Bikroy.com Report

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INTRODUCTION: 1
1. HISTORY OF BIKROY.COM: 1
2. MISSION OF BIKROY.COM: 1
3. VISION OF BIKROY.COM: 2
4. FUNCTIONS OF BIKROY.COM: 2
5. MARKETING STRATEGY OF BIKROY.COM: 2
6. BRANDING STRATEGY OF BIKROY.COM: 3
7. HUMAN RESOURCE MANAGEMENT STRATEGY OF BIKROY.COM: 4
8. FINANCIAL STRATEGY OF BIKROY.COM: 4
9. SUCCESS FACTORS OF BIKROY.COM: 5
10. FUNCTIONS OF INFORMATION TECHNOLOGY OF BIKROY.COM: 6
11. PRODUCTS OF BIKROY.COM: 7
12. SWOT ANALYSIS ON BIKROY.COM: 9
13. FINDINGS FROM BIKROY.COM: 10
14. RECOMMENDATIONS FOR BIKROY.COM: 12
CONCLUSION: 12
REFERENCES: 14

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Bikroy.com Report

  1. 1. A Report On An E-commerce Business Organization of Bangladesh Bikroy.com
  2. 2. A Report On An E-commerce Business Organization of Bangladesh Bikroy.com Course Title: E-commerce Course code: CCB-224 Submitted To: Sayma Sharmen Lecturer Department of Business Administration Submitted By: Group: AmistAd Roll: 9, 19, 22 & 37 Batch: 48th /B (Day) Semester: 5th Department of Business Administration Dhaka International University ii
  3. 3. Date of Submission: 27th November, 2016 MEMBERS OF GROUP: AmistAd SL. NAME ROLL 1. Sweety Akter 09 2. Umme Kulsum Kusum 19 3. Md Mahfuz Hasan 22 4. Jannatul Naima 37 Batch: 48th/B (Day) Department of Business Administration Dhaka International University iii
  4. 4. LETTER OF TRANSMITTAL 27/11/2016 To, Sayma Sharmen Lecturer Department of Business Administration Dhaka International University Subject: Submission of report on “Bikroy.com” Dear Sir, It is an immense pleasure for us to submit you the report titled “An E-commerce Business Organization in Bangladesh: Bikroy.com”. We have tried our level best to fulfill all requirements of this report and tried to follow your instructions while preparing this report. We earnestly thank you for your guidance during the preparation of this assignment. Any sort of suggestion regarding the report will be greatly acknowledged. It would be a profound pleasure for us if the report can serve its purpose. We would be available in any time to explain you any queries if feel necessary. Thanking You Sincerely Yours Md. Mahfuz Hasan On Behalf of the Group: AmistAd iv
  5. 5. EXECUTIVE SUMMARY The buying and selling of products and services by businesses and consumers through an electronic medium, without using any paper documents. E-commerce is widely considered the buying and selling of products over the internet, but any transaction that is completed solely through electronic measures can be considered e-commerce. E-commerce activity is more recent, and usually requires a business to play the middleman companies like Bikroy.com. The way it works is companies that have products to sell list them through a third-party site. Consumers looking to purchase products visit the site and search the available products. The consumer purchases the product and the seller is responsible for delivering the product. The business that plays the middleman usually requires a transaction fee from either the seller or buyer. The total report contains the details about Bikroy.com. It includes the history, vision, mission, functions of this company. Strategies regarding marketing, financing, human resource management and branding are executed here. The factors that are used to be succeeded, the IT purposes and the product categories are enlisted also. The report also contains the SWOT analysis, findings and recommendations for Bikroy.com. v
  6. 6. Table of Contents TABLE OF CONTENTS.......................................................................................................................VI INTRODUCTION: ........................................................................................................................................1 1. HISTORY OF BIKROY.COM:........................................................................................................................1 2. MISSION OF BIKROY.COM:.......................................................................................................................1 3. VISION OF BIKROY.COM:..........................................................................................................................2 4. FUNCTIONS OF BIKROY.COM:....................................................................................................................2 5. MARKETING STRATEGY OF BIKROY.COM:.....................................................................................................2 6. BRANDING STRATEGY OF BIKROY.COM:.......................................................................................................3 7. HUMAN RESOURCE MANAGEMENT STRATEGY OF BIKROY.COM:......................................................................4 8. FINANCIAL STRATEGY OF BIKROY.COM:.......................................................................................................4 9. SUCCESS FACTORS OF BIKROY.COM:...........................................................................................................5 10. FUNCTIONS OF INFORMATION TECHNOLOGY OF BIKROY.COM:......................................................................6 11. PRODUCTS OF BIKROY.COM:...................................................................................................................7 12. SWOT ANALYSIS ON BIKROY.COM:........................................................................................................10 13. FINDINGS FROM BIKROY.COM:..............................................................................................................11 14. RECOMMENDATIONS FOR BIKROY.COM:.................................................................................................12 CONCLUSION:..........................................................................................................................................13 REFERENCES:...........................................................................................................................................15 vi
