Eighty-one per cent of consumers said that they trust what they read online, and 66 per cent search for product information online.
Although the number of middle-class and affluent consumers in Bangladesh remains small compared with those of other big emerging markets in Asia,#
Although these findings suggest that tremendous growth opportunities will unfold over the coming decade, companies must approach this market with a sophisticated understanding of the Bangladeshi consumer. They should also address the constraints that prevent consumers from acting on their strong desire to purchase brands and should introduce products that meet household budgets. Companies can expand their reach through different retail channels and in more locations, the report said.
For the next few years, companies should focus on ramping up their operations to meet growing demand from MAC households in Dhaka, Chittagong, and a handful of other cities. But at the same time, they should begin laying the groundwork for a broader expansion as the MAC population continues to grow and as buying power spreads swiftly throughout the country.
The strong brand consciousness of Bangladeshi consumers suggests that the companies that can now establish themselves as trustworthy, build market share, and develop a reputation for delivering good quality will be those that reap the biggest rewards in what promises to be one of world's next big growth markets, the BCG report said. (SH)
ALCHEMPro News Desk - India
marketing@alchempro.com
