By Rohan Noronha, Facebook Partner Director, Httpool Bangladesh
Over the past several years, Bangladesh has made impressive progress in the field of e-commerce. This progress was more visible from the start of last year when the unfortunate Covid outbreak started and the unprecedented shutdown. Due to the pandemic, many have turned to the sector for livelihood. According to the e-Commerce Association of Bangladesh (e-cab), business transactions worth BDT7000 crore took place in 2020 through traditional e-commerce platforms.
With more people now accepting digital practices such as online shopping, digital payments, and home delivery services, business online has become more accessible. According to Statista, the online shopping market in Bangladesh was worth 1,648 million dollars in 2019 and is expected to grow to 2 thousand 77 million dollars this year, and 3 thousand 77 million dollars in 2023.
Datareprotal reports that there are 47.61 million internet users in Bangladesh, and out of this, 45 million are social media users. These vast numbers of users are potential consumers for e-commerce businesses. With Facebook’s innovative and effective tools to conduct businesses, business owners have a very effective way of connecting with the consumers.
While running a business on Facebook is relatively easy, there are certain things one should consider before they fully engage in it, especially if they are going to run digital advertising campaigns;
Getting started with digital advertising: Facebook offers a suite of advertising tools to fit the needs of all advertisers. For those brand new to digital advertising, they provide lightweight ad creation tools that allow them to create, manage and track the success of their ads directly from the Facebook Page. Ads Manager will enable advertisers to create, manage, and access advanced advertising features for those looking for more advertising options.
Grow business’s online presence and extend reach: According to a report by the Center for Policy Dialogue (CPD), there are 2,000 web-based enterprises and 50,000 social media-based entrepreneurs. But growing online presence is essential to ensure sustainability in businesses. Facebook advertising may be a natural next step to reach more of the target groups of businesses. And to do so, businesses need to create a Facebook Page for their businesses. Facebook Page can add credibility to ads and give people a place to learn more about businesses.
Aligning ads with business goals: Before conducting advertising campaigns, one should first align the purpose of the ads with the business goals they want to achieve through it. Such as if a business person wants to drive engagement on their social media posts, they should consider boosting their posts or if they want more customers to visit their website, they can try website ads through social media. Properly aligning their ads with business goals could assist them in achieving more return on investment.
Find new customers: Due to the pandemic, the Bangladeshi e-commerce sector has witnessed exceptional growth. Considering the social media usage in the country, there are lots of potential customers for every business. To reach new people, one can even use tools such as Lookalike Audiences. A Lookalike audience can be built based on fans or Facebook Page or from a Custom Audience created by uploading a customer list. A Lookalike Audience works by identifying the typical qualities of people in the target audience (ex, the people who like Facebook Page) and then finds people who are similar to (or “look like”) them. A businessperson can target ads to these Lookalike Audiences to expand his reach, find new customers and grow his business.
Learn more about the customers: Learning and understanding the customers and their needs can always assist any business to grow more. When businesses run ads on Facebook, they access their campaigns insights through their page’s ad center tab or Ads manager. Business owners will be able to see current updates on how a particular ad is performing. For example, one can see how their audience responds, where their audience is from, their age demographics, and more. They’ll also see data related to the goal of their ad. For example, if they boosted a post, they can track the number of engagements the post received from the people who saw their ad. When they start tracking their ads, they can leverage those insights to inform business decisions, like the types of people they’d like to target and how.
New technologies, new shopping behaviors, and new customers are entering the market every day. These changes are opening up big opportunities for digital consumer business that can pivot quickly into the new ways of marketing.