  7. 7. Introduction: Internet usage in Bangladesh is growing at a rapid pace. Recent report says that there are three crore people in Bangladesh have already access to internet communication while two crore more will soon enjoy the facility. It leads to significant changes in the way we go about our daily lives. As a result of it, the e-commerce website is being popular day by day for some convenient features to buy and sell through internet. E-commerce sites in Bangladesh are trying to do every possible thing to win trust of customers. Because of low overhead costs many e-commerce websites offer great deals on products that may not be found in normal market place. Bikroy.com comes into the market with the aim of providing a credible platform for online buyers and sellers to interact. The website provides a simple, safe and fast buying and selling experience for the users that is completely free. 1. History of Bikroy.com: Bikroy.com was launched in 2012 and has sections dedicated to private and business advertisements for cars and vehicles, property, electronics, home appliances and personal items, sport and hobby items, and jobs, among others. Classified advertisements are currently placed on Bikroy.com free of charge and remain on the site for a period of 60 days. Bikroy.com is available in English and Bengali. Bikroy.com, the largest advertisements website, now ranks next to Facebook and Google in Bangladesh. Biroy.com has earned name and recognition distinguishes itself from classified advertising websites. Bikroy.com allows a buyer to connect with thousands of sellers and vice versa, allowing transparent pricing. In a traditional store, the buyer and seller are limited by the necessity to be physically present at the store. Through Bikroy.com, a seller can easily reach many more buyers around the country quickly and efficiently. Furthermore, highly skilled customer service and fraud prevention teams are superior in this company. Bikroy.com is and always has been a portrayed as a Bangladeshi website. The majority of the sites’ users are Bangladeshis, and since the website does not sell goods on its own, it means that Bangladeshis sell to other Bangladeshis. 2. Mission of Bikroy.com: 1
  8. 8. Mission of Bikroy.com is to build leading online marketplaces in Bangladesh while creating sustainable value for the community. In this regard, Bikroy.com is an online classified site which has given customers access to second hand goods as well as setting up a transparent marketplace for them where market prices are dependent on supply and demand of goods, rather than artificial price fixing. Bikroy.com began its operations 4 years ago, and very quickly became the largest online marketplace in Bangladesh. 3. Vision of Bikroy.com: In the near future Bikroy.con will expand its value added services for its customers and business partners, and allow them to buy and sell goods more easily. In this regard, Bikroy.com has already launched ‘Bikroy Delivers’ within Dhaka, which allows their sellers to deliver their goods directly to the buyer through them, and thus increases the level of security for both parties. 4. Functions of Bikroy.com: Bikroy.com is a website where anyone can buy and sell almost everything. The best deals are often done with people who live in same city or same street. That’s why on Bikroy.com, it's easy to buy and sell locally. Everyone who wants to buy and sell have to select region. It takes less than 2 minutes to post an ad on Bikroy.com. One can sign up for a free account and post ads easily every time. Bikroy.com has the widest selection of popular second hand items all over Bangladesh, which makes it easy to find exactly what are looking for. So if anyone looking for a car, mobile phone, house, computer or maybe a pet, he/she will find the best deal on Bikroy.com. Bikroy.com does not specialize in any specific category. Here one can buy and sell items in more than 50 different categories. It also carefully reviews all ads that are being published, to make sure the quality is up to the standards. 5. Marketing strategy of Bikroy.com: Bikroy.com has been doing well in their marketing strategies by which they are targeting the final consumers and reach them as soon as possible. The integrated marketing planning is one of the most vital tools for Bikroy.com. Here the marketers use different promotional tools like the following: 2
  9. 9.  TV advertising: Bikroy.com for being the largest online business in terms of selling has using the concept of TV advertising from the very beginning of its journey. TV ads has become on the most important and vital way of communicating with the different guys from different sectors. It has potential market in Bangladesh and that’s why it’s still working better.  Billboard: Bikroy.com uses the painted billboard on that it can easily have to public access to share what actually this company is doing. It’s a huge opportunity for them to make them different in the market through the strategy of billboard selection.  Facebook: Now a day’s not only personal branding but also for organizational perspective Facebook has been using worldwide. For this reason bikroy.com also uses Facebook to reach its target customers as its online selling website where everyone can get all sorts of services like selling and purchasing anything. Bikroy.com took Facebook as a potential source of sharing information and captures the market of the young generation.  Radio ads: In our country almost 73% mobile phone has radio accessibility and 34% use the utility of Radio. So bikroy.com uses the Radio ads strategy to reach the customers because it’s another easiest way to reach the customers.  