Page 83 - IBT December 2020

Exposure to smartphone and cheaper internet can be attributed to exposure to global trends,
services helped the Bangladeshi consumers of
beauty and personal care products to become
more educated thus increasing demand as never
seen before. According to the BTRC report in
September 2019, 9.5 crores of the population has
internet access through their smartphone. People
are becoming more health and beauty conscious,
following the latest trends. Consumers are able to
choose from wide ranges of products, they are
able to select the suitable ingredients in products
based on their knowledge and preferences which
gives them additional benefit.
The growth and awareness amongst consumers
The established companies should think of
creating a brand name in the color cosmetics
section. This is a greenfield for foreign
investments - the cheap labor costs,
government supports with the
business-friendly fiscal and monetary policy
can complement the growth of this sector.
rising disposable incomes, changing lifestyles,
etc. An important attribute would also be the
remarkable growth of brick and click business
models, with online stores becoming popular
shopping destinations, especially for cosmetic
products. Local and global brands came forward
to serve the consumers even at the root level,
leading to an exponentially growing market, laced
with innovative products. This has put the
counterfeit sellers in the dark, the symmetric
information of the market is creating awareness,
and thus consumers are able to make the right
purchasing decision.
SHAJGOJ, the biggest beauty, and personal care
retailer in Bangladesh played a major role in
making consumers understand why replica and
counterfeit products are harmful to their overall
personal care regimen. Every consumer has the
right to know about the detailed specification of
any product. With the Bengali SHAJGOJ content
site, which is rich in contents related to beauty,
lifestyle, hygiene, and personal care, the audience
can really connect with the contents and
understand every fact easily. Ensuring
authenticity, being transparent about the business
policy, and building the long-term equity with the
consumers has helped the company to grow, and
improvise every single day. The company has
maintained the omnichannel inventory, developed
tech solutions, focused on the user-friendly
experience in sales and marketing channels, and
won customer confidence.
In recent days, entrepreneurs are emerging and
willing to take the risk and invest in this market,
their inner entrepreneurial spirit led them to
dedicate energy full-time in building a prosperous
market. They are keener to find true problems and
build a consumer-centric practical solution, which
fosters market growth. Their vision is to make
their company a one-stop solution for all the
consumers, resulting in more collaboration with
national and international brands. This kind of
dedication towards solving real-life problems
drives the market one step ahead of the game.
The country is doing really well in the toiletries
sector and also exporting to many countries.
However, it is currently a retailing beauty market.
The country has not seen a local brand going
global in terms of color cosmetics. The established
companies should think of creating a brand name
in the color cosmetics section. This is a greenfield
for foreign investments - the cheap labor costs,
government supports with the business-friendly
fiscal and monetary policy can complement the
growth of this sector.
About the author: BBA Student at North South University and
working full time as Finance & Accounts Associate at Shajgoj
Limited.
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