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Consumer Demand Versus Innovation In Bangladesh’s Digital Market: Is Co-Evolution The Solution?

Technology is omnipresent – what else will we do on this earth if we do not improve ourselves with this blessing.

Photo by KML from Pexels

As the quality of life around the globe is improving, the demand for a more convenient lifestyle will continue to rise. We are living in an era of advanced technology, and more importantly, giant strides are being made in the field every hour. Perhaps even at this very moment, someone in a corner of the planet is creating something new that has the potential to make our lives significantly easier. 

Technology is omnipresent – what else will we do on this earth if we do not improve ourselves with this blessing? While we are envisioning a brighter future for the upcoming generation, it is no surprise that our list of wishes will also keep on growing. To fulfil these demands, innovation – at the same pace – is essential. 

When it comes to meeting consumer demands, innovation is a top priority for every successful organization. Innovators need to create new products, services, methods or concepts. During this process, they need to understand the demands of their target group and they have to come up with something unique that provides its audience with the simplest solution addressing a need.

This is where digital innovation comes in. 

The developed markets in the world have already been chasing the phenomenon called digital innovation for years. But, in emerging markets like Bangladesh, it’s already happening. Out of a total population of more than 160 million people, Bangladesh has over 90 million internet users with a penetration rate of 54.8%, according to the internet world statistics. In the early 2000s, the number was only 0.1 million. According to HSBC Global Research, Bangladesh is growing towards becoming the 26th largest economy of the world by 2030. This means that Bangladesh will be jumping 10 notches, the highest by any country, in only 12 years! It is natural to expect that during this meteoric growth, the demands of its citizens will also multiple folds. Innovation is the natural solution to meeting the rising consumer demands and companies with the greatest efficiency, consumer-centric services, and intuitive tech-based solutions will survive. 

Unlike in the past decade, Bangladeshi entrepreneurs are taking up different roles to serve the market with innovation and new ideas for customer satisfaction. 

Shohoz may be a very bright example in this regard. While other startups are positioning themselves in the new market, Shohoz is differentiating themselves with a very unique proposition. In 2014, Shohoz started off as a ticketing solution, as the pioneer in digitizing ticket sales. It has now expanded to ride-hailing, food delivery services, and other on-demand services. The platform has also gained over fifteen million unique users since inception. Shohoz has become the true ‘Super App’ in Bangladesh. They are transforming themselves to an everyday app by which its users can avail different services on one platform: Shohoz Rides, Shohoz Food, Shohoz Bus, Shohoz Launch, Shohoz Events, and Shohoz Movie. The startup’s vision is to make life easy for everyone by becoming a ‘Super App’ with a growing number of services to take care of all the ever-increasing necessities. Currently, Shohoz is the largest online destination in Bangladesh with the highest number of services in one place. It has, also, successfully completed the biggest funding round in Bangladesh to date. It is creating thousands of micro-entrepreneurs, enabling them with employment that brings along the freedom of choice. The riders on Shohoz are freelancers and part-timers, giving them the empowerment and financial freedom. These services have also opened a brilliant window of opportunity for the youth, making them micro-entrepreneurs.

It is safe to assume that modern consumers are always looking for evolved and multifaceted solutions that fully satisfy their evolving demands. Coevolution of demand and innovation is the best-suited solution to achieve this. Bangladesh is a frontier market with a startup ecosystem ripening at a rapid pace. So, in Bangladesh, only the startups who have the enthusiasm of relentlessly bridging the gaps between market demand and innovation will be benefited.

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Written By

Kamrul is the Content Lead at Forethoughtpr Limited, Asiatic 3Sixty. He has been working in the public relations and communications industry for long and is an experienced communications professional. Follow him on LinkedIn.

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