YouTube: Most of consumers in our country are using YouTube for their different purposes and bikroy.com is getting the real test from its marketing strategy.  Search Engine Marketing: Search engine marketing is a from internet marketing that involves the promotion of website by increasing their visibility in search engine results pages through optimization and advertising. So whenever consumers are trying to see the website it’s become easy for them to find out website and know the offerings of the Bikroy.com for their clients.  Mobile Marketing Advertising: Bikroy.com has been using this marketing strategy to capture the market and information their offerings to the mass people. Those who have internet access and who is willing to buy something is the target customer of Bikroy.com  Networking: An extremely important way to promote your website is through networking. Bikroy.com has been trying to build strong network among the country and create good image in the market. 6. Branding strategy of Bikroy.com: 3
  10. 10. Customers have lots of variety so the organization should connect them emotionally and build long term relationship with them. The Bikroy.com should involve their customer emotionally loyal so that it helps them to build sustainable relationship. Having a strong and established brand in the market, determine the strong position o the product or service in the market. If any organization can establish them as a brand in the market their success is must. None can defeat themselves from being successful because people have soft corner towards the branded products or services. Ultimately we can say that it determine the success of the business. The strength of the company brand is the indicator of the company market share because brand helps to increase the market share of the organization. So every branded organization evaluates their brand performance in order to know the company performance. Measuring the brand is determine the way how close the brand of its customers. It also helps to increase the selling of products or services within shortest possible time. Ultimately we can say that brand has unique value towards the market growth, market share and profit or revenue earning of the organization. To promote Bikroy.com many event activities have been planned, including, but not limited to their recently-ended Deem Parbe Na Charity Drive with the JAAGO Foundation, their Qurbani Cow Haat activity, and university outreach programs. The initial aim of this company was to be the only classifieds site of any note in Bangladesh. Given that it came in as the number two player and is now the largest online marketplace in Bangladesh. 7. Human Resource Management strategy of Bikroy.com: Human Resource Management (HRM) is the term used to describe formal systems devised for the management of people within an organization. The responsibilities of human resource manager of Bikroy.com fall into some major areas like staffing, employee compensation and benefits, defining work, hiring, performance management, organization development, safety, wellness, employee motivation, communication, administration, and training. 8. Financial strategy of Bikroy.com: Financial implication will be transparent for doing good e-commerce business. For easing the selling, buying, transaction e-commerce is created. But e-commerce business is not that much 4
  11. 11. easy as it seems. E-commerce business will be profitable if an organization get too much customers. Bikroy.com is 100% committed to making sure that the experience on this site is as safe as possible. Here one can find advice on how to stay safe while trading on Bikroy.com. This site is saying to meet the seller in person, check the item and make sure that satisfied with it before make a payment. Buyers don't make any payments before receiving an item. Sellers don't send an item before receiving payment. This site is also requesting to avoid anything that appears too good to be true, such as unrealistically low prices and promises of quick money. Financial information includes bank account details, eBay/PayPal info, and any other information that could be misused should not be provided. Bikroy.com does not offer any form of payment scheme or protection. This site will be pleased if anyone makes report any emails claiming to offer such services. Avoid using online payment services unless being 100% sure about genuine and avoid anyone that asks for extra fees to buy or sell an item or service. Bikroy.com never requests payments for its basic services, and doesn't allow items that are not located in Bangladesh, so import and brokerage fees should never be required. 9. Success factors of Bikroy.com: Now Bikroy.com is one of the top and successful online businesses in Bangladesh which has already made them as a world class brand in the market. There have been some variables which helps Bikroy.com to being one of the market leaders in this sector. Gradually it has introduced new ways to buy and sell products through online as has become popular for its ease use and access. It has implemented concentrated, differentiated as well as mass marketing strategy to reach the target market. Several factors have a role in the success of Bikroy.com. These may include: • Bikroy.com is providing value to customers. Bikroy.com can achieve this by offering a product or product-line that attracts potential customers at a competitive price. • This site is providing service and performance by offering a responsive, user-friendly purchasing experience. • Bikroy.com has an attractive website and a blog. The tasteful use of color, graphics, animation, photographs, fonts are the basic factors to attract the users. 5
