data analytics which can help them to make better business decisions and lower their costs, he said.
Abrar said that they were preparing a database of a wide range of suppliers and 1,000 factories had already been listed.
Merchant Bay will primarily work to build, verify, and create digital profiles of Bangladeshi RMG manufacturers to reach buyers worldwide.
Merchant Bay will also be able to quickly connect suppliers with buyers and deliver updates with transparency on order processing and production monitoring, he said.
Mustafa Jabbar said that it was a wonderful idea and the innovation would help Bangladesh to gain more market share in the world.
The minister also said that adoption of technology would increase both the productivity and business of the readymade garment sector.
‘I hope, through this platform, our domestic traders will be able to play a more important role in the country’s export sector by communicating with foreign buyers very easily,’ he said.
Rubana Huq said that an online market place was very important for the country as COVID-19 had proved that Bangladesh’s contact with global businesses had been very poor.
Alongside the B2B platform, Bangladesh’s RMG sector needs a businesstoconsumer online platform considering the changed consumer behaviour due to the pandemic, she said.
Shafiul Islam Mohiuddin said that such an online platform was needed for the country to remain competitive on the global market in the changed situation.
He said that western buyers were not visiting retail stores due to the coronavirus outbreak but online sales were increasing.
‘I think Merchant Bay’s e-B2B platform will make sourcing easier for both the factory and the buyer and it will be affordable for both,’ Mohiuddin said.
Sayem Group chairman Md Monir Hossain hoped that the B2B online platform would be helpful for the country in increasing its global business saying that Merchant Bay had started its journey from necessity.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Apparel