  12. 12. • It is providing reliability and security including parallel servers, hardware redundancy, fail-safe technology, information encryption, and firewalls. • The site is letting customers help themselves. Provision of a self-serve site, easy to use without assistance, can help in this respect. • Helping customers do their job of consuming through constructing a commercially sound business model. • Setting up an organization of sufficient alertness and agility to respond quickly to any changes in the economic, social and physical environment. • The site is using the most modern and updated technology. • Bikroy.com success grows as build a solid reputation and establishes credibility by a secure website, which includes clear symbols of security commitments. • Bikroy.com has good customer support team who knows how to tackle the real-time customer issues on round-the-clock basis as customers can use the site at any time of the day. 10. Functions of Information Technology of Bikroy.com: Information technology (IT) has become a vital and integral part of every business plan. From multi-national corporations who maintain mainframe systems and databases to small businesses that own a single computer, IT plays a role. The reasons for the omnipresent use of computer technology in business can best be determined by looking at how it is being used across the business world. Website is the hub of the business of Bikroy.com. IT makes sure that it is an attractive and effective website that conveys a sense of confidence. To ensure the website accomplishment of Bikroy.com in this purpose, this company needs help from information technology professionals to build, maintain and update it. Bikroy.com is using IT to improve the way they design and manage customer relationships that capture every interaction a company has with a customer. If a customer calls a call center with an issue, the customer support representative will be able to see what the customer has purchased, view shipping information, call up the training manual for that item and 6
  13. 13. effectively respond to the issue. The entire interaction is stored and managed by IT section of Bikroy.com. Bikroy.com stores digital versions of documents on servers and storage devices. These documents become instantly available to everyone in the company, regardless of their geographical location. It is possible to store and maintain a tremendous amount of historical data economically with the help of IT. 11. Products of Bikroy.com: The products of Bikroy.com are categorized according to the following items: Electronics: Find great deals for used electronics in Bangladesh including mobile phones, computers, Laptops, TVs, home theatres and much more. The below electronics items are sold in this site:  Mobile Phones  TV & video  Cameras & Camcorders  Mobile phones Accessories  Audio & Mp3  Video Games & consoles  Other Electronics Personal Items: Buy & sell clothing garments, shoes and other personal items including handbags, perfumes, children’s toys and handmade items in Bangladesh. These are:  Clothes, Footwear & accessories  Health & Beauty  Other Personal Items  Handcraft 7
  14. 14. Education: Buy & sell books and magazines, find tuition, classes and other educational resources in Bangladesh.  Tuition  Other Education  Books Home appliances: Buy & sell new used home appliances including furniture, Kitchen, garden products and other household items in Bangladesh.  Furniture  White Goods & Kitchenware  Home & garden  Other Home appliances Pets and animals: The items in this category are:  Pets  Accessories  Farm animals  Other pets &anima Property: View listings for property in Bangladesh. Find the cheapest rates for apartments, commercial and residential properties, as well as for land and plots.  Apartments & Flats  Plots & Land  Commercial Property  Rooms  House  Garages 8
  15. 15. Jobs & services: Post and apply for jobs and career opportunities in Bangladesh. Search for job vacancies.  Services  Job openings Food and agriculture: Find food & edible products, including fresh fruits and vegetables, meats, fish, seafood, seeds, plants, and other products in Bangladesh.  Other food & agriculture  Crops seeds & Plants  Fish  Vegetables  Fruit  Meat Leisure, sport & Hobby: Buy and sell used musical instruments, sports gear and accessories, art and collectibles, movie, music and more.  Music instruments  Sports Equipment  Art & collectibles  Movies, music & literature  Tickets  Other leisure, Sports & Hobby New and used care and vehicles: The car and vehicles items are:  Motorbikes & scooters  Cars  Three wheelers & Cycles 9
  16. 16.  Parts & Accessories  Truck, Bus & Heavy-Duty  Boats & Water Transport 12. SWOT analysis on Bikroy.com: A SWOT analysis is a structured planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or in a business venture. A SWOT analysis can be carried out for a product, place, industry or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective. Here we are going to analyze the SWOT analysis of Bikroy.com.  Strength:  C2C business model.  Revenue model is advertisement.  Target audiences are all Bangladesh’s population.  Hand to hand payment system during receive the product.  More than Thirty different categories product.  Easy to use the site  No need registration to upload ads.  Hide personal information to post ads.  Support both of English and Bengali language.  Support social network.  Weakness:  No value propositions as most of the products are old.  C2C causes consumer generated business model.  Lack of B2B, B2C business model.  No multiple revenue models like sales of goods, transaction fees, subscription fees, and affiliate.  No online payment system.  Shipping policy is up to consumers 10
  17. 17.  Customers cannot see the products different dimension, no shopping card options.  Currency support is only BDT/Taka.  No support for global reach.  No competitive advantages as consumer generated.  Lack of market opportunity as not included multiple business models.  Opportunities:  Has option to turn multiple business model  Has option to eliminate market middlemen.  Can create employment.  Audiences may gather IT knowledge.  Option to run secure online payment system that helps one step to run E- banking.  M-commerce that may cover all target audience.  Marketing that may bring first mover facility.  Threats:  Market strategy may fail because user generated.  Products are old that’s may be user reduce.  Risk of hand to hand transaction because of dishonest user.  Shipping policy time consuming. So consumer may move to better one.  Firm profit may fail down because of limited revenue model. 13. Findings from Bikroy.com: After analyzing about Bikroy.com we can understand that most of the consumers of Bikroy.com are young male and female. The elder people go there but the ratio of the consumers are youth. The young generation like school going children, college and university students are more there. Most of the respondents were young and middle income group through there were little income group people too. 11
  18. 18. Most of the consumers were there because they are loyal and they got better service from Bikroy.com. Majority of the consumers came here for online marketing which maybe occurred by recommendation receives from friends or family. The growth of internet penetration in Bangladesh has the potential to disrupt the way we have seen internet traditionally. Some of the consumer get message from Facebook, Twitter, LinkedIn, My- space, social networking sits and some got message from outdoor networking sites like TV advertising, Magazine and others sources. Here the Bikroy.com use concentrated marketing strategy to reach its target customers and most importantly they did it successfully. Most of the times they were successful because they tried to reach the middle class consumers and that’s why their marketing strategy were concentrated for the middle and upper middle class people. The findings also highlighted few problems that Bikroy.com may be facing, like:  High price and High competition: Some of the respondents find Bikroy.com price to be high that’s why sometimes the transaction become less though Bikroy.com has nothing in this regard. The bikroy.com has no control over price that’s why sometimes it’s become irritating for the consumers whenever some charges high price  Fewer support centers: As Bikroy.com is mainly online business firm, they needed some practical support from outlets where they can get more information about it. For many customers they are not easily accessible that’s why some guys can’t really believe in online selling.  Online ads: The market is growing day by day the consumer becoming dependent online for its outstanding effect on daily lives. The online advertising is not adequate enough for capturing the whole market.  Other problems: There are some other information in the form of Weaknesses and Threats. 14. Recommendations for Bikroy.com: 12
  19. 19. The recommendations for Bikroy.com are as given below:  Provide value for the products offered: If a perception is created that Bikroy.com is offering its customers with the products with better quality and assurance it will not being offered by others; than Bikroy.com will be able to differentiate themselves from their competitors in order to still keep premium pricing for their products. This will add more and more value to the consumers and they will become loyal consumers to the Bikroy.com.  Conduct more aggressive promotion: Increasing promotional programs never proves to be damaging for any firm but only proves to be beneficial, it not only helps to attract potential customer, but also new customers boosting customer traffic and sales. Also they should start focusing on advertising all products not only new products in order to meet the sales target for all products.  Make maximum innovations: Bikroy.com should bring innovation in every sector of its business otherwise the competitors will grab the opportunity to being better in the market. Therefore it has become very important to keep making constant innovations in design features and specifications in order to differentiate your product from competitive brands and to be able to dominate the market. So, maximum innovation will lead the firm to be one of the leading organizations in the market.  Open more Bikroy.com outlets in different areas: Since Bikroy.com relies on online direct and retail distribution methods, it’s important for them to expand its direct reach through its own stores and retail stores by locating stores in a more reachable district, like residential areas so that people can have an easy access to the service point. It will create more brand loyalty of the product and they will try to have more service from the product. It will contribute to their bottom line and increase brand knowledge among the consumers. Conclusion: Though being a under developed country, selected segments of the Bangladeshi business community has embraced technology with reasonable success. Personal computers and the Internet are also emerging as day-to-day business tools. These positive indicators are favoring the prospects of e-commerce in Bangladesh. It’s hard to change people’s behavior in regards 13
  20. 20. to transacting online especially in Bangladesh, where people are not used to technology and the internet. However, in the past year or so, the response for the public has been overwhelming, as millions new internet users have joined our ranks. In spite of various barriers Bikroy.com is established in Bangladesh. Bikroy.com is extremely happy with the market trend, and can only see it continuing. 14
  21. 21. References:  www.google.com  www.bikroy.com  www.slideshare.com  www.academia.com  www.assingmentpoint.com  www.etradelisting.com  blog.bikroy.com 15

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